How Artificial Intelligence is Revolutionizing the Creator Economy
Artificial intelligence is making creativity more accessible while speeding up the process of content creation.
Photo Source: iStockphoto via Forbes
I’ve been thinking a lot lately about the new definition of “hybrid work” that I alluded to at the end of my last article on ChatGPT. Professional collaboration between humans and artificial intelligence is set to make waves in a wide range of industries, but today I want to dive a little deeper into AI usage in the creator economy.
In the past few years, we have emerged out of an AI winter and into an AI spring with the release of systems such as DALL-E-2, Midjourney and most recently, ChatGPT. Within five days of its release, ChatGPT had amassed 1 million users, a feat accomplished even quicker than the iPhone. Additionally, in just over two months, the chatbot had amassed 100 million users, surpassing the growth speeds of TikTok and Instagram.
According to Fast Company, analysts predict that generative AI will be a 110 billion dollar industry by 2030, so following these new developments, we can keep an eye out for an explosion of startup ventures that will try to use this new tech to their advantage.
In the social media industry, generative AI is making space for those who struggle in creative thinking by turning ideas into words or visuals, as well as coming up with unique content, marketing and advertising ideas. Right now, generative AI is primarily being used in research and development, but the smartest creators will soon (if not already) be using AI systems to streamline their work and get more done without having to hire additional help. Using AI to complete mundane or tedious tasks saves both time and money, and who doesn't like that?
In addition to the more well-known systems, platforms such as Runway, which allows users to create and edit videos using text, are set to grow in popularity as content creators begin to take advantage of AI. More platforms that assist with idea generation, determining which posts will result in high engagement, SEO for text, and matching brands with influencers, are popping up daily. This is definitely something worth looking into if you’re a creator looking to lessen your workload!
One such company that's jumping into this arena is BEN Group, a product placement and influencer marketing agency that just released new AI tools to help creators analyze audience psychographics and generate titles for their work. According to BENlabs, we can also expect to see a system that creates high engagement thumbnails, as well as a video retention prediction tool, in the near future. The company is actually looking to debut a single product for all of these services, which would be used in the creator economy, as well as in the marketing and entertainment industries.
“The power AI has to predict successful outcomes of video and growth performance is unmatched in the entertainment industry,” said Ricky Ray Butler, CEO of BEN Group, to BENlabs.
As with any technological advancement, fear accompanies awe. One of the primary concerns that has come up following the release of new AI tools is that AI’s impressive functionality will soon replace human work, and jobs will begin to disappear in an already struggling economy. Another concern surrounds credit - if you use AI to help create an artistic image, speech or blog post, can you still market it as your own creation?
The key word that I used in that sentence was “help.” While AI tools can produce remarkable results, human skill and creativity are still required to create the perfect prompt.
For instance, Karen X. Cheng, who designed Cosmopolitan's first AI-generated magazine cover using DALL-E-2, shared that it took hundreds of attempts to get the perfect result. With ChatGPT as well, it takes multiple prompts to sharpen the system’s response from something generic to something unique. So, while creative tools are now more accessible than ever, AI is not yet at the point where it can replace creators. However, it can speed up their creative process!
I am certain that in the near future we will be seeing many debates surrounding ownership of prompts and disclosure of AI usage, but after doing some research, my primary concern with regard to the creator economy is the addition of AI, that can create content in seconds, into an already oversaturated media landscape. We now consume more information at a faster pace than ever before, and creators are already pressed to produce unsustainable amounts of content in order to keep up with algorithms. These new AI systems will either help alleviate this pressure on creators, or only up the pace, creating a chicken and egg cycle as AI further develops.
As I write this, we’re watching the creator economy begin to be revolutionized by AI, with generative AI poised to become a booming industry in the coming years. Creators can use AI to streamline their work and generate unique content, while platforms like ChatGPT, DALL-E-2 and Runway are making creativity more accessible. As AI usage increases, the demand for experts who can work with these systems will also grow, paving the way for new opportunities in multiple industries. With the integration of AI technology, the creator economy is expected to see a significant transformation in the way we create and consume content. [This final paragraph was actually written by ChatGPT, and I would give it an 8/10. I refined its original conclusion through numerous prompts, ultimately deciding that this one was good enough. This solidifies my earlier point that getting AI to do your bidding still requires substantial effort!]
Best,
Nina for the Don’t Count Us Out Yet Team