How is AI impacting our storytelling universe? Tuning into the media & entertainment industry

As the technology entrepreneur on machine learning and artificial intelligence, Andrew Ng said: “Just as electricity transformed almost everything 100 years ago, today I actually have a hard time thinking of an industry that I don’t think AI will transform in the next several years“. And the Media & Entertainment industry is no exception.

With the recent rise of GenAI-powered products such as ChatGPT, Bard, MidJourney, and many others, AI promises now more than ever to increase efficiency and productivity while reducing costs. 

Already we’ve seen AI influence decision-making with data-driven insights and predictive analytics, analyzing large, unstructured datasets in near real-time and identifying patterns and trends. It continues to improve customer experiences by enabling personalized and tailored journeys and optimizing processes.

Within these general uses of AI, we witness how each industry embraces it to fit its unique challenges and opportunities. In the media and entertainment sector, AI is impacting on several fronts, putting our relationship with storytelling on the table and changing how we create and consume stories. 

In our latest report, Applied AI: Media & Entertainment, How Technology is Changing the Narrative, we explore the changes and challenges the media and entertainment industry is facing as it’s embedding AI into its processes, such as content production and distribution, audience prediction, character development, storytelling, among others. 

A new tech narrative era? 

Stories are an essential element of our history, inspiring and pushing the boundaries of our imagination. Due to the emergence of the digital world and platforms like Instagram, YouTube, Snapchat, Facebook, and Twitter, we witness billions of storytellers and daily story-related interactions. 

The impact AI has on storytelling extends to multiple domains. It enables instant text translation and influences film production by assisting in various aspects of movie-making. It accelerates content production by automating video subtitles, audio production, natural language processing, and text analysis. AI also plays a vital role in the gaming sector, offering several advantages, such as responsive and adaptable gameplay. AI is also changing how we consume stories by understanding individual behavior within an audience. 

Globant has become a leading player in creating and using AI technology to help companies write their stories through digital and innovative solutions. Globant’s AI-powered solutions, including GeneXus, Augoor, MagnifAI, and Navigate, aid businesses globally by providing strategic value, enhanced productivity, and innovation in the media and entertainment sector.

AI is transforming storytelling by leveraging its capabilities to assist content creators and storytellers. It automates manual, repetitive, and time-consuming tasks. It gives them more time to focus on the creative process, enhancing the human mind to explore new horizons of innovation and write meaningful narratives.

However, we must be mindful of the primary condition of AI; it’s primarily a tool. According to Andy Eyherabide, Senior VP of Technology at Globant, “Beyond the hype, we must remind ourselves that AI, just like any other technology, is a tool designed to carry out a particular task, and the results depend upon the hand that wields it. We firmly believe in the cooperation between Al and humans to improve and elevate humanity to new heights.”

Read our full report here on how AI transforms the media and entertainment industry.