What is Generative AI? Everything You Need to Know
Breaking Down Barriers: XL8 And The Role Of Translation Tools As Media Companies Look To Capitalize On The Election Year
WINDHAM, NH: Former president Donald Trump hosted a campaign event at Windham High School in ... [+] Windham, New Hampshire on Tuesday, August 8, 2023. (John Tully for The Washington Post via Getty Images). LAS VEGAS, NV: Vice President Kamala Harris speaks at a campaign event at Resorts World hotel and casino in Las Vegas, Nevada on July 9, 2024. (Photo by Bridget Bennett)
The Washington Post via Getty ImagesIt sounds simple, but what if it was possible to minimize, or eliminate altogether, language barriers across the globe for both live events and acquired programming content?
After an extraordinary run of political news, interest in the current presidential election cycle is rising. An assassination attempt, an unprecedented exit, a new candidate, new running mates, all within recent weeks. And the presidential race is not the only factor igniting inquisitiveness in live events happening in real time.
"A record setting Olympics, a natural disaster in Asia, war in the Mideast, and so much more. The world is smaller and live information is moving faster," noted Mike Tankel, Chairman at Phenomena Global. "The only factor that slows down the movement of news is language."
TOPSHOT - A photo shows the Olympic rings on the Eiffel Tower for the Paris 2024 Olympic Games in ... [+] Paris, on July 24, 2024. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
AFP via Getty ImagesPhenomena Global brings filmmakers and advocacy groups together through and around the movie making process, weaving social impact through story development, film financing, film production, marketing and campaign development.
"We are in an election cycle where we are speaking to people of other cultures in this great melting pot of a country, and we might not be able to communicate to them in the way they understand best," he said. "This is where artificial intelligence (AI) can be beneficial. But there also is a responsibility for any organization to be accurate and not say things that are lost in the translation. AI is literal and does not detect nuances like humor and sarcasm, which need to be captured as well."
Mike Tankel is the Chairman at Phenomena Global.
Phenomena GlobalNot surprisingly, the three cable news networks benefited significantly from this active news cycle in July. The trio, not to mention any individual series covering the presidential race (the morning and network news programs, in particular) are prepping for an expected audience surge through at least November. This week the Democratic National Convention begins. Then, on September 10 is the first debate between former President Donald Trump and Vice President Kamala Harris. But how can a content provider or platform offering content from other countries best position itself to capitalize this expected momentum? And how should AI be used to assist in the process?
The cable news networks are expected to gain a significant number of viewers during the Presidential ... [+] election cycle.
FlickrWith multiculturalism at the center of these global events, how do we make sure all these communities are effectively communicated with? How do we break down barriers?
Enter XL8 Inc.
XL8 is a tech company providing AI-powered Machine Translation technology optimized for the media ... [+] and entertainment industry.
XL8Established in 2019 and based in San Jose, California, XL8 is a tech company providing AI-powered Machine Translation technology optimized for the media and entertainment industry.
Via the company descriptor, XL8 delivers immediate translations that strive for a casual and conversational style of speaking like how people converse in real life. The technology mixes AI-generated subtitle and caption creation with proprietary machine translation engines (providing, in its words, "in-line editing, automated media transcription with time coding, automated subtitling, automated translation, synthesized voice dubbing, real-time meeting interpretation, and live subtitling all of which can be automatically translated 'on the fly'"). And it offers a potential solution for any language barrier, both for real time and for the library of programming (scripted and non-scripted) across the globe that is in demand for consumption.
"The idea behind XL8 was a result of the great deal of global content that was starting to get recognized," noted Tim Jung, founder and CEO of XL8 Inc. Prior to XL8, Jung, a Columbia University PHD in computer science, was a Staff Software Engineer at Google, where he spearheaded multiple Natural Language Processing Search features, among other things.
"We break down language barriers to help companies expand their global reach," said Jung. "By integrating tools like XL8's EventCAT and MediaCAT, these platforms can deliver multilingual content with translations in sync to their local cultures and respective languages in real-time, building engagement across all audiences worldwide. We match the work with anyone around the world in need of an AI based media localization solution. And we localize and not just translate."
Tim Jung is the founder and CEO of XL8.
XL8To translate, of course, is to match word for word. Localize takes it to the next level, putting it in context with the nuances of how a reader or a speaker would listen or read that content in their own native language.
XL8's real time AI engine can translate from a native language to the audience language, removing all barriers for global audiences to consume content at the same time. By integrating the XL8 tools, media platforms can deliver multilingual content and subtitles in real-time, enabling engagement worldwide.
Global Content Consumption Rises
With the advent of streaming platforms is the transformative shift in the global television and entertainment industry. These platforms have redefined not just how content is consumed but also how it is produced and distributed. And what transpired was a surge in the need – and interest – for already produced global content both for the United States and outside of it.
"If there was any benefit that came out of COVID it was the realization that there is great content available from all over the globe and not just locally," noted Josh Pine, Chief Revenue Officer, XL8. "Once upon a time, watching a foreign film with subtitles was an arduous task. Now, in the aftermath of COVID, consuming foreign content has become more common."
"Previously, taking a show from a foreign country and translating and subtitling it was a lengthy process," he said. "Instead of taking days to translate just a few hours of media content, we can now do it in less than real time and translate from the source simultaneously into multiple languages without adding any extra time to the process. With the use of the AI tools, the translation can happen in less than real time. Then a human can come in and make some post edits and clean it up, make it perfect, and get it on its way at a considerable saving and at a fraction of the time."
Josh Pine is the Chief Revenue Officer at XL8.
XL8XL8 Partners with Cineverse
In June, XL8 partnered with Cineverse, an innovative streaming technology and entertainment company, combining XL8's real-time AI-powered localization supply chain solution (including AI-generated subtitle and caption creation along with its proprietary machine translation engines) with Cineverse's content management and distribution platform Matchpoint.
"Matchpoint allows us to leverage next-generation technology to help Cineverse and our partners to easily expand our business internationally without incurring significant costs," said Tony Huidor, Cineverse's Chief Operating Officer & Chief Technology Officer in a statement.
Cineverse's Erick Opeka, Chief Strategy Officer & President and Tony Huidor, Chief Operating Officer ... [+] & Chief Technology Officer. (Photo by Rob Latour/Variety/Penske Media via Getty Images)
Penske Media via Getty ImagesPost-Presidential Election
"The election is going to be over in November, but sports are not stopping. Come November, we are in the middle of football season, then basketball season, and baseball season, and so on," noted Josh Pine. "And this continued increase in consumption of international content is not expected to diminish."
This year, data and analytics firm Ampere Analysis has forecasted the global content spend to increase by two percent year-on-year, following a plateau in content investment growth in 2023. With a continued focus on international productions, fewer U.S. Original titles, and an increased desire for sports rights, the global streaming services are set to increase their total content spend by seven percent in 2024.
"During the pandemic and then followed by the strike, global content came center stage, proving that great stories can come from anywhere," noted Mike Tankel. "Now, with XL8, those stories won't even have to feel global, they'll simply be great stories as all language barriers are no longer an issue."
"At the end of day, the way we want to see the world is without any language barriers. Through technology, we can interact with any corner of the world," said XL8's Tim Jung. "It could be through other online platforms and digital platforms, where we spend, where we consume content from around the world, or even live content, live broadcasting, and live conferences. There are no boundaries, only opportunities."
Natural Language Processing
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How Natural Disasters Impact The Personal Finances Of Americans
KEY POINTS
Natural disasters and severe weather events that exceed 1 billion dollars in damages are becoming more frequent and extreme. Those affected by these events can face significant disruptions to their finances. Recent studies show that people impacted by natural disasters have a higher chance of experiencing declines in credit scores and increases in debt and mortgage delinquency.
More Americans faced financial fallout from a natural disaster or severe weather in 2023 than any other year, according to data collected by the Federal Reserve. Thankfully, there are a number of tools and programs available before and after an extreme weather event that can cushion the financial blow of being impacted.
Nearly 20% of Americans were financially impacted by severe weather in 2023Severe weather hit the wallets of a record 19% of Americans in 2023, up from 13% in 2022 and 16% in 2021, per data collected by the Federal Reserve.
Measuring the financial impact of severe weather in 2023, 2% said the impact was substantial, 5% said the impact was moderate, and 12% said the impact was slight.
Lower-income Americans, non-white Americans, and those living in the South were more likely to be financially impacted by severe weather.
Those findings make sense based on a study done by scholars from the Consumer Financial Protection Bureau, The Urban Institute, and Mathematica. They found:
For those in an already precarious financial situation, the data shows that natural disasters can have difficult long-term impacts on top of the short-term financial fallout of being hit by extreme weather.
Property damage is the most common financial impact from severe weatherProperty damage is the most cited form of financial fallout from severe weather and natural disasters. Nine percent of Americans said they faced property damage due to those events in 2023.
Four percent said extreme weather caused income loss or work disruption, 2% needed to evacuate their home temporarily, and 1% reported long-term displacement from their home.
In the past year, have natural disasters or severe weather events like flooding, hurricanes, wildfires, or extreme temperatures affected you in each of the following ways? Percentage affected Income loss or work disruption 4% Property damage 9% Needed to evacuate temporarily 2% Longer-term displacement from home 1% Other 3%Data source: Federal Reserve (2024).
Homeowners insurance is the first line of defense against property damage resulting from a natural disaster or severe weather. Most policies cover damage from fires, hurricanes, tornadoes, and snow and deep freezes, but do not cover damage from earthquakes and floods.
13% have considered moving because of potential natural disastersMore Americans are taking steps to protect their property and finances from extreme weather by considering moving, changing their property to mitigate risk, or by purchasing additional insurance.
Thirteen percent of Americans in 2023 looked into moving due to the threat of natural disaster, up 1% from 2022. Eighteen percent made improvements to their property to reduce their risk, up from 14% in 2022. Five percent upgraded their insurance policy.
In the past year, have you done each of the following at least partially because of the threat of natural disasters or severe weather events? 2023 2022 2021 Investigated other places to live 13% 12% 12% Improved your property to reduce risk 18% 14% 14% Purchased additional insurance 5% 5% 5%Data source: Federal Reserve (2024).
Moving to a less disaster prone area can reduce the cost of homeowners insurance and make it less likely that extreme weather will strike.
Property improvements, like reinforced roofs and elevated foundations, can score discounts from property insurers and mitigate the impact of a natural disaster, if one strikes.
Purchasing more insurance does raise the cost of insurance, but comes with the benefit of reducing financial risk if disaster strikes. For example, expanded personal property coverage and loss of use coverage could make sense for someone living in a high fire risk area.
Natural disasters are becoming more frequent and costlyThe average number of billion-dollar storms per year has been growing steadily over the past few decades and has accelerated since 2010.
Fifty-eight percent of the total cost of all billion-dollar weather events since 1980 has occurred since 2010. Sixty percent of all billion-dollar weather events have occurred since 2010, as well.
2017 was the most expensive weather year in the United States, driven by Hurricane Harvey and Hurricane Irma, which each cost over $100 billion.
The most common and costly types of severe weather and disastersTropical cyclones -- which include hurricanes -- have been the costliest type of natural disaster since 2014, resulting in nearly $700 billion in costs. The destructiveness of those storms is evident by the fact that they only make up 13% of all billion-dollar weather events over that period.
Severe storms made up 62% of all billion-dollar disasters from 2014 through July 2024, but accounted for just 22% of costs. There are relatively few billion-dollar wildfires, droughts, floods, winter storms, and freezes and their costs are low in comparison to hurricanes and severe storms, per NOAA.
From 2014 through July 2024. Billion-dollar disasters only.
Disaster Cost, billions Percent of total cost Count Percent of total count Tropical cyclone $698 54% 25 13% Severe storm $284 22% 119 62% Wildfire $108 8% 10 5% Drought $77 6% 9 5% Flooding $71 6% 19 10% Winter storm $53 4% 9 5% Freeze $1 0% 1 1% Sum of all disasters cost $1,292 - 192 -Data source: NOAA (2024).
The costliest natural disasters in historyEight of the 10 costliest natural disasters in the United States are hurricanes, with Hurricane Katrina being the most expensive disaster, costing $200 billion.
Seven of the 10 most expensive natural disasters occurred after the year 2000 and six occurred after 2010. All were hurricanes. That trend points to climate change causing more intense and frequent storms.
Event Year Cost (inflation-adjusted) Hurricane Katrina 2005 $200 billion Hurricane Harvey 2017 $159 billion Hurricane Ian 2022 $119 billion Hurricane Maria 2017 $114 billion Hurricane Sandy 2012 $88 billion Hurricane Ida 2021 $85 billion Hurricane Irma 2017 $64 billion Hurricane Andrew 1992 $60 billion 1988 Drought and Heat Wave 1988 $54 billion 1993 Midwest flooding 1993 $46 billionData source: NOAA (2024).
Which states have the most and least natural disasters?Texas has experienced the most billion-dollar natural disasters and incurred the highest costs from 2013-2023. The state was hit by 94 separate billion-dollar weather events in that timeframe, costing $429 billion.
Florida, Louisiana, California, and North Carolina round out the top five states in terms of costs from billion-dollar storms. Georgia, Missouri, Illinois, and Utah make up the rest of the top five states by number of billion-dollar disasters.
New Hampshire has faced the fewest losses from billion-dollar weather events between 2013 and 2023, with costs adding up to just $2.3 billion over seven disasters. Alaska, Maine, Nevada, and Rhode Island make up the rest of the five states with the lowest costs from major severe weather events over that period.
The states that have faced the fewest billion-dollar natural disasters from 2013 to 2023 are Hawaii, Virginia, Alaska, Maine, and New Hampshire.
Homeowners insurance costs vary by state and county, with prices driven by natural hazard risk profiles.
Cost and count of billion-dollar natural disasters by state, 2013-2023
Who pays for the financial fallout from natural disasters?Support and recovery funds disbursed after major natural disasters come from a variety of public and private sources, the largest usually being delivered through the Federal Emergency Management Agency (FEMA) Disaster Relief Fund (DRF), which is taxpayer funded. Congress appropriated $41 billion to the DRF in the 2023 fiscal year.
FEMA is also responsible for coordinating federal disaster relief, which can include responses from over a dozen federal agencies alongside state and local authorities.
Private insurance companies play a role in the financial recovery from disasters through the claims process. Nonprofit organizations provide immediate aid through food, shelter, and first aid, and can provide some long-term financial support as well.
How to financially prepare for and recover from natural disasters and severe weatherNatural disasters and severe weather bring short- and long-term financial downsides to those affected, from the immediate loss of property and disruption of work that can lead to longer-term negatives like declining credit scores and a higher risk of foreclosure. Preparation can go a long way toward mitigating the impact of a natural disaster, physically and on finances.
Understand your natural disaster and severe weather riskThe FEMA National Risk Index is an excellent resource to examine natural hazard risk and vulnerability at a county level. That knowledge can be used to guide decisions for where to rent or buy a home, insurance coverage, and potential property improvements.
Fortify your emergency fundConsider bulking up your emergency fund past the recommended amount if you live in a particularly hazardous area. Those extra funds could be instrumental if you're forced to relocate or face a work disruption.
Check your insurance coverageEnsure your insurance covers the disasters most likely to impact you and consider making improvements to your property that can result in homeowners insurance discounts. Most homeowners insurance includes hazard insurance, which covers losses from fire, wind, hail, lightning, storms, and smoke.
In some regions, homeowners insurance that covers wildfires is becoming more difficult or even impossible to obtain and a separate wildfire insurance policy may be necessary, for example. Separate flood insurance is required if you live in a high-risk flood zone and have a government-backed mortgage.
Make sure you have an itemized list of your belongings, along with pictures. That will help you determine what level of coverage you need and makes filing a claim easier, if it's necessary.
Understand disaster assistance programsDozens of government mitigation and recovery programs exist to help communities prepare for natural disasters. Understanding what programs you may be eligible for before disaster strikes can save time and stress if you're impacted.
Mitigation programs include grants and other funding for efforts that help reduce the impact of natural disasters. Recovery programs include compensation, loans, and other funding for families and businesses.
Preparing for a natural disaster, especially if you're in a high-risk area, can be well worth the time, effort, and money. Not only will being proactive about severe weather preparedness give you peace of mind, it can net you savings on homeowners insurance and increase your chances of being made whole if disaster strikes.
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