Breaking the DAM: Modernizing Media Management With AI (Part 1)
Summary:
- The media & broadcast landscape of 2023 faced unprecedented challenges, including prolonged strikes, streaming service struggles, and shifting viewer habits towards user-generated content.
- These trends underscore the need for a new approach to media management, where AI can revolutionize the process of content creation and distribution for effortless scale and efficiency, keeping pace with today’s accelerating demand
- To future-proof the industry, organizations must embrace AI-driven solutions to streamline operations, bridge gaps in legacy systems, and unlock new revenue opportunities from their archives.
The media & broadcast industry faced significant challenges in 2023. From strikes and surges to the rise of user-generated content, the media and entertainment (M&E) sector underwent and continues to face seismic shifts that require a new approach to media management. In this blog post, we’ll explore the key trends of 2023 and discuss how AI can revolutionize how content is managed and distributed.
Review 2023 Trends
The entertainment industry faced the second-longest writers’ and actors’ strike in history, disrupting content production. Despite these setbacks, the demand for content remained insatiable, leading to the unexpected resurgence of older shows like ‘Suits’ on streaming platforms. This trend highlights the need for content managers to maintain a steady stream of fresh content in the face of disruptions while adapting to viewer preferences and engagement shifts.
At the same time, streaming services experienced challenges, including slower subscriber growth and soaring production costs. Many platforms introduced price hikes and advertising models to offset losses, risking alienating financially fatigued consumers. As the streaming industry approaches its peak, innovative solutions are needed to sustain viewer interest and revenue streams.
Against this backdrop, linear television saw a historic drop in viewership in 2023, signaling that cord-cutting has not stopped. However, sports broadcasts and live events remain a stronghold for linear TV, albeit with the potential for fundamental shifts in delivery models in the coming years.
Lastly, the rise of the “creator economy” and user-generated content has transformed the content creation and distribution landscape. As sports leagues and federations explore new ways to connect with viewers, there is a growing emphasis on direct-to-consumer outlets and licensing original content to reach broader audiences and capture revenue opportunities.
Future Proofing Media & Broadcast Industry
The events of 2023 serve as a wake-up call for the media and entertainment industry, highlighting the need for innovation in content management and distribution. Legacy systems and outdated processes are no longer sufficient to meet the demands of today’s fast-paced environment. To remain competitive, organizations must find cost-efficient ways to do more with less by streamlining operations and expanding the bandwidth of their resources. In this pursuit, many in media and entertainment are exploring AI to modernize legacy media management and production operations to unlock the full potential of their archives.
This, of course, might be easier for some than others. Many organizations know they must adopt AI but aren’t necessarily “AI-ready.” That’s why working with an AI solution and services provider with proven success in moving companies beyond legacy operations and systems with AI is imperative. By redefining these processes with AI, organizations can streamline operations, bridge gaps, and rediscover media in their archive that they can use to unlock new revenue opportunities.
Veritone showcased how you can do that at NAB Show 2024 in Las Vegas. If you missed us at NAB and want to learn how to start modernizing your media operations with AI today, reach out to us here.
In Part 2 of this series, we’ll delve deeper into AI-driven media management solutions’ content creation and revenue potential and explore how they can future-proof the industry, delivering innovative technologies that meet tomorrow’s media management needs.
Find out what you missed at NAB
Sources:
https://www.theverge.com/23901586/streaming-service-prices-netflix-disney-hulu-peacock-max
https://gizmodo.com/linear-tv-viewership-drops-below-50-for-first-time-1850739438
https://www.sportsbusinessjournal.com/Articles/2023/10/05/spectalix.aspx