In the rapidly changing world of technology, experts from the media and entertainment industry have cautioned against making large investments. During the Storyboard18 DNPA Conclave, held on Thursday, Ranjana Mangla, Sr. VP & Head of Ad Revenue – Sony LIV asserted that while Artificial Intelligence technology has helped reformed the cost structure, it is still in the early stages.
“I think artificial intelligence, at least in the OTT world, is still in early ays nd has yet to make a significant difference. So, instead of investing in it, observe, watch, and then invest, because revenue and profitability are at the core of it, I think everything comes at a certain cost”.
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On digital media adopting AI, Sanjay Sindhwani, CEO, of Indian Express Online Media, said that media organizations have played their role efficiently whether creating subscription model, e-paper, paywall content, etc. However, despite being ahead of the curve, things have not remained fruitful for digital media.
Sindhwani also urged media companies to go slow on technologies, saying, “Let it evolve and then invest”.
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“If I have to speak on behalf of the industry, we are the most challenged lot because we try to align ourselves with every single changing element, whether it’s regarding technology, content, formats, big tech–we are trying to please everyone. And in the end, when we sit down together to discuss revenue, we all feel very challenged,” said Hemant Jain, President & Head of Digital Business: Lokmat Media
Jain urged all media companies to come together and create one of the largest data platforms in the country.
“If we can collaborate and create the largest repository of first-party customer data, you wouldn’t be surprised that tomorrow we would become the largest data company,” Jain added.
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Sunny Sen, Co-Founder & CEO, Conscent.ai emphasized creating original content in the age of AI. Sen added, “Without original content, there is no amount of AI personalization or technology that can build revenue models because, at the end of the day the product is the content– it is nothing else”.
Besides, Manavdeep Singh, Founder – Publive stressed on expansion of regional content via AI tech. He said, “Regional markets are being warmed up to consume content in their local language but it is limited. For example content related to personal finance and other genres in regional languages is minimal”.
Singh said that the key challenge for AI in regional content is ‘translation’ due to a lack of accuracy.