Artificial intelligence (AI) is set to revolutionize the entertainment industry, particularly in the creation of animated films, according to industry veteran Jeffrey Katzenberg.
Speaking Thursday (Nov. 9) at the Bloomberg New Economy Forum, Katzenberg predicted that AI would drastically reduce the cost and time required to produce blockbuster animated movies, Bloomberg reported Thursday. In the past, it would take 500 artists and several years to create a world-class animated film, but Katzenberg said within three years, AI could achieve the same results with 10% of the resources.
The adoption of AI in the entertainment industry is expected to accelerate the digital transformation of the sector. Katzenberg, who co-founded DreamWorks with Steven Spielberg and David Geffen, emphasized that no industry will be more impacted by AI than media, entertainment and creation.
The potential of AI in the entertainment industry goes beyond animated films. Other global business leaders at the forum discussed how emerging technologies, including AI, will reshape various sectors.
For example, machine learning is being used to predict the demand, supply and price of agricultural commodities worldwide, while large data sets are being analyzed to extract insights and improve risk assessment, Sara Menker, founder and CEO of Gro Intelligence said, per the report.
However, there are also concerns about the potential pitfalls of AI, such as data privacy issues and the need for responsible regulation to avoid stifling innovation, Kai-Fu Lee, chairman and CEO of Sinovation Ventures, said during the forum, according to the report.
While AI holds great promise, it is important to address the challenges that come with its rapid implementation. Bob Moritz, global chair of PwC, highlighted the need for re-engineering labor to keep up with the pace of technological advancements, the report said.
Without proper training and understanding, the rapid adoption of AI could exacerbate social problems, especially in a slowing economy, Moritz said, per the report.
In comments made last week about the potential of AI, Tesla CEO Elon Musk said AI is the most disruptive force in history and predicted it would eventually render all jobs obsolete. Musk said there will come a point where AI is smarter than the smartest human being and can do everything.
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