12th January 2024
Sam Dougan
According to a report by MarketsandMarkets, the DAM market is expected to grow from $3.4 billion in 2020 to $6.0 billion by 2025.
Below we’re going to outline a few features that you could start to see DAM partners implement in 2024.
Quality Control
Being able to look for versions, ensure a specific pixel count, explicit content detection and content quality review all come under the banner of quality control. Being able to teach the platform and or integrated AI will help assist in the DAM ensuring your required quality control measures are kept high. This could cause delays in content being processed due to the initial manual processing/teaching aspect but if the end goal is to minimise errors and inconsistencies then start early. On average, poor data quality costs organisations $15m a year according to a survey conducted by PWC.
Sentiment Analysis
Utilising a tool that monitors mood, expression and concepts to gauge reactions or responses could help producers create even more engaging content. This can be analysis tools used on the content before being released but also once the content is released into the public domain. Ignoring the audience sentiment response and then failing to re-adjust your strategy could be detrimental to your content.
Enhanced Metadata Tagging
Could AI-driven metadata tagging help streamline organisation and retrieval? Using the feature when ingesting assets could save time and resources and this could change the way that a platform receives assets and distributes them. If you’re unable to see or adjust metadata tagging if incorrect then that could hurt your platform and result in a decline of users. This means assets could be difficult to locate and use.
Related Content Recommendations
Imagine using a platform which can recommend, based on the content knowledge it holds, content for you to post. Imagine if, as a user, it were to make recommendations based on relationships, previous searches, your preferences or personalisation. If it had algorithms to suggest relevant content, would that help or discourage you? Alternatively, could you miss huge moments by not posting the recommendation? If the AI was smart enough would you trust it? A study by McKinsey & Company found that personalized recommendations can drive up to a 35% increase in revenue.
Content Effectiveness Tools
Implementing analytics tools to help you measure your content performance can ensure you don’t overlook the data and insights you might ordinarily miss. Then being able to refine and optimise your strategies accordingly will avoid further mistakes. Having hands & eyes on your data which can tell you how effective, the Asset ROI and performance will stand you in good stead over time and allow you to make more informed decisions.
Transcriptions
Do you use captions? Is your content being produced across the world? Is there a market for French cheese in South Africa and can they interpret or understand the language? Could you sell more if you produced translated content? Having an on-hand button to transcribe and translate, enabling the option to automatically convert audio and video files into text is key.
Overlooking this aspect could cost you whole markets, limiting your content accessibility, searchability and reach in the market.
A study by Rev.com found that more than 80% of people who watch videos with captions turned on do so out of preference rather than necessity.
Predictive Analysis
Imagine being able to predict how well a piece of content will perform without posting it. It almost feels like magic. Forecast trends, responses, and preferences whilst informing your future content. I predict (see what I did there) that this feature will become a huge part of each provider's roadmap in the coming years. If they don’t implement this it could have a dramatic effect on their product and end users. Gartner predicts that organisations that use predictive analysis are 2.9X more likely to grow their revenue than those that do not.
Rights and User Management
Compliance, rights and permissions are at the forefront of digital conversations today. Being able to secure your digital assets and ensure that only the correct users have access is vital, especially when dealing with sensitive content and or unreleased/pre-release content.
You must ensure robust rights management to ensure you’re complying with GDPR, copyright laws and possible data breaches.
Content Generation
Almost every generative AI creates content now, it might only be text for some but others can create video content up to a minute long, including galloping horses or running water in rivers. The technology exists, it’s about integrating it into a DAM platform and utilising it to analyse the content on your platform, analyse the effectiveness and performance, alongside a human prompt for direction, to then create content of its own that you can post as your brand or profile.
This list isn’t exhaustive, whilst each platform provides different levels of service and quality to its end user - but it’s important to future-proof your decision by considering what is coming next.