Gen AI is “Killing” Tinseltown Livelihoods
Much digital ink has been spilled over at-risk jobs threatened by artificial intelligence, with the healthcare, manufacturing, finance, and technology industries all in AI’s crosshairs.
The entertainment sector looks like it’s in for some significant livelihood change, probably coming sooner than Tinseltown’s finest think.
Variety, which has covered the industry since 1905 (it started as a vaudeville-flavored newspaper in New York City), is out with a new report speculating on the Hollywood jobs that could be lost in the coming years.
Citing a new study from Squarespace, the New York City-based web building and hosting company, 36% of entertainment companies already deploying AI say the technology is advancing so rapidly that it’s “reduced the need for certain skills for daily tasks and responsibilities among their staff.”
Another 47% of respondents said that over the next three years, Generative AI “will be effective in generating 3d assets as well as realistic sound design for film, television, and video games.”
Behind the Scenes Talent in a Bind
More worrisome for entertainment industry professionals is that 75% of industry decision-makers say AI tools will likely lead to the “elimination, reduction or consolidation of jobs at their companies.”
By 2027, the study noted, about 204,000 positions will be “adversely affected” by AI.
“At the forefront of the displacement: Sound engineers, voice actors, concept artists, and employees in entry-level positions, according to the study,” Variety reported. “Visual effects and other postproduction work stands particularly vulnerable.”
“We’re seeing a lot of role consolidation and reduction,” said Nicole Hendrix, founder of the advocacy group The Concept Art Association and the Animation Guild, which sponsored the study. “A lot of people are out of work right now.”
The figures cited by the study don’t include the tens of thousands of gig workers and freelancers who populate the entertainment industry workforce.
The study doesn’t bode well for sector workers, but that’s not stopping Hollywood from stomping on the accelerator and leaning on AI more and more in 2024. Already, 80% of post-production work is being handled to some extent by artificial intelligence, Variety reports.
That doesn’t leave too much room for Hollywood’s human touch.
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
