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dublin, June 13, 2023 /PRNewswire/—— “Artificial Intelligence (AI) in Media and Entertainment Market – Forecast 2023 to 2028” report added to ResearchAndMarkets.com’s supply.
The market valuation of artificial intelligence in media and entertainment market is expected to grow at a CAGR of 31.89% $17.927 billion reach in 2021 $124.483 billion by 2028.
Artificial intelligence in the media and entertainment market is the implementation of artificial intelligence technologies and software products in various segments of the media and entertainment industry, including gaming, video production, content production, and other similar fields. The growth and diversification of the media and entertainment industry has spurred the adoption of AI applications and software in processes such as personalizing media content for customers, generating subtitles, and creating unique editing tools and filters. Since the integration of AI in the media and entertainment market is in its infancy, the market can be expected to expand significantly over the forecast period.
market drivers
Emerging content generated by the media and entertainment industry
Significant increase in the amount of content produced by the international media and entertainment industry has created various opportunities for the application of artificial intelligence tools in the media and entertainment industry. The presence of influencers and content creators on video streaming and social media apps such as Tiktok, Instagram, Facebook, and Youtube has significantly increased the amount of content generated by the media and entertainment industry.
For example, a study by Wallaroo Media showed that more than 83% of Tiktok users have posted their video content on the site. Hence, companies and brands around the world choose to market their products by promoting their content on online platforms. This creates an opportunity to use artificial intelligence tools to classify and classify content generated online.
Apply AI-enabled software to enhance and diversify the content created online. For example, Snapchat and Vogue recently teamed up to launch a unique augmented reality feature that allows Snapchat users to record videos or images of people wearing specific clothing. Hence, the acceleration of content creation encourages the application of artificial intelligence software across various platforms in the media and entertainment industry.
Advances in games and animation
Increases in resolution and graphics quality have fueled rapid developments in the gaming, animation, and visual effects sectors, resulting in growth in the gaming and other animation industries across the globe. According to a gaming report produced by India’s Lumikai State, mobile game downloads will increase from 10 billion in 2021 to 15 billion in 2022.In addition to this, the India Brand Equity Foundation estimates that in Indiaeach gamer spends approximately 8.5 hours per week on mobile gaming apps.
Apart from this, animation and cartoons are gaining increasing reach on various platforms like Netflix, Youtube and other video streaming platforms. Growth in consumption of gaming and animation products has encouraged the use of artificial intelligence tools in these areas to generate more realistic features and movements of animated characters through enhanced synchronization of lip movements with voice-overs, accurate facial expressions and details. body movements. Hence, the increase in content generated in the media and entertainment industry and advancements in sub-sectors will drive the expansion of artificial intelligence in the media and entertainment industry during the forecast period.
The moral hazard associated with some applications of AI in the media and entertainment industry may slow down the expansion of AI in the media and entertainment market.
The application of artificial intelligence in the customer content personalization process requires access to their streaming history and cookie history across other platforms to help better analyze customer preferences and behavior. Even if prior permission is obtained before proceeding to use such personal details of customers, there is a risk of improper use of such confidential information through hacking activities. As a result, customers are reluctant to grant access to such platforms, resulting in inaccurate personalized playlists and watchlists being generated for customers.
Market Dynamics:
exist March 2023Metagame Industries, an artificial intelligence and other technology-enabled gaming company, announced a partnership with Mysten Labs Company to launch a new online action video game, Abyss World with role-playing features.
exist February 2023Krikey.ai and Stability AI, two companies that make artificial intelligence services and applications, have reached a partnership agreement that will allow their users to create animated avatar videos from text descriptions that can be downloaded and posted on social media, video editing software, or 3D video games.
exist January 2023a new game development company called Scenario launched that uses AI software to make specific art style effects and assets for use by independent game artists and developers.
Asia-Pacific The region holds great potential for artificial intelligence in the media and entertainment market and is expected to witness healthy growth over the forecast period.
country in Asia-Pacific The media and entertainment industry in the region is experiencing significant growth driven by video and music streaming activities.For example, Netflix reports that its revenue comes from Asia-Pacific Region to grow 9% from 2021 to reach $3.57 billion 2022.
In addition to mainstream platforms such as Youtube, Netflix and Amazon Prime Video, the emergence of regional and national OTT platforms in various Asian countries has also promoted the development of the media and entertainment industry in these countries.For example, in IndiaThe launch of region-specific OTT sites such as Hotstar Disney+, Voot, Aha and Zee5 is increasing the consumption of media and entertainment content India.
In addition, the annual report of the Korea Film Commission determined that OTT film platforms South Korea arrive $58.1 million In 2019, local OTT platforms including Wavve and Tving were the two major players in online media streaming sites in Korea.
The growth of the media and entertainment industry has created market opportunities for the wider application of artificial intelligence in the media and entertainment industry to meet customer needs and enhance customer satisfaction and experience.As a result, the rapid expansion of the media and entertainment industry in China Asia-Pacific The region will eventually lead to the growth of AI in the media and entertainment market Asia-Pacific nation.
Market Segmentation:
by application
gamble
video production
plagiarism detection
personalise
production management
others
by geography
North America
U.S.
Canada
Mexico
South America
Brazil
Argentina
others
Europe
U.K.
Germany
France
Italy
Spain
others
middle East and Africa
Saudi Arabia
United Arab Emirates
others
Asia-Pacific
China
Japan
India
South Korea
Australia
Singapore
Indonesia
others
Key topics covered:
1. Introduction
2. Research Methods
3. Executive summary
4. Market Dynamics
5. Application of artificial intelligence in the media and entertainment market
6. Geographic Distribution of AI in the Media and Entertainment Market
7. Competitive environment and analysis
8. Company Profile
For more information on this report, please visit https://www.researchandmarkets.com/r/64idf8
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