This keynote offers an optimistic outlook on how AI can elevate creativity, engagement, productivity and business value of the entertainment and media industry. We will dive into key use-cases of AI in content creation, production and distribution, audience experience, discovery, recommendation, and accessibility. We will explore diverse modalities of AI integration across the media development lifecycle, spanning platforms like Netflix's content recommendation algorithms, creative research and ideation in crafting media, immersive technologies for interactive experience, live event innovation exemplified by IBM Watson, process optimization including anti-piracy measures and AI-driven targeted advertising on platforms like Facebook and Google - to name a few. As we examine the positive impact of these use-cases and trends, we will also discuss ethical implications to consider while adopting these technologies in the media development lifecycle.