Media and broadcasting companies can better manage their media and digital assets using speech-to-text technology for digital asset management.
Businesses are spending an estimated $17 billion a year on digital content, according to Accenture – in effect, making this content one of the most valuable commodities owned by modern-day enterprises. With that kind of investment, it’s crucial that brands also put some budget around systems to extract maximum value from this tsunami of digital material.
A 2015 study by IDC found that 76% of people said digital asset management (DAM) makes it easier to find assets – reducing the time spent recreating assets that already exist but cannot be located. On average, the organizations surveyed were realizing a 28% decrease in asset creation costs through digital asset management.
Being able to quickly search, locate, edit, curate and monetize video and audio media assets at scale is essential with the growing volume of content now available. With demand always on the rise, asset managers, editors and producers need to be able to curate content quickly to keep up with the ever-changing digital world.
Whether it’s newly created content or legacy archives, organizations need to automate their media asset management processes to derive value from their digital assets. Without turning the contents of audio and video assets into text, companies are limited in what they can achieve within budgets and timeframes. Voice technology enables businesses to automatically transform voice within audio and video files into text quickly at scale. The result is searchable media assets enriched with metadata.
Digital and media asset management is often used by sports organizations. They are a good example of how asset management has a vital role to play in dealing with the complexities of managing large volumes of digital assets.
Sports organizations are often dealing with a whole host of media assets every day – including digital, advertising, marketing, PR, live broadcast and raw content capture. In motorsport, for example, there can often be many different organizations providing services to the rights holder. This can mean that the content and footage remain in different places across the service providers and is hard to share and amalgamate into one central depository.
The goal of a media asset management platform is to aggregate each media asset – regardless of its original format – and make it available to anyone who might need access to it. This could include many different organizations, as well as journalists, sponsors and broadcasters. Rights owners will often sell the content to broadcasters ahead of time, so speed and unification of media assets are essential to enabling better monetization of assets. But, most importantly, content unification of media assets is critical so assets can be found quickly and easily – and used for their intended purpose.
Speech-to-text technology automatically turns voice data within any video or audio file into text and makes searching for any file – or specific elements within it – a quick and easy task. Ensuring all assets can be searched for in one depository using text-based search means no asset will be missed in the search process.
Media and broadcasting companies can better manage their media and digital assets using speech-to-text technology for digital asset management. By transforming media assets into text, companies can easily aggregate all their digital assets into one place, meaning content is unified and more accessible – and no asset will be missed during a search.
Alex Fleming, Speechmatics