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The media and entertainment industry is at the forefront of digital transformation. Clearly, the changing user preferences and technological innovations are causing the change in the market. Subsequently, the companies adopt ways to deliver content to retain their customers and grow their audience. 

Clearly, AI and data have a role in helping media companies access different opportunities. As per the reports, more than 98% of Fortune 500 companies will use data to improve the customer experience. Many believe that AI in media and entertainment will reach the US $8.4 billion by 2023. 

This is because M&E brands/ companies can use data-driven insights to connect with their target audience or user base. This helps build ROI and a better brand with an engaging presence online.

It is believed that this technology will help the industry in the following ways:

• Predictive analytics 
• Customer segmentation
• Detailed recommendations
• Lead generation
• Customer journey mapping 

Thus, it will help media companies to improve their offerings and improve their customer experience. To understand more about this, keep reading the article.

The importance of personalization in the media industry

Let's not forget that the customer's desires and wants are in a constant state of flux. And with the increasing need for personalized content, a data-driven approach is becoming more than just a need. According to a study, more than 30% of respondents confirmed that personalized content or recommendations were the reason for staying with a streaming service. 

But since the attention is quite finite, the companies need to use a microscopic approach, so that audience engagement works in your favor. If you look around the world today, you have an idea that hyper-personalization is winning the charts.

So, the volume of data and the data insights are pretty substantial to grow in this ever-changing digital landscape. But you can't work alone with data to get the desired results. This is why you need the following technological innovations as a part of your data-driven approach. 

Enrich your storytelling with AI

If you extract details about: "How, when, and where," you can quickly provide content to accelerate your business and enhance customer experience. Technologies like AI and ML can help provide insights that too in real-time. Thus, making personalization an easier task. 

To give you an example. You can start with recommending songs based on your user's listening history. Similarly, you can unlock novel opportunities where you can use AI to enrich the listening or watching experience. You can use relevant information or moments for marketing purposes. 

It is challenging to get the personalization right while ensuring that you keep their information safe and private. But with the right technologies, you can provide valuable insights without causing any fear of provoking any guidelines related to data privacy.

Are there any more benefits? Yes! Let's talk about them more. 

 Using AI will help you in the following ways.

• Better customer experience: Since you can easily observe the search patterns, you will get insights into making the content more personalized. Thus, increasing engagement and customer satisfaction. 

• Improve marketing landscape: You will get a lot of actionable and practical marketing solutions using AI-driven insights. You can include the logic of predictive analytics and find what works for your consumers. 

• Improve operations: You can find any anomalies and improve your content-related processes. Besides that, you can improve your business in terms of finances and reconciliation. 

• Provide better services: You can reduce any manual handling and optimize the content creation and optimization costs.

 Now let's figure out how data is improving overall experiences. 

 Data is driving the customer experiences

Everyone knows Spotify, right? They are the best example of any media company. They use data insights and help with customer personalization offerings. Their platform allows users to find new audio content and easily connect with their favorites. 

Using new tools like Google Cloud, you can iterate it quickly and create a strategy that helps your customers the best. Such practices will result in less loss of data and better customer experiences.

But that's not all!

Here's why you must use AI and a data-driven approach:

• To increase your revenue: AI and data analytics help media and entertainment companies monitor their insights in real-time. Thus, doing informed business and budget decisions becomes a lot easier. Therefore, the companies can move forward with different strategies after checking the insights and making necessary adjustments to grow in terms of ROI, engagement, customer experience, and brand identity.

• It helps with better operations: Since you can centralize everything at a single location, work can be done quite easily and quickly. The need for logging into different platforms will cease. 

• To improve marketing results: Since you have access to real-time data, you can customize your campaign strategies and initiatives. Thus helping M&E companies to save on money and other resources. 

• Better budget allocation: The data allows you to access KPIs so you know where to spend your money. Thus, it will help you invest only in areas that can help you with better results if you are on a tight budget.

• Track different channels: Since you can centralize everything and track all the online channels, you can adopt strategies even if there is a shift in the digital landscape. 

In short, you get a chance to grow your network, audience share, and ROI using better insights in real-time. 

Final Takeaways: AI and Data analytics are the future of personalization

In today's time, users aren't looking for much. They want quality content as per their personal preferences. If you make them tap for more than three tabs to reach where they want, it will be difficult for you to retain them on your platform. 

You need to drive business value through excellent efficiency and strategy quality offerings. Clearly, AI and data analytics allow you to invest in areas that have long-term sustainability in terms of monetary value and customer experiences.

So, this is the right time for media and entertainment companies to invest in this technology to grow their business in 2022 and beyond. Have you given this a thought?