NWith both the writers’ strike and actors’ strike over, the entertainment industry will be looking for new ways to make up for the huge amount of revenue lost over the past few months. Many of their strategies will rely heavily on leveraging emerging technologies to keep up. These are unique times in the entertainment industry, where anxiety about emerging technology is as high as sentiment about the new opportunities it creates. But there is a less talked about but powerful part of this sector that is ripe for big returns in new and exciting ways.
Referred to as “emerging storytellers” or “emerging talent,” African American and Latinx creators are a force to be reckoned with in a reimagined Hollywood. This demographic, which has historically been underrepresented, has the unique ability to draw on its own subculture while simultaneously critically analyzing and functioning within the larger cultural narrative. It is very powerful. The group is becoming increasingly aware of this power and is leveraging emerging technologies in ways that not only create new business models, but also new products that create deep competitive advantages in the market. It’s starting. .
Indeed, such an analysis took place at the 27th Urban World Film Festival, sponsored by media giants such as Warner Bros. Discovery and NBCUniversal. Festival founder Stacey Spikes believes that even with advances in inclusion, the business needs of the event remain important to the entertainment industry. In fact, consulting firm McKinsey found that in 2021, Hollywood revenue could increase by: At least $10 billion if greater racial equity is created.
However, with the advent of new levels of technology, these numbers can start to change very quickly.Spikes is a technology [is] Things are moving fast when it comes to storytelling. AI not only allows filmmakers to create storyboards in a faster and richer way, but also helps significantly reduce costs. This is where the power resides. He added, “Film production remains a rich man’s game with many insular gatekeepers, but the emergence of new types of technological tools has brought costs down significantly, which will allow the industry to become a rich man’s game.” “There’s going to be an absolute explosion of filmmakers of color.” ”
In the same way that music sampling created a multibillion-dollar global hip-hop culture, Spikes believes filmmakers will begin to license certain visual parts of their films selected by AI to create new productions. , and envisions such a change in the film industry. A completely new, faster and much cheaper business model. And as underrepresented filmmakers of color begin to take advantage of such tools, the dynamics of the industry will shift.
In fact, historically, it was Black culture that amplified the technology adopted by the masses. Twitter’s early traction is just one example of consistent out-indexing by people of color. This behavior is caused by the use of mobile phones. social media frequency etc.. Public attention around the Metaverse has been primarily sparked by Snoop and Eminem, who performed in a Metaverse-like space at the recent MTV Music Awards, and everyday discussions about AI and audio have been brought up by recording artists Drake and The Weeknd. It started with a truck using a clone of .
Black culture and its creator economy, especially hip-hop, continues to drive commerce and influence. This culture continues to form cool shapes all over the world, and its power… Demographics make up only a small portion of the U.S. population.
“All hardware and software companies operating in the storytelling space need traction,” Spikes says. “They desperately need an audience to use the tool and showcase it. If they want traction, it’s absolutely critical that they have Black and brown people at the lynchpin, otherwise they will have to compete.” We will be overtaken by other companies.”
Therefore, investors in this sector should thoroughly analyze hardware technology companies in the sector to determine the level of strategy, tactics and capabilities to achieve all targets, but especially this one. The company does, given its unique sensibilities and insights. Emerging technology companies looking to enter today’s entertainment space need to include ambassadors, creative directors, and strategic consultants with access, influence, and insight into this specific demographic.
Similarly, investors should be on the lookout for new software solutions in this space that have the potential to disrupt the industry in the same way that Airbnb, Uber, and Spotify have disrupted the industry. In fact, Spikes is preparing to relaunch MoviePass, an application that aims to bring creators and audiences closer together in a technology-enabled movie theater subscription model.
Considering all these facts, it is no surprise that OpenAI sponsored the innovation portion of the Urban World Festival. The company promotes the use of technology to create things like storyboards and marketing content. We are in a time of great economic balance, but it can only be achieved by those who are knowledgeable and informed about emerging technology areas.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.