Shopsense AI Shoppable Lens Debuts at the 2024 MTV Video Music Awards ("VMAs")

Rhea-AI Summary

Shopsense AI has announced the debut of its AI Lens technology at the 2024 MTV Video Music Awards (VMAs). This innovative product recognition tool will allow viewers to 'snap and shop' items worn by artists during the entire VMA broadcast, including the red carpet and stage performances. The shopping experience will be integrated into MTV's retail ecosystem at shop.mtvVMAs.com.

The Shopsense AI Lens enables viewers to take photos of fashion or products on their TV screens using a second device, instantly identifying exact matches or suggesting similar items from over 1,000 retailers and 1 billion SKUs. This technology is set to revolutionize how audiences interact with content and shop from Paramount's global network, seamlessly blending entertainment and commerce.

Positive

• Launch of innovative AI-powered shopping technology at a major entertainment event
• Partnership with Paramount, a major media company, for content integration
• Access to over 1 billion shoppable SKUs from thousands of retailers
• Potential for new revenue streams for content creators and broadcasters
• Expansion plans to roll out the technology to all Shopsense partners

Negative

• None.

Insights

Market Research Analyst

The debut of Shopsense AI's Lens at the MTV VMAs marks a significant advancement in shoppable content technology. This innovation could potentially disrupt the e-commerce and entertainment industries by seamlessly integrating shopping experiences with live events and TV shows. The partnership with Paramount, a major media conglomerate, provides Shopsense AI with a massive platform for exposure and adoption.

From an investor's perspective, this technology addresses a growing trend of second-screen engagement, with 90% of Americans using smartphones while watching TV. The potential for increased revenue streams for broadcasters and a new customer acquisition channel for retailers is substantial. However, the success of this venture will depend on user adoption rates and the seamlessness of the shopping experience.

While promising, investors should monitor key metrics such as user engagement rates, conversion rates and revenue generation in the coming months to assess the true impact of this technology on Shopsense AI's growth and market position.

Tech Expert

Shopsense AI's Lens represents a leap forward in AI-powered visual recognition and e-commerce integration. The technology's ability to identify products from live broadcasts and offer similar items from a vast database of over 1 billion SKUs is impressive. This showcases advanced machine learning capabilities and robust data processing infrastructure.

The integration of this technology directly into publishers' platforms is a smart move for user retention and data collection. It allows for a seamless user experience while potentially providing valuable insights into consumer behavior and preferences. The compatibility with both linear and streaming TV content demonstrates the versatility and scalability of the technology.

From a technical standpoint, the success of this venture will hinge on the accuracy of product recognition, speed of processing and the ability to handle high concurrent user loads during live events. Investors should keep an eye on these performance metrics as they will be important for widespread adoption and user satisfaction.

Financial Analyst

While specific financial figures are not provided, the partnership between Shopsense AI and Paramount presents significant revenue potential. The integration of shoppable content into major events like the VMAs could drive substantial transactional volume and commission-based income for Shopsense AI. The company's access to over 1,000 retailers and 1 billion SKUs positions it well to capitalize on a wide range of consumer preferences.

Investors should consider the scalability of this business model. As Shopsense AI expands to other Paramount content and potentially other media partners, it could see exponential growth in user base and transaction volume. However, it's important to monitor the cost of acquiring and maintaining partnerships, as well as the technology infrastructure costs associated with processing high volumes of visual data in real-time.

The company's ability to monetize user engagement effectively and its revenue-sharing model with broadcasters and retailers will be key factors in assessing its long-term financial viability and growth potential.

Shopsense AI Lens will give fans the ability to “snap and shop” the looks they love from their favorite artists on music’s biggest night

REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Shopsense AI today announced the debut of the Shopsense AI Lens, an embedded, cutting-edge product recognition technology, during the MTV Video Music Awards (“VMAs”). The Shopsense AI Lens will revolutionize how VMA audiences and fans across Paramount's global network shop products at the moment of inspiration on streaming and broadcast content. For the first time ever, the entire VMA broadcast will be shoppable, from the red carpet to the stage, at shop.mtvVMAs.com.

The Shopsense AI Lens lets viewers shop their favorite TV shows and live events directly from their second screen. It creates seamless shopping experiences curated specifically for individual shows for broadcasters across linear, streaming and their owned and operated content properties. Shopsense’s proprietary, newly launched AI-powered Lens activates viewers to snap what their favorite artists are wearing and then shop the looks they love in an AI-curated digital store. The “VMA” shopping experience will take place within MTV’s retail ecosystem without interrupting the viewer’s experience. Using a second-screen device, such as a smartphone or tablet, viewers can take a photo of the fashion or product they love on their “first” screens, like a TV or laptop. With just a simple photo, the Lens instantly identifies exact product matches or suggests similar items, offering viewers an unprecedented, interactive shopping experience.

“MTV is home to some of the biggest moments in music and pop culture and has been at the forefront of innovation, pushing boundaries to connect in new and exciting ways,” said John Halley, President of Paramount Advertising. “Shopsense is creating a truly immersive and interactive experience that seamlessly blends entertainment and commerce. We can't wait to see how our fans embrace this new way to engage with the VMAs and look forward to extending the Shopsense AI Lens to additional Paramount content in the coming weeks and months."

Shopsense Lens’ AI model surpasses conventional matching algorithms. Shopsense has thousands of retailers on its platform with access to over 1 billion shoppable SKUs. It revolutionizes the retail landscape with actionable insights based on nuanced consumer behaviors and preferences. Shopsense AI identifies exact product matches or suggestions of similar items featured on the awards show from the 1,000+ retailers on the Shopsense platform. The Lens is integrated directly into the publisher’s Shopsense-powered retail storefront, enhancing user engagement and providing a direct link between content and commerce. It allows publishers to retain traffic on their platforms while offering an enriched, multi-screen experience to their audience.

“Content creators want to get closer to the point of purchase, and Shopsense AI has quickly become the new commerce engine for broadcasters. I can’t think of a better cultural moment for us to launch the new Shopsense AI Lens than at the “VMAs”, a powerhouse phenomenon of music and fashion that perfectly aligns with our vision of transforming the way viewers interact with content,” said Glenn Fishback, Co-founder and CEO of Shopsense AI. “Shopsense AI Lens effectively merges entertainment with a dynamic shopping experience. Our technology empowers publishers to provide a more immersive and engaging experience for their audiences while driving new revenue streams through seamless product discovery and purchase.”

The Shopsense AI Lens launch marks a significant step in Shopsense’s ongoing partnership with Paramount, which began when the company first emerged from stealth in April. Their collaboration initially brought shoppable technology to the CMT Music Awards Red Carpet Pre-Show and live broadcast. According to Shopsense research, nearly 90% of Americans use their smartphones and tablets when browsing products they’ve seen on their TV screens.

The Lens will roll out to all Shopsense partners in the near future. It is compatible with both a broadcaster’s linear and streaming TV content, making it instantly shoppable, including live programming, sports, daily talk shows, episodic, and serials.

About Shopsense

Shopsense AI unlocks new revenues for media companies like linear and streaming TV platforms by making their original content instantly shoppable within their own e-commerce sites and mobile apps. The patent-pending, enterprise SaaS solution allows consumers to easily find and purchase AI-curated collections of clothing, home goods, sports gear and other products inspired by what they see on their favorite shows, movies, sports events and livestream broadcasts. Offering a low-lift, no-SDK integration, the Shopsense platform allows publishers to quickly activate second-screen shopping experiences that keep their viewers within their own content and commerce ecosystem, driving revenue, engagement and loyalty. Visit Shopsense.ai to learn more.

About Paramount

Paramount Global (NASDAQ: PARA, PARAA) is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, Paramount's portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV. Paramount holds one of the industry's most extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the company provides powerful capabilities in production, distribution, and advertising solutions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240910749047/en/

For Shopsense AI:

Michael McMullan

Berns Communications Group

mmcmullan@bcg-pr.com



For Paramount:

Bridget Darcey

bridget.darcey@paramount.com

Source: Shopsense AI

FAQ

What is the Shopsense AI Lens and how does it work at the 2024 MTV VMAs?

The Shopsense AI Lens is a product recognition technology that allows viewers to take photos of items worn by artists during the VMAs using a second screen device. The AI then identifies exact matches or suggests similar items for purchase, making the entire VMA broadcast shoppable.

Where can viewers access the Shopsense AI Lens shopping experience for the 2024 MTV VMAs?

Viewers can access the Shopsense AI Lens shopping experience for the 2024 MTV VMAs at shop.mtvVMAs.com, which is integrated into MTV's retail ecosystem.

How many retailers and products are available through the Shopsense AI platform?

The Shopsense AI platform has access to over 1,000 retailers and more than 1 billion shoppable SKUs, providing a vast array of product options for viewers.

Will the Shopsense AI Lens be available for other Paramount content besides the MTV VMAs?

Yes, Paramount plans to extend the Shopsense AI Lens to additional content in the coming weeks and months, expanding its use across their network.