Veritone Releases Industry Report Putting Spotlight on TV Industry’s Increasing Embrace of Artificial Intelligence

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Survey results show that TV organizations are starting to unleash the potential of AI and reap the rewards

COSTA MESA, Calif.--(BUSINESS WIRE)-- Veritone, Inc. (Nasdaq: VERI), the creator of the world’s first operating system for artificial intelligence, aiWARE™, today announced the findings of an industry survey conducted in collaboration with Future Media Entertainment Group, which reveal that a majority of television organizations are embracing AI, and view the technology as a competitive necessity.

The report — Pulse Check on AI Adoption: How the TV industry uses AI today and where it’s headed — is based on a survey of individuals representing over 100 TV industry organizations. The report shows that while more than half of the industry is currently making conscious and strategic efforts to implement AI internally, the use of AI to track, analyze and monetize content more effectively is still in its infancy.

“While the demand for AI technology is growing in the TV industry, there remains an untapped opportunity to use AI to generate smart content, engage audiences, and, in particular, to create operational efficiencies and new revenue streams,” said Ryan Steelberg, president of Veritone. “There is still enormous unrealized potential to fully leverage AI as a differentiator. Dominance in television and broadcast in the future will largely be driven by how well organizations take advantage of AI technology, especially now as the industry shifts to more remote work.”

Key findings from the report include:

  • The opportunity for differentiation attracts television companies to AI solutions, with 73% of CEOs citing innovation and differentiation as driving AI adoption. The majority of CEOs are in the driver’s seat for AI adoption, with 63% saying that strategic efforts are being made to use AI for automation.
  • AI adoption is growing, with more than half (54%) of respondents currently making efforts to implement AI.
  • Budgetary restrictions and lack of knowledge around what AI is and how it can help TV organizations are the top factors preventing AI from achieving widespread usage, according to 50% of respondents.

The report, based on the results of a survey conducted by Future Media Entertainment Group on behalf of Veritone, also reveals that AI implementation has been an exercise in trial-and-error for many businesses, and most are employing AI to complete repetitive, time-consuming tasks.

Details on these and other findings are included in the full report, which can be downloaded here: https://unlock.veritone.com/pulse_check_on_ai_adoption_in_television.

More information about Veritone’s products and services is available at www.veritone.com.

About Veritone

Veritone (NASDAQ: VERI) is a leading provider of artificial intelligence (AI) technology and solutions. The company’s proprietary operating system, aiWARE™ powers a diverse set of AI applications and intelligent process automation solutions that are transforming both commercial and government organizations. aiWARE orchestrates an expanding ecosystem of machine learning models to transform audio, video, and other data sources into actionable intelligence. The company’s AI developer tools enable its customers and partners to easily develop and deploy custom applications that leverage the power of AI to dramatically improve operational efficiency and unlock untapped opportunities. Veritone is headquartered in Costa Mesa, California, and has offices in Denver, London, New York, San Diego, and Seattle. To learn more, visit Veritone.com.

Product or service names mentioned herein are the trademarks of their respective owners.

PR Contact:
Allison Zullo
Walker Sands, for Veritone
Tel: 312-241-1474
Email: veritone@walkersands.com

Veritone Contact:
Mike Morper
VP, Product Marketing
Tel: +1 888 507 1737 option 3
Email: mmorper@veritone.com
Web: veritone.com

Source: Veritone, Inc.

Released June 2, 2020