The California-based company behind the first operating system for AI has released a White Paper with findings from a survey conducted in collaboration with Future Media Entertainment Group that suggest a majority of television companies are “embracing” AI and view the technology as “a competitive necessity.”
Word of the study’s findings excited investors, as Veritone Inc. stock soared by nearly 10% in Tuesday’s trading on roughly twice its average volume.
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 Veritone President Ryan Steelberg. “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.”
Among the report’s key findings is that 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.
Further, AI adoption is growing, with more than half (54%) of respondents currently making efforts to implement AI.
Meanwhile, Veritone found that 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 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.
With minutes remaining in Tuesday’s trading on the Nasdaq Global Market, VERI was up 9.98% to $9.70 — the highest level Veritone has seen for its shares since September 2018.
It’s a remarkable climb for VERI that began after shares bottomed out at $1.52 on March 16. Veritone shareholders have enjoyed a stunning 538.2% increase in value in just 10 weeks.