- Artificial intelligence not only optimizes media asset management processes but also unlocks downstream revenue opportunities
- Whether you have a DAM or MAM solution already or not, Veritone offers AI solutions that can easily integrate into your current tech stack
- As part of our new Veritone Sport offering, Content Monetization is only achievable with the help of AI, which can help you generate revenue off your valuable media
Artificial intelligence in the sports industry is still a new concept. Across the ecosystem, from players, teams, and federations to broadcasters, event organizers, and facility operators, many face unique challenges. But most don’t know that many of these challenges can actually be solved with AI.
Media asset management is one such area where AI can help. All sports organizations have content. Capturing the product on the field is critical for everything they do to engage with fans and grow the brand. But once you add AI to your media management process, it actually unlocks revenue opportunities. As we face uncertain economic times, having the ability to monetize content without additional headcount will increase your competitiveness and harden your operations from market effects—especially during the offseason.
In the first part of this blog series, we’ll explore content monetization, the first of three key areas of opportunity that also include optimizing facility operations and amplifying your fan engagement.
Activating Media for Content Monetization
Many sports organizations need help managing their media. From collaborating across different regions and time zones to juggling multiple tools as part of their workflow, sports organizations need help to preserve, find and distribute content efficiently. And due to the traditionally manual nature of this work and the fact that some organizations need digitized versions of their assets with accurate metadata tagging, they also need help to generate downstream revenue from their content.
The Los Angeles Chargers and the San Francisco Giants overcame their media management challenges with help from Veritone. In the Chargers’ case, they already had a media asset management (MAM) solution and a functional tech stack; they just lacked the AI piece to automate metadata tagging to make their content discoverable by faces, logos, on-screen text, and more. aiWARE, a hyper-expansive Enterprise AI platform, easily integrated into their current tech stack to provide them with that AI capability they lacked. For the Giants, they did not have a MAM and adopted Veritone Digital Media Hub and supporting AI capabilities from aiWARE to put their content a few keystrokes away from their media teams.
For the Chargers, easily integrating with aiWARE enabled them to operationalize AI much faster than developing bespoke models or trying to build APIs connecting different vendor offerings. This amounted to significant cost savings and enabled their teams to continue to use the same solutions, reducing the need for additional training and onboarding.
The Giants saw the benefit of adopting new AI-based solutions in the form of avoiding sourcing and hiring an estimated 15 interns to tag and upload their digitized media archive manually over the course of an entire year. Instead, they could automate this process, avoiding additional headcount and providing their media team with their own personal “YouTube” where they can quickly search and surface content across the team’s lifespan for multiple downstream use cases.
AI-powered Content Licensing
For some sports, organizations might be unable to license their content. The media rights are usually owned by the league. But those who do own the rights to their content have an immense opportunity to monetize their media.
Making this content more readily available and easily managed with AI allows organizations to license their content. Now more than ever, fans are consuming bite-sized sports content, particularly with highlights and recaps. As such, editorial companies desire more short-form content to report on the major sporting events happening worldwide.
SPORTX, powered by Veritone, is a new, intelligent marketplace for short-form sports videos. It’s a turnkey solution that brings together global rights holders to sell their content quickly and at scale to media and editorial buyers. SPORTX removes the need for manual processes to negotiate and license content since it’s all controlled within the dashboard.
Working with some of the most recognizable leagues and federations in the sports world, such as the NCAA, Pac-12, Big Ten, USTA, and more, we take the pain out of navigating the complex rights and clearance process. Supporting series like Peyton’s Places and ESPN’s 30 for 30, we reduce the pain throughout the entire licensing process.
But this is just one area where we offer AI tools for the sports industry. In the next blog, we’ll dive into how sports organizations can optimize and streamline their facility operations, from fan safety and stadium security to energy management and recruitment.