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Traditional media is becoming more and more obsolete. The Internet started the transition.
Now, artificial intelligence brings synthetic media. And this is the next trend in the industry. Perhaps even its inevitable future.
Defining synthetic media
Instead of a team of journalists, video makers, and marketers who create content, AI generates it. Generating means giving inputs to a software to automatically have the content ready. Almost like a footprint of what the readers and viewers will enjoy. Also, this new technology automates repetitive or tedious tasks. It’s quick and definitely cheaper than the editorial and marketing departments.
Plus, synthetic media is smartphone-friendly, so the content is always ready for mobile users. It’s a team of two: the person responsible and the artificial intelligence. But generating content isn’t the only benefit of AI in the industry.
AI can change the way people consume and produce news, images, and videos. And cost efficiency isn’t the only benefit. So, why is synthetic media an opportunity for the industry’s leaders?
- It creates customized experiences for the audience
- Creators can become more productive because the AI will perform repetitive tasks
- This new media finds relevant content for the readers and viewers
- Use metadata tagging to monetize
- Predict the consumers’ behavior
- Better analytics
Rainer Kellerhals is Microsoft’s Media and Entertainment industry lead for the EMEA region. During a 2018 interview with The Record, Kellerhals said, “AI will influence all parts of the media value chain, helping content creators to be more creative, helping content editors to be more productive, and helping content consumers to find the content that matches their interests and current situation.”
Indeed, with all the above benefits, it seems like an unmissable opportunity. The main disadvantage? The people who will lose their jobs, are replaced by AI. While newsrooms can be expensive, the industry has to find a way to not leave anyone behind.
The evolution of the media
There is no doubt that this industry had to change and evolve in the past decades. The players who didn’t innovate surrendered.
Back in 2009, CBS reported an article, titled The Real Cost of Genuine Journalism. The author, Frédéric Filloux, wrote: “you can expect to spend around €30k and €40k for a prize-winning grade investigative piece. As a result, such a project must be planned like a military operation. Not all newsrooms know to manage this.”
Being a reporter from France, Filloux wrote that the yearly cost of a journalist is $98,000, including taxes and office expenses. Plus, every piece needs its visual creators. So, that’s another expense. Indeed, it can be costly.
Hence, the move online. Blogs and websites cut the costs of offices and rents. Everything can happen digitally, so there is no need to rent a space in the city. The online world also cut the costs of visual creators. Now, it’s easier to download copyright-free pictures or embed videos from YouTube.
Plus, the competition among freelancers drives down the prices. There is a lot of supply, and the demand is picky and cost-efficient. Plus, platforms like WordPress offer free plans to design a website. Or paid plans to own the domain, but the prices can start as low as $4/month. In the end, the web designer might have the highest expense.
And, finally, synthetic media
This is the next step to drive costs even further down. Once the web designer has been paid, it’s time to automate tasks with AI to save funds. There is no employee who has to digitize analytics or redundant jobs. Instead, the software generates it all.
Why it matters
Because the media industry is evolving still. While many experts might have thought that the Internet was the end of the road, it is not. Artificial intelligence is shaping many sectors, giving the chance to automate processes. And the media, to stay relevant against social platforms, has to keep up. Both in content and in costs.
But this isn’t the only industry that is changing. In fact, the healthcare sector is swept away by personalized vitamins and other trends. Find out more here!
CEO at Treendly.com