ARTIFICIAL INTELLIGENCE IS AN EMERGING TECHNOLOGY IN THE TV INDUSTRY

The creator of the world’s first operating system for artificial intelligence, Veritone, Inc., aiWAR, announced the findings of an industry survey conducted in collaboration with Future Media Entertainment Group, which indicated that the majority of television organizations are embracing AI, and viewing it as a competitive necessity. “While the demand for AI technology is growing in the TV industry, there remains an untapped opportunity to use AI to generate smart content, engage audiences, and, in particular, to create operational efficiencies and new revenue streams,” said Ryan Steelberg, President of Veritone. 

The data gathered in the report, “The opportunity for differentiation” drives television companies to AI solutions indicates that a total of 73% of CEOs are citing innovation and differentiation as a way to drive AI adoption. The majority of CEOs are in the driver’s seat for AI adoption, with 63% saying that strategic efforts are being made to use AI for automation. AI adoption is growing, with 54% of respondents currently making efforts to implement AI. Budgetary restrictions and lack of knowledge around what AI is and how it can help TV organizations are the top factors preventing AI from achieving widespread usage, according to 50% of respondents.

The report, “Pulse Check on AI Adoption: How the TV industry uses AI today and where it’s headed” is based on a survey of individuals representing over 100 TV industry organizations. The report suggests that more than half of the industry is making conscious and strategic efforts to implement AI internally, along with the use of AI to track, analyze and monetize content more effectively, though the technology is still premature.  “There is still enormous unrealized potential to fully leverage AI as a differentiator,” Steelberg said.  “Dominance in television and broadcast in the future will largely be driven by how well organizations take advantage of AI technology, especially now as the industry shifts to more remote work.”

The report, based on the results of a survey conducted by Future Media Entertainment Group on behalf of Veritone, also reveals that AI implementation has been an exercise in trial-and-error for many businesses, and most are employing AI to complete repetitive, time-consuming tasks.