As Hollywood Strikes, 96% Of Entertainment Companies Are Boosting Generative AI Spend

Forbes Innovation Consumer Tech As Hollywood Strikes, 96% Of Entertainment Companies Are Boosting Generative AI Spend John Koetsier Senior Contributor Opinions expressed by Forbes Contributors are their own. Journalist, analyst, author, and speaker. Following Aug 16, 2023, 01:40pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin HOLLYWOOD, : The Hollywood sign sits on Mount Lee in Hollywood, California, 29 October 2002.

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[+] credit should read HECTOR MATA/AFP via Getty Images) AFP via Getty Images While the Hollywood writer’s strike has reached and passed 100 days, a new report out says almost every entertainment and media company plans to boost generative Ai spend. In fact, they are global leaders. “Companies in the entertainment, technology and consumer products industries are frontrunners in plans to increase generative AI spending,” Lucidworks, a search and insights company that commissioned the report, says.

But media companies aren’t alone. Generative AI planned spend by country Lucidworks 96% of executives involved in AI decisions are prioritizing generative AI investments, and that means that most companies globally are investing. China leads with 100% of companies saying they are investing in generative AI, while 94% of UK and 95% of French companies say the same.

98% of Indian companies are also pouring resources into generative AI, while 92% of U. S. companies say they are as well.

(This data is based on what Lucidworks says is the largest global study of generative AI in business, involving 6,000 survey respondents at companies with more than 100 employees who are involved in decisions on AI investments. ) MORE FOR YOU Microsoft Stock Is Set To Skyrocket Into The AI Future The Bold Promise Of Mega Personas As A New Shake Up For Prompt Engineering Generative AI Techniques Next Billion Dollar Startups 2023 AI And Data Dominate This Year s List With numbers like these, virtual every industry is rushing headlong to build, use, or buy generative AI technology. That’s a key concern of Hollywood writers, of course, and Wired says they’re right to fear AI.

An OpenAI study on the “labor market impact potential of large language models” published in March says that multiple categories of writers are up to 100% exposed to career and work impact from AI: Generative AI job impact for writers: fully exposed. John Koetsier “Generative AI is imposing massive change on global business, presenting unprecedented opportunities and challenges—and at a breakneck speed,” the Lucidworks report says. “This new technology can generate content, images, and even entire virtual environments autonomously, thereby disrupting various industries.

” That massive change at breakneck speed, of course, is what worries most people. AI is improving so quickly—including full video generation from text prompts—that a full movie might be generated from prompts in just a few years. (Note: no comment on the quality of that movie.

) One author has predicted that 90% of Hollywood content might be at least in part AI generated by 2025. Based on the investment media and entertainment companies are making, that could be possible. According to the report, only consumer products companies, tech companies, and construction and real estate companies are investing at similar levels.

Generative AI spend by industry, according to Lucidworks. Lucidworks Even the relative laggards, however, are overwhelming planning large and fast generative AI deployments. “Now is the time to understand the strategy and operational opportunities of generative AI,” Mike Sinoway, the CEO of Lucidworks, said in a statement.

“The fundamental shift that is occurring is rapid, global, and highly impactful. This study confirms the emergence of generative AI industry leaders and laggards, and those that move swiftly to orient their practices can move ahead quickly. ” Follow me on Twitter or LinkedIn .

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