Mumbai: By using AI (Artificial Intelligence), media and entertainment companies can increase revenue by 10% while reducing input costs by 15%, a report prepared by Ernst & Young. The report, “A Studio called India” was released in the Waves (World Audio and Visual Entertainment Submission) at Jio Convention Center, which was announced before the Secretary of State, Dr. Lurugan.
According to the report, using AI in media and entertainment companies not only helps increase revenue, but also reduces input costs. Officials say the use of AI is expected to add value to growth stories in the media and entertainment sectors.
The report also notes that OTT platforms have begun to use AI, providing ultra-targeted content recommendations based on regional preferences, affluence, targeting and consumption patterns. “On the monetization front, AI is driving dynamic (and customized) ad insertions and optimizing pricing strategies through real-time viewer analytics. AI is also being used in predictive content performance — OTT platforms use AI to model trailer effectiveness and anticipate drop-off rates. Further, broadcasters are experimenting with AI-driven dynamic creative optimization (DCO) to vary ads and promotes in real-time depending on the viewer's persona and profile,” it said.
The report notes how AI is used for automatic dubbing, which says AI-based subtitles and voice cloning also makes the entire market localized faster, the report said. “These services allow studios around the world to expand multilingual distribution while maintaining narrative loyalty,” it wrote.
The report also describes that India is not only a country that exhausts content, but also manifests itself as a studio of the world. It emphasizes India’s strengths – a pool of linguistic diversity, cultural richness and a skilled skilled talent that positioned the country to create narratives beyond the borders.
According to the report, the country offers a 40% to 60% cost advantage in animation and VFX services and is backed by a skilled workforce. The report also points to the growing international appeal of storytelling in India, with 25% of the current viewpoints on OTT content from India coming from overseas audiences.
