TL;DR:
- Artificial Intelligence (AI) will be fully integrated into film and TV production within 3-5 years, unlocking resources and creative capacity while impacting job roles.
- The Nostradamus report highlights the convergence of AI with the industry and predicts significant changes in the near future.
- Cutting content investment for Generation Z is short-sighted and threatens the talent pipeline.
- Challenges in attracting young audiences stem from a lack of diversity and unattractive work environments.
- Key findings include AI integration, economic challenges, evolving streamer landscape, overlap with the creator economy, and conceptual separation of movie-making and cinemas.
Main AI News:
The latest edition of the Goteborg Film Festival’s Nostradamus report reveals that within the next five years, Artificial Intelligence (AI) will become fully integrated into the production process, presenting both novel creative prospects and potential threats to the future of creative jobs. This significant finding, highlighted in the tenth annual report, emphasizes the rapid pace at which experts anticipate AI’s complete integration into the film and TV industry. By unlocking resources and enhancing creative capacity, this integration is set to revolutionize the audiovisual landscape. However, as AI takes center stage, jobs within the industry will undergo transformations and, in some cases, disappear altogether.
The Nostradamus report, launched for the second time at the Cannes Festival, paints a vivid picture of the near future of the audiovisual industry. Through insightful interviews with industry experts and meticulous analysis by author Johanna Koljonen, this year’s report, aptly titled “Nostradamus Report: Everything Changing All At Once,” provides valuable insights into the evolving nature of the industry.
One of the report’s significant revelations is the imminent convergence of AI with the film and TV production process. Within the next 3-5 years, AI support will seamlessly integrate into all digital workflows, effectively supercharging Virtual Production and empowering both individuals and production teams. By harnessing the potential of AI technologies, the industry will witness an influx of resources and enhanced creative capabilities. However, this advancement comes at a cost, as traditional job roles will undergo drastic changes and, in some instances, disappear entirely.
In addition to AI’s impending impact, the Nostradamus report sheds light on the challenges faced by the industry in attracting and engaging younger audiences, particularly in the realm of streaming platforms. The report asserts that cutting content investment targeted at Generation Z would be a myopic strategy, with repercussions both in terms of financial sustainability and ethical responsibility. A disinterest among young viewers in locally produced scripted dramas poses a significant threat to the industry’s talent pipeline. Moreover, the lack of diversity and unfavorable work environments contribute to the industry’s unattractiveness, eroding the allure traditionally associated with working in proximity to glamour.
The report’s key findings underline various aspects of the industry’s trajectory:
- AI integration: Within the next 3-5 years, AI support will permeate all aspects of the film and TV production process, catalyzing the emergence of virtual production and amplifying creative potential. While this promises benefits for individuals and productions, it also signifies the beginning of job transformations and eliminations.
- Economic challenges and technological advancements: Over the next 3-5 years, the film and TV sectors will encounter economic constraints. Simultaneously, advancements in production technologies will inject a sense of excitement and efficiency gains into the industry. Amidst this backdrop, conflict, famine, extreme weather events, economic transformations, and existential threats will shape the wider context.
- Streamers’ evolving landscape: Streaming platforms are shifting away from debt-funded growth and gravitating towards more realistic expectations of profitability. This shift exerts pressure on drama content, formats, and budgets, resulting in a decrease in the number of productions. Financial considerations have engendered a cautious approach that steers series content toward a more conservative middle ground.
- Convergence of creator economy and film & TV industry: The creator economy is increasingly overlapping with the film and TV industry. Content that was once exclusive to television now proliferates across various video platforms organically. Engaging in these environments has become essential, not only due to the inherent business opportunities presented by the audience but also to learn from the expertise of professional creators within these realms.
- Conceptual separation of movie-making and cinemas: In the future, the business of movie-making will be distinct from that of cinemas. Production companies that endure the challenges of the next five years will boast truly diverse output, not confined to a single platform but rather attuned to various platforms. This diversification will be evident in different formats, business models, and distribution paths that flourish alongside engaged audiences, ensuring continued relevance.
Conlcusion:
The integration of Artificial Intelligence (AI) into the film and TV production process within the next 3-5 years will have significant implications for the market. While it presents new creative opportunities and unlocks resources, it also poses a threat to traditional job roles. The market will need to adapt to these changes by embracing AI technology and exploring innovative ways to leverage its capabilities.
Additionally, catering to the preferences of Generation Z and addressing diversity and work environment concerns will be crucial in attracting and retaining young audiences. Overall, the market must proactively navigate these transformations to remain competitive and capitalize on the evolving landscape of the audiovisual industry.
