Global AI market within M&E set to reach $132.16 bn by 2032: Vinayak Shrivastav

VideoVerse, previously known as Toch.ai, has a strong product-market fit in serving enterprises across numerous industries – broadcasters, sports clubs, OTT players and leagues, marketinge-gaming platforms, schools, colleges, marketing agencies and more.

VideoVerse is helping to build the next-generation of video editing ecosystem and addressing an extensive range of use cases in the period of the post-production process. Thecompany has initiated its journey on the generation of instantaneous key moments and auto short-sized clips, thereby leveraging AI capabilities and computer vision, in which it is the present tech leader. Today, VideoVerse has offices in Europe, Israel, US and India, and is expanding  to the Middle East and Singapore by the end of this year.

In conversation with Adgully, Vinayak Shrivastav, Co-Founder & CEO, VideoVerse, said, “By embracing AI in their video production and management workflows, enterprises are today crafting engaging, efficient, and accessible videos, expanding their reach, enhancing their brand viability, and fostering business expansion.”

How is AI being leveraged in Live Streaming & Broadcasting?

Today, broadcasters’ choices are enhanced through data-based analytics, boosting efficiency with automation, and crafting enriched experiences using machine learning. As per data, the global AI market within the media and entertainment sector is projected to expand from $10.4 billion in 2021 to $132.16 billion by 2032 at a CAGR of 26%. Consequently, AI has become an important tool in the contemporary digital era, transforming how live content is created and consumed, helping creators engage and captivate live viewers with gaming, vlogging, talk sessions, and other real-time interactions. Technological ‘solutionism’ with content creation, sound enhancement, and auto-captioning is the advantage on hand today. Additionally, it enhances content recommendations through adaptive learning and sentiment analysis. AI’s role spans data-driven decision-making, process automation, and enriched experiences, proving indispensable in modern digital success for broadcasting and live-streaming.

How is Enterprise Video Production & Management unlocking the potential of AI?

As opposed to what was once said, “familiarity breeds contempt”, today, familiarity breeds success and opens doors to visibility and sales. AI has revolutionised the entire spectrum of video production, management, and enhancement. Not only has it streamlined video handling, but it has also helped in organizing through automated editing, captioning, and content improvement. AI-driven analytics offer valuable insights into viewer preferences, aiding content strategy decisions. Personalised recommendations and real-time translations heighten user experiences. By embracing AI in their video production and management workflows, enterprises are today crafting engaging, efficient, and accessible videos, expanding their reach, enhancing their brand viability, and fostering business expansion.

What role is played by Generative AI in Video Analysis and Editing?

Generative AI is transformative in video production and editing, effectively breaking down obstacles that hinder value creation while amplifying viewer engagement. It pilots creators on content that resonates with viewers, fostering a seamless interaction between content creation and consumption. The algorithm enhances the personalization of content through automation, boosting content ‘searchability’ and engagement. Staying ahead of evolving consumption patterns is the key, and generative AI is revolutionising video production. For example, brands have started integrating ChatGPT to generate innovative video concepts and scripts. Generative tools such as Midjourney Dall-e help create incredible real-life like images. The emergence of cloud-based AI video generators makes these tools accessible to a wider audience, enabling high-quality production without significant investments.

How do start-ups drive innovation? How are start-ups pushing the boundaries of innovation and driving change in the tech industry?

Start-ups epitomise enterprising innovation, reshaping diverse spheres of life by offering solutions to global predicaments like gender parity, sustainability, and education. There’s no slowing down the spread of AI. There are copious investments in Tech companies, and a PwC report estimates that artificial intelligence could add $15.7 trillion to the global economy by 2030 — and boost North America’s GDP by 14% that year.

Over the last two decades, the definition of start-up has transformed from mere business ventures to catalysts for essential transformation. Imbuing pragmatic ingenuity into enterprises, start-ups acknowledge the imperativeness of technological integration in brand success. Fostering an interdependent ecosystem, tech start-ups wield a pivotal influence in sustaining the dynamic marketplace. They propel innovation for established entities, bolstering economic expansion, endurance, and societal consciousness. By integrating AI-driven solutions such as customer support chatbots and revolutionary technologies in cyber security, health, media, and entertainment, start-ups redefine accessibility and affordability.

What is the future of tech start-ups, according to you?

As per the Union Minister of Science and Technology, India has experienced a remarkable surge in start-up growth. Starting from a mere 350 registered start-ups in 2014, the count has soared to 90,000 in 2023, showing a substantial upward trajectory. The change simply signifies the start-up boom, which is expected to flourish in the future. The reach of start-ups spans diverse roles, making the unimaginable possible, from 3D organ printing to planning your VR tour of space.

Tech start-ups are reshaping sustainability concepts by offering practical solutions. The evolving start-up landscape is also attributed to a change in funding dynamics, shifting from traditional venture capital to alternative sources like crowdfunding. This transition is expected to fuel further innovation across both products and services.

What are the challenges of scaling a start-up? Could you point out the obstacles and strategies of successfully scaling a start-up and making a transition from a small business to a larger company?

Successfully scaling a start-up hinges on a strong foundation of infallible market research, a deep understanding of the problems that need resolution, and securing adequate funding from investors who grasp the value proposition. Partnerships with the right investors are an indispensable part of the whole proposition. However, it’s essential to establish structures for predictable growth as the transition from start-up agility to grown-up stability during scaling. The transformation comes with trade-offs; while you gain reliability, you may lose some flexibility and freedom. Balancing the delicate aspects is important; they form the pain points that need soothing.

Scaling a start-up poses several key challenges, including managing rapid expansion, preserving agility, exploring new markets, making tough decisions, fostering an innovative culture, enhancing operational efficiency, and maintaining financial stability. Overcoming these hurdles requires meticulous planning and unwavering commitment. Entrepreneurs must confront their fears and embrace sustainable business growth. Additionally, while creating the necessary processes and structures for scaled growth is demanding, the most challenging aspect often lies in standardising company culture and norms throughout the organisation.

How will emerging technologies such as quantum computing, blockchain, machine learning impact the tech industry?

In the rapidly evolving technological landscape, innovations such as Quantum Computing and Artificial Intelligence (AI) are poised to reshape the entire industrial ecosystem. Quantum computing, with its potential to accelerate problem-solving through qubits, is on the horizon. Organisations must prepare by staying updated on developments, enhancing data security measures, and adapting their business strategies to potential disruptions.

AI has already witnessed widespread adoption, optimising various business functions, from marketing to supply chain management, resulting in revenue growth. Successful AI implementation is driven by leadership commitment and substantial resource allocation.

Blockchain technology is gaining traction, offering transparency and cost reduction. Its applications include enhancing supply chain traceability and revolutionising transportation through secure identities and authentication. These innovations mark an era of increased efficiency, security, and transformative possibilities across industries.

What is the importance or significance of culture and leadership in a start-up’s success and how does it differ from traditional corporate environments?

Working for reputable companies enhances your personal brand; in other words, it is proof of your credibility. The roles often have discernable responsibilities and tasks with a clear hierarchical structure. On the other hand, a start-up embodies a work environment that esteems innovative issue resolution, transparent communication, and a non-hierarchical structure. Nonetheless, both environments share a culture formed by shared values, thoughts, and beliefs, shaping the collective effort toward company goals.

Modern leadership prioritises mentoring over micromanagement. Our discourse highlighted the pivotal role of company culture and effective management. A strong start-up culture notably boosts employee engagement. I believe in the transformative potential of technology integration, paired with authentic engagement with our teams. In progressive HR perspectives, genuine conversations and meaningful connections form the bedrock of success. By aligning employees with these principles, leaders can enhance their sense of purpose by 373% and boost workplace engagement by 747%. Our greatest achievement is our most substantial lesson: transparent, authentic, and punctual communication.

How is VideoVerse enabling a seamless synchronisation of AI for broadcasters to sports teams and content creators?

The global sports analytics sector is anticipated to achieve a value of $22 billion by 2030, while the worldwide artificial intelligence sports market is predicted to hit $19.9 billion by 2030. This underscores the expanding role of AI in sports and its growing global presence as more sports entities and technology providers adopt AI solutions.

As a forerunner, VideoVerse is reshaping video editing through an innovative ecosystem of technologies. Our unique solutions facilitate remarkable video transformations and effortless publishing. Prioritising content refinement and consumption enhancement, our distinctive products empower individuals and businesses to craft impactful and immersive narratives across various media genres.

Our enterprise solution, Magnifi empowers sports leagues, teams, broadcasters and OTT platforms to produce engaging content in real-time, effectively reaching audiences across all devices. This direct impact leads to enhanced fan engagement, increased popularity, and the exploration of new revenue streams. By automating the entire process, valuable time and resources are saved. With our platform, content creation becomes 15x faster, allowing key moments from the sports field to reach devices in under 40 seconds. Just to give you an example, our recent partnership with the Vietnam Basketball League resulted in a 773% higher video production resulting in a 76% increase in overall viewership on Facebook.

How is AI shaping OTT streaming?

Over-the-top (OTT) platforms have transformed digital content consumption globally, offering on-demand streaming services. With a surge in personalized content, artificial intelligence (AI) has become consequential in the OTT industry. AI utilises user data for tailored suggestions, particularly through content recommendation algorithms. These algorithms learn and adapt using machine learning, enhancing personalised ad targeting. Automated metadata tagging via AI techniques like natural language processing (NLP) and computer vision has streamlined content searchability. Ultimately, AI’s integration enriches user experiences on OTT platforms, ensuring relevant content discovery and effective advertising.