MTV turns to innovative AI for money

MTV is coming up with new methods to generate more revenue after its parent company recently entered a merger agreement it really remains to be less than regulatory scrutiny.

Paramount Global, MTV's parent company, has been battling its finances for years thanks to the decline in cable subscriptions and growing competition among streaming services.

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Most recently, the company became also faced with greater than one production stalls thanks to the Writers Guild of America strike in 2023, which resulted in the network to lose large amounts of revenue.

On this environment, a considerable selection of Paramount Global's networks are coming up with innovative methods to generate revenue.

The MTV Video Music Awards (VMAs) is an awards ceremony hosted by MTV that recognizes the year's best music videos. The event is likely a few the largest music award ceremonies in the U.S., featuring the industry's top artists through performances and tributes.

The sort of huge ceremony comes with a heavy price ticket, and MTV's most up to date partnership may perchance be the solution it should pay its costly bills.

Merger marks the pinnacle of an era

In July of this year, Paramount (PARA) agreed to merge with the media company Skydance.

Paramount owns greater than one properties, including CBS and Paramount Pictures, and cable networks like Comedy Central, BET, and MTV.

In line with the merger agreement, Class A stockholders will receive $23 per share, and Class B stockholders will receive $15, totaling $Four.5 billion in all-stock transactions.

If the transaction closes early next year as expected, the deal still must be approved by the Federal Trade Commission; Skydance will own all of Paramount's class A shares and sixty nine% of the outstanding class B shares, making it the majority stakeholder.

In line with Paramount, this effort will enhance profitability, foster economic stability, and enable future investments in growing digital platforms.

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The same merger agreement became negotiated back in June, however fell through at the last minute because Shari Redstone, one of Paramount's longtime owners, reportedly failed to need to supply up her influence at the company.

MTV VMA turns to AI for monetization

The MTV VMAs just isn't really often very an affordable awards show to supply, specifically when the event is celebrating its Fortieth anniversary.

With so many A-list celebrities in a single place and MTV left to pay the bills, the network became forced to plot creative methods to make the many of the costly celebration.

And it did.

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As its latest revenue generator, Paramount partnered with Shopsense AI, an AI-driven retail media platform, for the 2024 MTV VMAs.

This could possibly mark MTV's first-ever partnership with a retail AI and the primary time the VMAs shall be fully shoppable.

This new partnership permits viewers to shop the looks worn by their favorite celebrities on the red carpet and at the award show.

To enjoy an uninterrupted viewing experience while shopping, Shopsense activates a 2nd-screen lens that allows viewers to take photos of the outfits worn on screen with a view to get the actual fashion item or product recommendations for similar pieces worn.

“Shopsense is creating a despite everything immersive and interactive experience that seamlessly blends entertainment and commerce. We do not have the choice to wait to seem how our fans embrace this new thanks to have interaction with the VMAs and take a seat up for extending the Shopsense AI Lens to additional Paramount content in the coming near near weeks and months," said President of Paramount Advertising John Halley in a press free up.

The MTV VMAs shall be held on Wednesday night and be broadcast by Paramount-affiliated networks.

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