Generative AI & Entertainment

The excitement surrounding generative artificial intelligence — a new breed of software capable of creating content across several sorts of media — is unparalleled in the corporate world.

Pritish Bagdi

That is why it is critical for the entertainment business to have a particular report that analyses the implications of this potentially revolutionary technology. "Generative AI & Entertainment" is Variety Intelligence Platform's attempt to cut through the hype and provide a clear understanding of how the worlds of film, television, music, and gaming can harness everything from ChatGPT to the software you may have never heard of in conjuring up text, code, image, voice, melody, and video.

According to International Data Corp.'s "Worldwide Artificial Intelligence Spending Guide," the media industry will witness the greatest rise in AI investment of any industry, with a five-year compound annual growth rate above 30%. To spend that money wisely, though, meticulous planning is required, which this report can help with.

Is Hollywood on the verge of becoming a world where machines replace screenwriters? Or can next-generation AI technologies genuinely help artists create work faster and better than ever before? Will Bollywood follow the AI clan? These are only a few of the important questions addressed in this study (as well as its predecessor from October 2020), making it a necessary read for industry professionals operating at all levels of the organisation.

#thecommunique #tcn #tc #metatinment #AI #hollywood #bollywood #CHATGPT #futurebusiness

New report suggests metaverse could be five trillion dollar sector by 2030

Mumbai (India), July 05: A new report by McKinsey & Company has suggested that the metaverse’s potential economic value could see it generate up to five trillion dollars in impact by 2030.

Swati Bhat

According to the management consulting firm, digital worlds are quickly becoming the biggest new growth opportunity for a number of industries over the next decade, including e-commerce, which it estimated could have a market impact of up to 2.6 trillion dollars by 2030.

The report said the virtual goods economy, for example, was estimated to contribute nearly 75 percent towards global gaming revenues, with about 79 percent of consumers active in the metaverse to have made a purchase, mostly to enhance their online experience.

Out of products bought, 47 percent of consumers had made in-game purchases, 37 percent bought virtual cosmetic items and 33 percent purchased real-world items.

“Consumer behavior has largely shifted toward adopting digital personas, yet many brands have yet to provide a solution,” noted AnamXR co-founder and CEO, Irene-Marie Seelig, in a statement for the report. “This opens up a whole new revenue model for brands who can supply digital assets like clothing, for example.”

McKinsey said that businesses already leveraging the metaverse “may build lasting competitive advantages”, noting that leaders should be developing a strategic stance by establishing metaverse goals and the role they want to play in it.

#thecommunique #tc #tcn #metatainment #metaverse #NFT #ar #vr #ir #globalgaming #business