Generative AI holds significant opportunities for consumer media.
It is reshaping the way we do publishing,
we do broadcasting, movies, music and gaming.
And all of this is happening right now.
It's going incredibly fast and it will have a deep and lasting impact
on our industry.
As GenAI makes content creation much easier,
strengthening trust will become paramount.
The whole media ecosystem needs to jointly ensure that consumers
can easily identify the authenticity and quality of the content they consume.
Equally, for media workers, a wholescale adoption
of new technologies, not only GenAI, is coming.
We at BCG estimate that the effort for an AI-driven transformation
is 70 percent business and people change,
and our industry needs to focus on this change journey ahead.
Thus, for media executives, the immediate priority is the race for efficiencies
in operations and advertising,
licensing and service operations,
but also in striking the fine balance between the opportunities
GenAI brings for content creation versus remaining original and distinctive.
Equally important is the long-term priority of how GenAI
can grow the top line.
You've got to think of personalization
in the music industry, or of re-using licensed content
from the archive more efficiently in automated FAST channels in video.
Third, you have to make sure that your internal GenAI developments
are in line with the company's purpose and brand.
At BCG, we are doing that with our responsible AI framework.
And last but not least, the industry must resolve copyright issues
to remunerate rights owners, whose intellectual property has been used
to train these foundational models, in a fair way.
GenAI is showing its transformative powers in the media industry first.
Understanding how it works, how you use it best and how others are using it already
right now is an absolute must if you want to stay successful in this game.