The emergence of generative AI (gen AI) heralds a new, groundbreaking era for advertising, media and entertainment. According to a recent Snowflake report, Advertising, Media and Entertainment Data + AI Predictions 2024, gen AI is going to transform the industry — from content creation to customer experience. The companies that will come out ahead during this time are those that most successfully and quickly supercharge their data strategy. According to the report, “Data is the core of AI, and when every AI application is built on one of a handful of foundational large language models (LLMs), the differentiator will be the data you bring to the models.”
Here are five ways advertising, media and entertainment companies are set to supercharge their competitive advantage with gen AI.
- Personalizing customer experiences: Delivering a more personalized experience is an essential competitive differentiator in today’s crowded media marketplace. By analyzing vast datasets, gen AI allows companies to quickly determine customer preferences, behaviors, sentiments and trends. With in-depth analysis, companies can create highly targeted and relevant content and refine content suggestions. The result brings customers a more engaging, satisfying experience, and customer loyalty is ultimately improved.
- Optimizing ad revenue: Advertising leaders and ad agencies are constantly trying to optimize ad spend. Gen AI can revolutionize ad revenue through precise targeting and personalized campaigns, made possible through comprehensive analysis of consumer data. By allowing advertisers to tailor messaging to individual preferences and demographics, gen AI enables ads to be maximized for relevance and engagement.
- Enhancing content licensing: By leveraging gen AI, companies can analyze massive repositories of their content and licensing data to identify valuable trends, patterns and opportunities. Leaders can then make better-informed decisions about content acquisition and fine-tune licensing agreements, optimizing their use of resources and return on investment.
- Protecting IP and assets: Protecting intellectual property (IP) and assets is crucial for protecting the work and reputations of artists, creatives, brands and companies. Through advanced algorithms, gen AI and ML can monitor digital platforms and distribution channels to detect instances of unauthorized use of IP rights in near real time. As a result, companies can take proactive measures such as takedown notices. They can also develop comprehensive digital rights management solutions to secure content distribution and monetization, combatting costly piracy.
- Enhancing the media and creative supply chain: Developing, creating and securely distributing new, compelling content costs time and money. Gen AI and ML are enabling the industry to transform the media creation process and the creative supply chain by automating tasks and providing tools for generating images, videos, text and music — saving precious time and resources.
To learn more about how advertising, media and entertainment companies can optimize their data strategy to overcome their challenges and harness the power of generative AI, download our ebook, Gen AI in Advertising, Media and Entertainment: 4 Things You Need to Know.
