How Artificial Intelligence is Shaping the New Media and Entertainment Economy

How Artificial Intelligence is Shaping the New Media and Entertainment Economy The media and entertainment industry has undergone significant changes since the 1990s. The first disruption came with the advent of the internet, enabling digital content distribution. The second wave in the early 21st century shifted distribution from downloading to streaming.

Now, the third wave is driven by AI. Challenges for Traditional Business Models Traditional film and TV studios face threats from the massive content produced and distributed via streaming and social media platforms. Major studios have seen revenue drops by double-digit percentages in recent years. While new streaming business models are emerging, many have yet to show substantial profits. How will AI help stabilize the industry and contribute to a sustainable media and entertainment economy?

Enhancing Efficiency and Product Quality At the 2024 Hollywood Innovation and Transformation Summit and Entertainment Evolution Symposium in Los Angeles, industry experts highlighted how AI will revolutionize business processes and content production. The event, hosted by the Hollywood IT Society and the Pepperdine Graziadio Business School, brought together academics and industry experts to address complex business challenges.

Speakers predicted that AI will create faster and more efficient business processes and content production workflows. Aaron Levie, co-founder of Box, mentioned that AI will improve the indexing of film assets, allowing production and post-production teams to spend less time searching for digital files and more time focusing on the final product. This efficiency will extend from contracts to invoicing. On the creative side, productivity gains are also expected.

A visual effects session by VFX company ICVR showcased how generative AI can accelerate the process from script to pre-visualization. Tasks that typically take a week can now be completed in hours. AI tools can also enhance the final product.

For instance, Flawless AI’s TrueSync tool uses AI for dubbing and dialogue changes, seamlessly converting mouth movements and facial gestures. Conclusion AI is poised to reshape the media and entertainment industry by improving efficiency and product quality. As the industry navigates through this third wave of disruption, AI offers promising solutions to create a new, viable media and entertainment economy.

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