Generative AI: The Action You Need To Know Most About Is Getting The Least Attention
– Generative AI is a fiercely competitive consumer-facing space, with high valuations and increasing demands for talent skilled in writing prompts for large language models.
– Despite tech giants dominating the headlines, smaller emerging players are making significant developments in Generative AI, particularly in cost reduction and innovative products.
– In 2022, investors invested $4.5 billion in 269 generative AI deals globally, and the pace of investments is expected to accelerate in 2023, especially if digital advertising grows due to economic factors.
Numerous startups are disrupting the marketplace with their AI-powered products. Some examples include:
– Scale AI: Offering a full-stack AI platform for enterprises.
– Shopify: Using generative AI for product descriptions in commerce.
– Alison: Analyzing creative work and providing data-driven creative brief prompts for generative AI image production.
– Roll: Using AI to edit videos and create special effects.
– Jasper: Helping marketers auto-generate promotional materials like blog posts and press releases.
– Replikr: Creating customer-service avatars using generative AI.
– Musico: Creating original copyright-free advertising jingles.
– Veed: Automatically editing videos and selecting the best takes.
– GoCharlie.AI: Providing a generative AI marketing assistant for social media posts.
– Generative AI is already capable of generating music and mimicking human voices, and it is expected to become more valuable in music composition, real-time soundtracks, voice synthesis, real-time translation, audio dubbing, and automated voiceovers.
Advertising on media properties will change with Generative AI, as consumer queries will be summarized right on the page or in chat windows, reducing the need for clicks
– Efficiency in scale and various offerings will lead to automated ad personalization and dynamic responsiveness.
– The costs associated with Generative AI, including AI model training and running AI inference, have been dropping significantly and are expected to continue falling rapidly.
– The vibrant competition in the industry is driving the prices down, making Generative AI accessible to more businesses.
– Generative AI is following the typical pattern of new emerging capabilities, with fierce competition driving economic advantages and market transformations.