For years, the media business was dominated by traditional platforms like radio stations, broadcast television, cable and satellite TV and movie and music studios. However, in the age of digital and IP-based entertainment, these forms of communication now are often derided as “old media.” With their rivals moving at internet speed, it sometimes seems like these great communications powerhouses have been reduced to the status of media dinosaurs.
However, new AI technologies are giving the so-called old media firms a chance to turn the tables on their internet rivals. Forward-looking organizations are harnessing the power of cognitive engines to unlock value previously trapped within their content and advertising data.
By efficiently tracking all paid commercials, plus mentions of advertisers that appear on the air organically, cognitive engines allow broadcasters to demonstrate every penny of value they deliver to their clients, stimulating revenue. Just as importantly, cognitive engines represent a key tool to expand beyond the boundaries of the broadcast word by allowing traditional media firms to repurpose their entertainment for presentation on search, on-demand, and social-media services.
With the fate of media companies now hinging upon whether they can capitalize on all avenues of communication—particularly internet-based channels—cognitive engines will allow traditional media firms to attain a competitive advantage in today’s internet-centric marketplace.
Ryan Steelberg is president of Veritone and Veritone One. Considered one of the foremost experts in digital and online advertising, he has 20 years of executive management experience in technology, marketing, business development and sales. He also leads Veritone Media, the only comprehensive, technology solution enabling industry professionals with the real-time intelligence and impactful applications essential to remain competitive now and in the future.