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- 1 John Harrison, Chief Media Entertainment at EY shares how massive inflation impacted the industry.
- 2 According to him, the companies are experimenting with tools and solutions inspired by artificial intelligence.
The accounting and consulting firm EY’s entertainment leader said that Hollywood is experimenting with AI tools, but it requires conviction in clearing some high hurdles. He keenly observes the changes, opportunities, and challenges in the industries closely.
In the interview, he told The Hollywood Reporter about the entertainment industry’s AI challenges and the declined hopes for the metaverse. He said that the coming theme would be AI two years ago everything was about the metaverse.
He said that there is a huge excitement in the industry around AI. There are a lot of discussions about the AI strategies that should go forward while also trying to understand the use cases of the technology.
What is the Reason Behind the AI Inclusion?
The media companies are propelling for growth so they are in discussion of the inclusion of AI and how the Generative AI incorporation will be bought for the creative process. They are hyped with the thoughts of faster dubbing, and faster editing through the inclusion of generative AI.
However, this raises the fear that AI could replace creatives or that AI could free more time for everybody to focus on the creative process. The same question is highlighted by The Hollywood Reporter. To this Harrison answered, that there are many AI tools but there is a view that interesting tools and solutions based on technology will improve processes, especially in media where cash flow is at a premium.
About Metaverse, he said that the announcements from the companies were either redeployed or they have been eliminated. It shows that the excitement has faded. However, there are groups in the media companies that are keeping an eye on developments, especially with VR and AR and whether the metaverse is in sports and gaming. Now, the companies are not putting a lot of money into the metaverse.
About advertising Harisson says that marketers want to increase the reach to consumers in several different ways. He also informed that there has been massive inflation in entertainment.
For 2024 media companies are focused on promotions, building partnerships, and highlighting the value of entertainment content. They aimed to provide creative structuring in the offering and the value that is delivered to consumers. It will be through commercial partnerships and then the ultimate strategic outcomes for the companies as well.
Summary
John Harrison, the Chief Media Entertainment at EY, has given his views regarding AI and the metaverse in an interview with The Hollywood Reporter. He said that media and entertainment companies are focusing on the involvement of generative AI. The concept of metaverse involvement was on the rise earlier but now the companies are deploying the idea and shifting towards AI to save time and increase creativity. Media companies are focusing on Generative AI to propel growth and productivity.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
