The 2024 IBC Show in Amsterdam demonstrated AI has shifted from a buzzword in media & entertainment to a crucial tool for driving value creation and improving return on investment (ROI). In light of recent major events, including the 2024 Paris Olympics and the televised Harris-Trump presidential showdown, efficient resource management and maximizing content ROI have been paramount. As organizations face tighter budgets and increasing pressure to create content quickly, AI offers solutions to streamline processes, reduce costs and unlock new revenue opportunities.
Photo: One of AI’s most exciting opportunities is the ability to monetize existing content archives. Credit: DRs Kulturarvsprojekt
Automation: Reducing time, enhancing creativity
AI-powered tools are now indispensable in meeting the demand for rapid content production and increasing audience engagement. AI’s ability to automate media logging and enhance MAM (media asset management) search is one of its most visible and immediate impacts. By eliminating repetitive, time-consuming tasks, AI is transforming workflows, allowing creators to focus on high-value activities centered around creativity and storytelling.
Today, organizations are in a constant race to publish new content — whether fresh or repurposed — as quickly as possible. For instance, a major US network confessed that it takes them five minutes to find the right shot, which means sourcing 100 shots for a 10-minute video would take an entire day. AI-enhanced MAM systems that automatically log, index and categorize content reduce content sourcing time from eight hours to a matter of minutes. This frees up more time for creative input, enabling editors and content creators to concentrate on refining their work rather than being slowed down by tedious tasks.
CFOs make the case for AI
As companies seek to justify budgets, AI's ability to drive cost savings and revenue growth has become a critical factor in decision-making. With AI streamlining production and post production operations, CFOs are now playing a more active role in technology investments. The biggest shift this year is that, after concluding the exploratory phase of AI adoption through proof of concepts (POCs), companies now have real data to guide decisions on where to effectively implement AI across their business.
It is, however, important to note the difference between ROI generated by a POC project and the challenges of scaling AI across thousands of hours of video. Companies need to temper expectations regarding time and cost, and rather than applying AI universally, they should focus on specific, high-value use cases. This pragmatic approach will ensure that AI implementations deliver concrete, measurable results rather than falling short due to overreach.
Unlocking value from existing assets
One of AI’s most exciting opportunities is the ability to monetize existing content archives. Many media organizations have vast libraries of footage that were, until recently, difficult to access. AI is changing this by making it easier and cheaper to digitize tapes at scale, index and search through archives, unlocking significant revenue potential. This innovation opens the door to a new type of storytelling, where repurposing archived content becomes a key strategy from the outset of production.
For example, Australia’s factual reality TV series Bondi Rescue leveraged 18 years of archival footage to build a strong online presence and attract a global audience by producing best-of recuts and gripping surf rescue compilations, which were monetized on digital platforms. This approach not only introduced the show and its most memorable moments to a new generation of viewers, but also opened new revenue opportunities through in-stream ads.
Production companies can now make investment decisions based on accurate estimates of how much revenue repurposed content can generate. AI-driven tools help improve content creation timelines, making it easier for organizations to forecast potential returns from their archives.
AI is the new value driver in M&E
AI has swiftly evolved from a futuristic, intimidating concept to a practical solution that offers measurable ROI, helping organizations remain competitive in an increasingly crowded market. As the media industry continues to adapt to new ways of working, companies that effectively harness the power of AI to streamline operations, enhance creativity and unlock new revenue streams will be best positioned for success.
The key to maximizing AI's potential, however, lies in a focused approach - bridging the gap between AI tools and users, focusing on specific high-impact use cases, establishing clear KPIs, and developing a strategy for scaling to ensure long-term value.
James Fraser is Vice President of US Sales at Moments Lab (www.momentslab.com). Moments Lab’s multimodal AI makes video search easy, empowering teams to craft compelling stories fast.