With TV companies battling for market share, differentiation is important to get those all-important viewers, and retain ad revenue. And AI is the tool to attract television companies to AI solutions and help them prepare for the future.
Like every other industry, television has been significantly impacted by the COVID-19 pandemic as viewers moved to consume far greater amounts of content than before. But now creators face massive challenges when it comes to managing, producing and distributing TV content.
Costa Mesa, CA-based AI solutions company Veritone has recently released its pulse check on AI adoption report. It surveyed individuals representing over 100 TV industry organisations across different functional areas including engineering production, sales and technology.
The report shows that many TV organisations have yet to fully take advantage of AI – even though the majority of respondents consider it to be a strategic necessity.
Almost three out of four (73%) of CEOs and 67% of CTOs cite innovation and differentiation as driving AI adoption in their organisation, yet half of respondents admitted to lacking knowledge about the potential benefits of using AI.
Most businesses surveyed said that they employed AI to complete repetitive, time consuming tasks. Respondents indicate asset metadata creation (40%), content recommendations (37%) and captioning/subtitling/ scripting (33%) as the top uses of artificial intelligence.
However in the next three to five years, our respondents anticipate a subtle shift, for the use of AI naming as asset metadata creation/enrichment (60%), captioning/subtitling/scripting (58%) and content recommendations (49%) as the top business processes used within the organisation.
Unfortunately there appears to be a disconnect between technology and business. Most CEO respondents (63%) believe their companies are making conscious/strategic decisions to implement automation, while only 30% of CTOs say the same.
This difference in perspective might be down to CTOs seeing or hearing of AI manifestations on the ground that do not align with the CEO's overarching plans.
An overwhelming majority of general managers (80%) agree that competitive differentiation is attractive, while 100% of chief engineers list the desire to save cost as a reason for implementing AI.
The coronavirus period will have long-lasting effects, especially as it relates to our reliance on technology. Many have changed their views on technology and automation.
Being nimble and tech-savvy will be critical for companies to successfully complete in the new normal. Turning to AI-enabled solutions to streamline processes, could boost all-important revenue and reduce the burden on employees.
Most importantly, AI will go a long way to delivering the solution that viewers actually want.