TL;DR:
- AI is transforming the content creation landscape through indexing and retrieval, personalization, enhancing the viewer experience, and providing insights into consumer behavior.
- The OTT market is expected to reach $1.039 trillion by 2027, and Indian OTT subscription users are expected to grow at a 17% CAGR to reach 224 million by 2026.
- AI encompasses machine learning and deep learning and is used by industry leaders to provide solution-based capabilities.
- AI has revolutionized the video editing industry and provides rigorous content moderation to ensure a safe digital world.
- AI-powered speech-to-text technology provides automatic transcription, making closed captions in different languages and formats a standard industry offering.
- NLP has transformed keyword-based search to user intent-based search and has revolutionized the discovery of valuable content.
- Automated live streaming eliminates the need for human intervention and is becoming popular among startups and large businesses.
- AI-powered content creation is expected to revolutionize the media industry, generating 75% of all consumer-facing content by 2024.
Main AI News:
Artificial intelligence (AI) is transforming the content creation landscape, revolutionizing the way content is indexed and retrieved, enabling personalization, enhancing the viewer experience, and providing insights into consumer behavior. In the competitive OTT and streaming arena, AI is driving hyper-personalization, making it a game-changer for the industry.
The Power of Numbers
The OTT market is poised to reach $1.039 trillion by 2027, according to Allied Market Research. The report from Deloitte predicts that Indian OTT subscription users will grow at a 17% CAGR to reach 224 million by 2026, up from the current 102 million. Even after a year of movie theaters reopening post-pandemic, the Indian OTT market has grown by 20%, with the six Indian metropolitan areas accounting for 33% of paid subscriptions in India.
AI encompasses machine learning and deep learning, modeled after the human brain. The algorithms are capable of complex processes and are used by industry leaders to provide solution-based capabilities. AI recognizes preferences, makes recommendations, and acknowledges safety and privacy issues, as well as content that needs moderation.
The Benefits of AI
Improving Customer Experience Good and relatable content is essential to a positive user experience. In the first half of 2022, Netflix lost nearly one million subscribers due to a lack of relatable content. However, in the second half of the year, Netflix regained 223 million paid subscribers by leveraging data analytics and personalizing content to suit a global audience. AI is revolutionizing the video editing industry with tools that help content creators. The algorithms can analyze video footage, make edits and adjustments, and enhance the final product.
Ensuring a Safe Digital World
Before, live streaming required manual moderation which often resulted in community-disputed content being shared on social media platforms before it could be flagged, damaging the brand image. With the advent of AI, content moderation has become more stringent and efficient. AI automatically analyzes and blocks harmful content, while YouTube employs a combination of AI and human moderators to remove content that goes against its policies, such as hate speech, violence, and misinformation. The platform also offers tools for users to report and flag inappropriate content for review.
Auto Transcription
AI-powered speech-to-text technology automatically transcribes live broadcasts in real-time, making closed captions in different languages and formats a standard industry offering. The AI tools are highly proficient in speech recognition and high-quality transcription, streamlining the captioning process, which was previously dependent on human intervention. Amazon Prime Video uses auto transcription to provide subtitles and closed captions for its content, allowing users to customize the appearance of the captions, such as font size and color.
The Power of Language
Natural language processing (NLP) is driving the discovery of valuable content in the sea of available content. NLP has transformed keyword-based search to user intent-based search, changing the way the world searches for topics, providing relevant and related content, user history, suggestions, auto-correction, and OTT video advertising.
Total Automation in Live Streaming
Automated live streaming has been a success, eliminating the need for human intervention and making multi-streaming across different social media platforms in real-time possible. This cost-effective solution is gaining popularity among startups and large businesses, with brands like ESPN using automated live streaming to broadcast sports events, such as the X Games and college football games.
AI is just getting started, with AI-powered content creation expected to revolutionize the media industry. Gartner predicts that by 2024, AI will generate 75% of all consumer-facing content.
Conlcusion:
The impact of AI on OTT streaming is significant and transformative. The growth potential for the OTT market, combined with the advancements in AI technology, presents a significant opportunity for companies in the industry.
By leveraging AI’s capabilities for personalization, content creation, moderation, and transcription, companies can improve the overall user experience, increase efficiency, and stay ahead of the competition. As a result, the OTT and streaming market is poised for continued growth and innovation in the years to come, presenting a promising outlook for companies in the industry.
