AI Adoption in Entertainment Shows Some Gains: Goldman Sachs

. Nevertheless, gen AI adoption is beginning to materialize across sectors — among the strongest levels in the Motion Picture & Sound Recording subsector, per recent Goldman Sachs analysis of U.S. Census Bureau survey of U.S. businesses shared with VIP+.

Over the past year, Goldman Sachs analysts have predicted that the present wave of investment and adoption of gen AI tools by U.S. businesses would lead to significant, widespread productivity growth within the next decade. With the U.S. Census Bureau’s recent release of anOn average, under 5% of U.S. companies across all industries reported adopting generative AI in the production of goods and services as of October 2023.

Early adoption was followed by a nearly complete halt, with no incremental adoption as of March 2024, a slowdown that might in part reflect work stoppages during last year’s WGA and SAG-AFTRA. As of last October, 14.3% of businesses in the Motion Picture and Sound Recording subsector reported using generative AI to produce goods and services, followed by 1.6% of incremental gain in March 2024.

Furthermore, businesses in the Motion Picture and Sound Recording subsector were among the most likely to report plans to integrate generative AI in the next six months, increases outpaced only by Computing and Information subsectors. While we aren’t likely to see AI-generated background actors or fully AI-written film scripts anytime soon, generative AI tools being used for non-creative and administrative functions of the entertainment business is a growing possibility.Generative AI tools are also likely to come into use for visual effects. OpenAI’s yet unreleased Sora text-to-video software has raised alarms for some VFX artists, though there areto work out.

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