AI in media and entertainment market to reach $ 8.4 billion by 2023

AI in media and entertainment market to reach $ 8.4 billion by 2023

Global AI in media and entertainment market is expected to grow from US $ 1.8 billion in 2018 to US $ 8.4 billion in 2023 at a CAGR of 30.0% during the forecast period. The increasing use of artificial intelligence in media and entertainment in games, fake story detection, plagiarism detection, personalization, production planning and management, sales and marketing, talent identification and other industries are driving the growth of AI in the media and entertainment market across the globe.

The global media and entertainment industry is witnessing a rapid transformation in the way content is distributed. The growing ubiquity of content creation tools such as high-resolution cameras, content creation software, and smartphones enables virtually anyone to create, publish and distribute written, audio and video content. This trend is further accelerated by the proliferation of the Internet, which has led to the replacement of traditional media channels like cable and radio with on-demand streaming platforms like Netflix and YouTube. As a result, consumers have potentially limitless options to choose from, in terms of media consumption.

To perform this task at scale, media creators and distributors like CBS Interactive use AI-based video intelligence tools to analyze video content frame-by-frame and identify objects to add the appropriate tags. Many companies use artificial intelligence and machine learning algorithms to study the behavior and demographics of individual users to recommend what they might be most interested in watching or listening to next, keeping them constantly engaged. As a result, these AI-powered platforms provide customers with content that meets their specific tastes, providing them with a highly personalized experience.

The role of AI in media and entertainment is expected to grow further in the years to come. By exploring and experimenting with AI use cases, media and entertainment companies are maximizing their business performance by improving the user experience and the entertainment value they deliver with greater efficiency.

AI in the media and entertainment market

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