Entertainment NewsHollywood's Impact: 96% of Entertainment Firms Ramp Up Investment in Generative AI

Hollywood’s Impact: 96% of Entertainment Firms Ramp Up Investment in Generative AI

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Amidst the ongoing 100-day Hollywood 's strike, a recent report has unveiled a striking revelation – nearly all entertainment and media enterprises are gearing up to escalate their expenditure on generative AI, positioning them as global frontrunners in this domain.

The study, commissioned by Lucidworks, a prominent search and insights , highlights that companies spanning the entertainment, technology, and consumer products sectors are taking the lead in the drive to amplify spending on generative AI.

However, these developments aren't confined solely to media entities. The report underscores that a significant 96% of executives tasked with AI-related decisions are prioritizing investments in generative AI, signifying a global surge in these investments. Notably, China stands at the forefront with all of its companies affirming their commitment to investing in generative AI. Similarly, 94% of UK and 95% of French enterprises echo the same sentiment. In India, a notable 98% of firms are channeling resources into generative AI projects, while 92% of their U.S. counterparts are following suit. (This data stems from the most expansive global survey of generative AI in business, encompassing 6,000 respondents from companies with over 100 employees who are directly involved in AI investment decisions.)

With such figures on display, it's apparent that a vast spectrum of industries is racing to capitalize on, deploy, or acquire generative AI technology.

This wave of change holds particular significance for Hollywood writers, who express legitimate concerns over the encroachment of AI. Wired highlights these concerns, and with good reason. An OpenAI study, published in March, delving into the potential impact of large language on the job market, reveals that various categories of writers face a potential career and work impact of up to 100% from AI. While this doesn't necessarily entail a total displacement of their – albeit this is a possibility in certain cases – it certainly implies a discernible shift in their modus operandi.

The sweeping transformations wrought by generative AI are sweeping and transformative, states the Lucidworks report. It is revolutionizing industries at an unprecedented pace, offering both remarkable opportunities and formidable challenges.

This technology's capacity to autonomously generate content, visuals, and even entire virtual environments is disrupting numerous sectors. Given the rapidity of this transformative process, concerns naturally arise. AI is advancing so swiftly that it may soon be capable of generating entire movies from text cues within just a few years. (It is pertinent to note that the quality of these generated movies remains an question.)

An observer has even projected that by 2025, as much as 90% of Hollywood's content could be, to some extent, produced by AI.

Considering the investment strides taken by media and entertainment companies, this prediction could indeed materialize. The report underscores that only consumer products firms, technology enterprises, and real estate and construction companies are on par in terms of investment intensity.

Nevertheless, even the slower adopters are gearing up for substantial and rapid deployments of generative AI.

Mike Sinoway, CEO of Lucidworks, underscores the importance of grasping the strategic and operational implications of generative AI. He remarks, “The seismic shift that is unfolding is swift, worldwide, and highly impactful. This study validates the of leaders and stragglers in the generative AI realm, and those who act promptly to align their practices will forge ahead.”

For actors aligned with the union, currently on strike alongside the writers, the emergence of synthetic actors might shape their trajectory. Synthetic models and photographic subjects have been in the limelight for years, yet the advent of deepfakes involving present and past actors underlines AI-generated and augmented “talent” as a tangible threat.

Entrepreneur, investor, and analyst Jeremiah Owyang, in response to this narrative, points out that synthetic actors possess unique advantages – they do not stage strikes, do not demand salary hikes, remain immune to sick days, and defy the aging process. Adding a layer of intrigue for studios, but a source of concern for actors, is their potential application in an array of highly targeted advertisements, numbering in the millions.

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Megan Dianehttps://www.projectcasting.com
Hi, I'm Megan Browne, the Head of Partnerships at Project Casting - a job board for the entertainment industry. As Head of Partnerships, I help businesses find the best talent for their influencer campaigns, photo shoots, and film productions. Creating these partnerships has enabled me to help businesses scale and reach their true potential. I'm excited to continue driving growth by connecting people with projects they're passionate about.

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