Generative AI Revolutionizes Monetization Strategies for Streaming Businesses
The emergence of generative artificial intelligence (GenAI) is revolutionizing monetization strategies for streaming businesses. Streaming organizations are now exploring how to leverage GenAI to enhance their content and operations. In a panel discussion at Streaming Media Connect 2023, experts delved into the current and imminent impact of GenAI on the industry.
When it comes to the monetization perspective, one key question posed was where GenAI has the most impact. Is it the ability to create multiple versions of something or the capability to target specific audiences? The value created from the GenAI experience is diverse and multifaceted.
C.J. Leonard, Principal Owner of MAD Leo Consulting, LLC, highlighted the significance of GenAI in video content. Specifically, he mentioned platforms like DALL·E 2 and ChatGPT, where AI-powered paid versions offer new possibilities. Moreover, Leonard emphasized the untapped potential of video scanning, which brings to light vast amounts of data that can be utilized for monetization purposes. He mentioned WPP’s recent partnership with NVIDIA to leverage GenAI for creatives, signaling the growing interest in harnessing its capabilities for generating greater outcomes.
Darcy Lorincz, Chief Technology Officer of Barrett-Jackson Auction Company, offered insights into the benefits of GenAI. Lorincz discussed the unique application of GenAI in product placement, highlighting the seamless incorporation of brands in written content through text replace prompts. While incorporating brands into written content has become relatively easy, video and image applications are still catching up. However, Lorincz mentioned a recent exciting development from Midjourney, a technology that allows for the replacement of specific elements in images within seconds. This innovation has simplified the process of product image replacements and significantly reduced the required effort.
Lorincz also emphasized the importance of training customized generative models. By training your own model, you can ensure that the AI strictly aligns with your brand’s tone and visuals. This approach allows for a higher level of ownership and control over the AI-generated content. The training of language models was a hot topic at the Ai4 conference, with many companies discussing the advantages of building personalized models.
The integration of GenAI into streaming businesses has undoubtedly opened up new possibilities for monetization. Its applications span various facets of the industry, from video content to product placement. As the technology continues to evolve and improve, streaming organizations have the opportunity to leverage GenAI for enhanced creativity, audience targeting, and driving greater outcomes.
The GenAI revolution in monetization strategies for streaming businesses is evident. By incorporating AI into their operations, streaming organizations can tap into its immense potential and unlock new sources of revenue. As the industry embraces this game-changing technology, we can expect streaming services to become more personalized, efficient, and effective in delivering tailored content to audiences worldwide.
