AI can provide Rs 45,000 crore boost to the Indian M&E sector by 2027

An EY report which gathered insights and answers from M&E industry executives, states that 65 percent M&E CXOs believe that Gen AI would help in revenue acceleration.

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Storyboard18,

| March 13, 2024 , 9:27 am

By contrast, trust in Generative AI to enhance creativity and innovation as a co-pilot and accelerator of human creativity is growing, with fewer considering it a threat to human craft and ingenuity. (Representative Image: Andrea De Santis via Unsplash)

The Indian Media and Entertainment sector is poised to be disrupted by the advances in artificial intelligence driven technologies. AI – and especially Gen AI – gives the industry the tools that can result in a 10 percent revenue growth and 15 percent cost efficiency, according to an EY report, shared as part of FICCI annual report on the M&E sector in India.

AI can provide an Rs 45,000 crore boost to the Indian M&E sector by 2027, the report states. 65 percent of the M&E CXOs say their companies have initiated AI projects or plan to within the next 12 months. 45 percent of M&E CXOs claim that CEOs are driving the Gen AI agenda.

65 percent M&E CXOs believe that Gen AI would help in revenue acceleration, while 85 percent were looking at external technology providers to enable implementation. 85 percent of the CXOs interviewed also believe that Gen AI would help drive innovation, with the biggest impact across Content development, Product development and Customer experience.

Gen AI is seen as improving employee productivity, not replacing human resources. But 15 percent of those interviewed believe it would result in job displacement.

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