Claim Giveaway Token Proof of Reserve

Gen AI is Giving Tough Competition to Humans in Jobs and Skills

Key Takeaways
  • Gen AI leads to reduced skill needs and job cuts, affecting 75% of entertainment leaders surveyed.
  • Sound designers, music editors, and engineers anticipate significant job displacement in the industry.
  • Despite concerns and strikes, Gen AI's capabilities continue to evolve, impacting various sectors profoundly.
05-Feb-2024 By: Gunjan Sahu
Gen AI is Giving Tou

AI Diminishing Need for Specific Skills in Various Jobs

According to reports, 36% of entertainment leaders using generative AI (Gen AI) report reduced skill needs in daily tasks. The study surveyed 300 leaders in six entertainment sectors, revealing 75% experienced job reductions due to Gen AI tools. Gen AI, capable of creating diverse content without explicit programming, has especially impacted the film and animation industry. Some firms like MIT and IBM say that humans are more capable than artificial intelligence. It is a mixed view of various firms on AI and its features.

Job Displacement in Entertainment Industry

The report indicates 55% of leaders foresee sound designers facing the most significant impact in the next three years. Over 40% anticipate vulnerabilities for music editors, audio technicians, and sound engineers, while 33% expect effects on songwriters, composers, and studio engineers.

Entertainment Industry Strike Over AI Advancements

In July 2023, the Writers Guild of America (WGA) and SAG-AFTRA initiated a strike due to concerns about AI's impact on job roles and security. Companies were using writers' content to train Gen AI programs, potentially replacing workers with AI technology.

Continued Concerns Amid Contract Negotiations

Despite recent contract negotiations, uncertainties persist among WGA and SAG-AFTRA members regarding Gen AI's impact on the film, music, television, and entertainment sectors. The report states 47% of business leaders believe Gen AI will generate 3D assets and realistic sound design within three years.

Anticipated AI Capabilities

Furthermore, 44% of respondents believe Gen AI can provide realistic foreign language dubbing for film or television dialogue, and 39% expect it to generate music mixes and masters by 2026. However, the report highlights layoffs by prominent companies like Riot Games, Unity Software, Amazon MGM Studios, Pixar, and Universal Music Group in early 2024, suggesting further job cuts in the industry.

Data on AI's Impact Across Industries 

CVL Economics' report shows that across various industries, 75% of surveyed leaders using Gen AI tools experienced job reductions. The study reveals a notable 36% decrease in the need for specific skills among staff in the entertainment sector. The impact is expected to be particularly significant in the film and animation industry, with 55% of leaders anticipating sound designers to be the most affected in the next three years. This data reflects a broader trend where AI is playing a transformative role, leading to workforce changes across multiple professional domains. Other tech giants like Google are also facing job cuts due to AI advancements. Cryptocurrency and blockchain firms have done mass layoffs in the last one year. These firms include Block, Solana Blockchain and Binance. Social media platforms such as LinkedIn and Twitter have also had layoffs recently. The strong reason behind all these layoffs is AI integration in various fields.

Also Read: FTX Reaches Court Against Bankrupt Firm Genesis

Related News
Related Blogs