What are the Advantages of AI and how are they Helping “Warner Bros” Manage Film Budgets?

Industry Insights!

According to hollywoodreporter, Warner Bros has joined hands with Cinelytic in order to use their project management system, incepted in the year 2019. Out of so many studios across continents, Warner Bros is the first-ever, to facilitate the impact of AI in entertainment industry 

This year, as per the contract signed between Warner Bros and Cinelytic, the movie studio will be using Cinelytic’s AI-driven project management system, in order to effectively plan budgets for its films.

A Little Background!

As per the details of this new deal, Warner Bros will make use of the new system’s comprehensive data and analysis, in order to guide decision making at the early stages.

In 2020, the Advantages of AI are many! impact of AI in entertainment industry will have the ability to assess various parameters like star value in the region and expected film revenue.

Cinelytic has been working on developing a beta testing platform for the past four years. A couple of years ago, the company also managed to raise funds of $2.25 million from T&B Media Global.

In the same year, Cinelytic also signed contracts with Ingenious Media and Productivity Media. In the year 2019,  STX along with Playmobil and Ugiydolls came on-board.

As per reports, the AI-based platform won’t necessarily predict the gross revenue a movie would generate, but then, it will essentially reduce the time taken for monotonous work, giving executives a better dollar figure for packaging, distribution, and marketing of the film.

What is the impact of AI in entertainment industry?

It is specifically of great use when it comes to a festival setting. Primarily in times when studios are occupied in bidding wars, and end up plunking down on the value after just a couple of hours of assessment.

The report further suggests that Cinelytic’s AI bases system may have made alterations in some of Warner films from the year 2019, such as The Kitchen, Shaft and Godzilla: King of the Monsters.

In one of the reports, Queisser stated that “The system can calculate in seconds what used to take days to assess by a human when it comes to general film package evaluation or a star’s worth.”

Moreover, the Senior Distribution VP, Tonis Kiis stated: “We make tough decisions every day that affect what — and how — we produce and deliver films to theaters around the world, and the more precise our data is, the better we will be able to engage our audiences.”

However, even with so much happening around, Hollywood considers itself to be operating on Gut and Instincts, and not algorithms. Also, for obvious reasons, Hollywood has adopted AI much later in Silicon Valley. This is mainly because of the fear that it will take away jobs making humans obsolete.

However, the misconception was addressed by Queisser. He said “Artificial intelligence in film making sounds scary. But right now, an AI cannot make any creative decision.” He further went on to say that “What it is good at is crunching numbers and breaking down huge data sets and showing patterns that would not be visible to humans. But for creative decision-making, you still need experience and gut instinct.”

Impact of AI in Entertainment Industry – The Advantages of AI

What are the advantages of AI? There are multiple advantages of AI. With the advent of this emerging technology,  you can now effectively save time and money by automating the usual routine tasks. The advantages of AI also include acquiring a competitive edge in the global market. Generating business by virtual customer support arrangement and Understandings of the business niceties from cutting-edge analytics solutions are just a few advantages of AI. 

Read more – Know the Reasons to Adopt Artificial Intelligence in Businesses

With the amalgamation of Warner Bros with Cinelytic, analyzing data in order to make informed decisions while planning the budget of a film is no longer a daunting task. Using the advent of Artificial intelligence in film making, Cinelytic can effectively evaluate the value of the actor, the kind of money the actor can make for the fil in the box-office. 

This is a clear hint showcasing that the phenomenal technology of Artificial intelligence in film making is going to change a lot of things in the future. What’s interesting is that the company is only a couple of years old. The company is so focussed that it has managed to grab high-flying clients. 

Even though Warner Bros may have their own set of rules that they follow in order to streamline their business, Cinelytic is expected as one of the key influencers and is expected to play a major role in producing movies with a mid-level budget.

Today, there are a lot of companies that are working towards catering similar tasks, however, the majority of studios still believe in the old traditional gut and instinct. 

With this piece of news hovering over the entire film industry, there is a notion that artificial intelligence will eventually end the era of humans and take over the film industry. However, as per  Queisser. “some believe that there are still a lot of things that AI is of no use to. Ex: “AI can never make creative decisions.

Now that we know, what is the impact of ai in entertainment industry, The only way to find out if AI will take over humans within this sector is to wait, and watch! Artificial intelligence slowly and gradually is making its mark within various industries. Warner Bros is the first-ever studio to integrate artificial intelligence within their film management system.

Not just the film industry, the advent of AI has successfully taken over a lot of industries. 

Healthcare/medicine, education, and marketing are just a few Today, to hire AI developer is not a challenge, but an investment. With AI integrating with various sectors, so quickly, it is safe to say that AI is here to stay!

Read more – Is Artificial Intelligence a Blessing or a Curse?

Don’t be surprised this 2020! The advent of AI has a lot in store for you this year. 

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