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

Global AI in the media and entertainment market is projected to grow from $ 1.8 billion in 2018 to $ 8.4 billion in 2023, with a CAGR of 30.0% over 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 is driving the growth of AI in the media and entertainment market across the globe.

The global media and entertainment industry is experiencing a rapid change in the distribution of content. The proliferation of content creation tools such as high definition cameras, content creation software, and smartphones enables pretty much anyone to create, publish, and distribute written, audio, and video content. This trend is further accelerated by the proliferation of the internet, which has resulted in the replacement of traditional media channels like cable and radio with on-demand streaming platforms like Netflix and YouTube. This gives consumers potentially unlimited choices in terms of media consumption.

To do this job on a large scale, media creators and distributors like CBS Interactive use AI-based video intelligence tools to analyze the content of videos frame by frame and identify objects to add appropriate tags. Many companies use AI and machine learning algorithms to study individual user behavior and demographics to recommend what might be of most interest to them next, to see or hear next, to keep them busy all the time. As a result, these AI-based platforms provide customers with content tailored to their specific preferences, providing them with a highly personalized experience.

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