How Generative AI Drives Reinvention in the Media Space

The media sector in India is faced with unique challenges in the form of oversupply of content, shifting customer loyalties and the urgent need for accelerated revenue generation. While there’s no magic wand approach to fighting the flux, media companies need to reinvent themselves to thrive and lead in the dynamic landscape. In a recent media interview on the sidelines of Accenture’s second edition of its annual marquee media conference, Accenture Media Futurecast – Devyani Ozarde , Managing Director and Lead — Media, Accenture in India, sheds light on how media businesses should continuously innovate, balance content supply with demand and effectively communicate the value of their offerings to consumers.

Devyani underlines the importance and inevitability of technology to sustain in this highly competitive environment. She stresses on how generative AI, in particular, has huge potential in reinventing the industry and unlocking growth for the future. It holds the key to understanding what the consumer wants and delivering value that justifies paid content. Generative AI also plays a critical role in the generation of hyperlocal, regional content, which is one of the future growth drivers in the sector.

Devyani further points out growing trends in the media space, like the content creator economy and its shift from the digital space to television with a broader audience base—and how that impacts the ongoing consolidation in the industry. Watch Interview | Discuss

NEWS & VIEWS

• How Accenture Helped Reinvent 83-year-old Media Company in India

In an ever-changing media landscape, traditional news organizations must adapt to the digital while maintaining their core strengths. Embracing this challenge, the 83-year-old Daily Thanthi (DT) Group in Tamil Nadu, India partnered with Accenture to launch Minmini, a hyperlocal social discovery app that seamlessly connects traditional media with the digital future. In the latest episode of Business Today-Accenture Leadership Dialogues , Neeraj Sharma , Managing Director & Lead – Media Industry, APAC, Accenture speaks to Balasubramanian Adityan, Managing Director and Chairman of DT Group on how the innovative approach serves as a model for other media companies wishing to thrive and how the partnership represents a bold step in reinventing?the industry. Watch Interview | Read Article | Discuss

• Leading the Path to an Addictive and Engaging Future of Media

As we navigate the intricate world of media consumption, it's crucial to recognize its two-sided nature of being capable of both harming and healing. While risks remain, the industry should also welcome the media's ability to inspire and drive positive change. By backing the creation of uplifting and thoughtful content, businesses can tap into the media's potential to cultivate a more caring, fair and just society. A media article wraps up key insights from a session on content as the driver of positively addictive experiences at the Accenture Media Futurecast and points out key strategies to enhance engagement and community in media. Read More

• The Power of AI in Disrupting the Old Guard in the Digital Age

As AI marches forward, its influence on the media industry is set to disrupt the old guard. Once-formidable factors like renowned brand names, deep trust and vast distribution networks are no longer considered advantageous. A media article summarizes key findings from a session at Accenture Media Futurecast on how media businesses need to shift from traditional moats to embracing AI to build a strong digital brand. It discusses how AI helps deliver highly personalized content recommendations and revolutionizes the way we consume media for enhanced user satisfaction, customer loyalty and significant revenue growth—the new bastions of relevance in the industry! Read More

• How Media Businesses can Raise the Right Capital for Success and Growth

With global revenue projections of $3.4 trillion by 2028, the media industry's solid growth path is clear. As technology advances and consumer habits shift, driving rapid growth, market players face both substantial challenges and opportunities. According to insights shared by industry experts in a session on building for media capital at Accenture Media Futurecast, media businesses need to reassess their value creation, delivery and strategies—while also managing their capital resources (financial, human and intellectual) wisely—to seize new revenue streams. Read More

• How Accenture is Helping Top Global Media Houses Reinvent

Reinvention is about breaking industry standards, reimagining iconic brands, bringing new products, ideas and ways of working to life with emerging technology. To fully leverage a wide range of capabilities, ecosystem partnerships and unmatched industry expertise, top global media brands are collaborating with us to Reinvent with Accenture.?

1. We have joined hands with ESPN to create a generative AI solution that provides a wider array of sports coverage, giving fans more access to the teams, athletes and content they love.
2. NBCUniversal partnered with Accenture to help launch and quickly scale its premium streaming service Peacock, which has been the fastest-growing streaming platform in the US for two consecutive years.?
3. Similarly, we helped transform the iconic Fortune 500? list into an AI-driven platform to give decision-makers access to business insights like never before.
4. Netflix and Accenture Song are making bold moves together in the realm of visual effects by working on shows like Stranger Things, Lost in Space, Avatar: The Last Airbender and Bone and Shadow.

Accenture is ready to help as you begin to re-imagine your business. If you’d like to know more about how we can partner with you in your Reinvention journey, please feel free to contact us.

Get the Accenture Foresight App for the latest business and technology reports and analyses delivered to your mobile. Download now: App Store | Google Play .

For careers in Strategy & Consulting at Accenture, please visit our Careers Portal.