IT'S BEEN A TOUGH FEW YEARS FOR Hollywood. COVID-19, strikes and the rise of artificial intelligence have battered the industry in ways no one could have foreseen, so how will it look in 2034? Entertainment stalwarts such as Dis ney, Paramount and Warner Brothers reported losses in 2023. Blockbusters flopped and theaters failed to regair their pre-pandemic profitability.
Studios are attempting to get back on track but production activity is stil down, while Wall Street's faith in the industry remains shaken. It's clear Hollywood is undergoing a shift, but how will that affect it over the next 10 years? Newsweek asked the experts.
Will AI Transform Hollywood?
Variety has dubbed it the "Hollywood AI Crisis," with everyone from actors to writers, production teams and maybe even directors at risk of being replaced by AI.
The Concept Art Assn. and the Animation Guild recently surveyed 300 entertainment industry leaders and discovered that three-quarters expected AI to abolish, reduce or merge positions at their companies. Researchers estimate around 204,000 jobs will be negatively impacted by the shift before 2026.
However, Guy Fortt, partner at Starfury Productions, believes it's not all bad news for Hollywood creatives.
"The integration of AI and technology into film and TV production shows promise," he told Newsweek.
"It enhances creative possibilities, reduces costs and creates more personalized and immersive content."
Fortt isn't the only one to see the creative and cost-cutting benefits of AI. Filmmaker Tyler Perry halted a planned $800 million expansion to his Atlanta studio in February after discovering software platform Sora.
Created by OpenAI, the video generator is capable of crafting lifelike scenes from text commands.
This story is from the July 05, 2024 edition of Newsweek US.
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This story is from the July 05, 2024 edition of Newsweek US.
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