AI in Media and Entertainment Market to Reach US$8.4 Billion by 2023

Home AI AI in Media and Entertainment Market to Reach US$8.4 Billion by 2023
AI in Media and Entertainment Market to Reach US$8.4 Billion by 2023

AI in Media and Entertainment Market to Reach US$8.4 Billion by 2023

The global AI in the 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 gaming, 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 witnessing a rapid transformation in the way content is distributed. The growing ubiquity of content creation tools like high-resolution cameras, content creation software, and smartphones is allowing 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 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 on a large scale, media creators and distributors like CBS Interactive are using AI-based video intelligence tools to analyze the contents of videos frame by frame and identify objects to add appropriate tags. Many companies are using AI and machine learning algorithms to study individual user behavior and demographics to recommend what they may be most interested in watching or listening to next, keeping them constantly engaged. As a result, these AI-based platforms are providing customers with content that caters to their specific likings, thus offering them a highly personalized experience.

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

 
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