The Warner Bros agreed with an artificial intelligence-driven Film Management system.
The studio signed a pact with Cinelytic. The agreement refers to the usage of a project management system that launched last year.
Warner Bros. is the latest studio that publicly embraced artificial intelligence. Resistance is futile.
Cinelytic’s artificial intelligence-driven project management system launched last year. The movie division will use it.
Warners will use the system’s predictive analytics and comprehensive data to guide decision-making at the greenlight stage, under the new deal. The artificial intelligence online platform will assess the value of a star in any given territory. Also, it can calculate how much a film can earn in theaters and on other ancillary streams.
Tobias Queisser, four years ago, founded Cinelytic. Beta testing and building were going on for three years. The company signed deals with Ingenious Media (Wind River- and Productivity Media (The Little Hours) and raised $2.25 million from T&B Media Global in 2018. In 2019 STX endured several flops, including Uglydolls and Playmobil. STX became a client of Cinelytic in September
The platform will reduce the number of time executives spend on repetitive, low-value tasks. Instead, it will give them better dollar-figure parameters for distribution decisions, including release dates, marketing, and packaging. But it won’t necessarily predict what will be the next $1 billion surprise.
Cinelytic’s Artificial Intelligence
In the festival, setting studios plunk down massive sums after only hours of assessment. They also get caught in bidding wars. For example, we can recall the last year’s Sundance Film Festival. On that Festival, the New Line obtained $15 with the help of the movie Blinded by the Light. Also, some people might remember some misfires of Warner’s from 2019. The Cinelytic artificial intelligence’s insight might also have altered some misfires of the company, for example, The Kitchen, Shaft, and Godzilla: King of the Monsters.
Queisser says that the system can calculate in seconds what takes days by a human to assess general film package evaluation or a star’s worth.
Senior VP Distribution, Tonis Kiis, adds that they make tough decisions in everyday life. These decisions affect how and what they produce and deliver theaters to films around the world. If the data are more precise, they will be able to engage their audiences better.
For better or for worse, Hollywood fancies itself as a tow that operates on gut instinct rather than algorithms. The industry is slow to use Artificial Intelligence for more menial tasks like script breakdowns, unlike Silicon Valley. The Industry is fearful that it will make humans obsolete and take away jobs.
Queisser says that artificial intelligence may sound scary. Nevertheless, currently, AI can’t make any creative decisions. It is good at crunching, showing patterns that would not be visible to humans, and breaking down massive data sets. You need gut instinct and experience for creative decision-making.
So, right now the artificial intelligence is not dangerous for humans. It can only help them to make their jobs more comfortable and less exhaustive. Let’s see how Warner Bros’ new plan will work.
- Trading Instrument