As one of the first industries to do so, the media industry was subject to digital change. Media companies had to reinvent themselves in the early stages of the digital revolution in order to survive. Problems such as the dying of newspapers, but also the fundamental change in consumer behaviour have made the industry faster and more innovative. The waves of digitalisation have left a fundamental mark on the media landscape to this day. But change never ends -- these three trends will revolutionize the media industry next.
Trend 1: Artificial Intelligence changes the creative processes
Artificial intelligence solutions are booming. Current forecasts predict that the market for AI applications will grow to more than $30 billion by 2025. Looking at the various industries, it becomes clear that artificial intelligence has already changed a lot of processes. AI-based concepts have revolutionized the music industry and inspired the masses with their compositions. But artificial intelligence also plays a major role in media companies. From the AI journalist who writes individualized texts and reports to the computer-controlled creative director. Artificial intelligence has found its place in the media industry. The clever machines are currently also conquering Hollywood, not only as part of a plotline like Ex Machina or Terminator, but also as screenwriters and post-producers.
“MORGAN” movie trailer by IBM Watson (Source: FOX)
By analyzing data from target group surveys and other scientific papers, Artificial Intelligence solutions can optimally adapt plot strands of films and series to the preferences of the desired target group. An example of the good sense of dramaturgy which some AI soultions provide was the trailer for “MORGAN”, a current FOX horror film produced by IBM’s Watson in 2016. It was finalized within 24 hours using artificial intelligence. The norm in the industry, and this should be mentioned, is about 30 days for the production of a first cinematic trailer. It becomes clear that the creative processes are changing and these changes affect all areas of the media.
Trend 2: Smart Data Advertising
Data analysis is not only the key to success in AI applications, smart data also fundamentally determines the future of the media industry. By means of sophisticated analysis programs, the preferences of the target group can be determined in such a way that the advertising hardly misses its target. Be it from the colour design, the right musical mix to the plot.
With the knowledge of what the customer wants to see, the viewer can build up his individual advertising space. They can select the products, clothing or furniture they see on television directly from the screen and link them to the corresponding e-commerce solutions via Smart Data. However, producers of films and series can also individualise and thus promote several products at the same time. The possibilities of Smart Data Product Placement go so far that even individual products can be exchanged by means of artificial intelligence, so that they better correspond to the preferences of the viewer.
Trend 3: Virtual Reality and Mixed Reality in the Media Industry
It is still a long way to go before Virtual Reality and Mixed Reality have conquered private households all over the world. But the success of the Playstation VR shows that consumers are ready to embrace the virtual world. With VR and MR, the media experiences will be implemented even more realistically and impressively. Journalists and organisations are already using the possibilities of Virtual Reality in storytelling to make their reports more vivid and tangible.
Refugee camp in Tanzania (source: MSF)
But the immersive technology will also find its way beyond journalism. It will be the preferred medium for selected topics and will expand the multimedia tools of the media creators. This does not mean that classic formats will no longer be available in the future. As they say in the media industry: “A medium doesn’t disappear, it just changes.”