DreamWorks co-founder Jeffrey Katzenberg believes artificial intelligence (AI) technology will dramatically lower the cost of creating animated movies, suggesting it could be cut by as much as 90 percent.
The long-time digital animation industry executive made the comment on a panel discussion at Bloomberg New Economy Forum in Singapore. He was accompanied by other global business leaders to discuss the effects advanced technology will have on the economy.
“I don’t know of an industry that will be more impacted than any aspect of media, entertainment, and creation,” Katzenberg said on Thursday. “In the good old days, you might need 500 artists and years to make a world-class animated movie. I don’t think it will take 10 percent of that three years from now.”
AI will cut the cost of animated films by 90%, industry executive Jeffrey Katzenberg says.
“In the good old days, you might need 500 artists and years to make a world-class animated movie. I don’t think it will take 10% of that three years from now.” https://t.co/euK8unb25K
— Bloomberg (@business) November 9, 2023
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He predicted that the integration of AI into movie studies will transform the entertainment industry by “a factor of ten.”
Katzenberg, 72, became known for his role as a production executive at Walt Disney Co.’s film studio. He and his business partner David Geffen, a Hollywood executive, as well as famous director Steven Spielberg joined forces to launch DreamWorks in 1994.
Meanwhile, Chris DeWolfe, the co-founder of MySpace, recently showed off his latest creation, an app that uses AI to take text and transform it into videos. Named “PlaiDay,” the platform is currently able to create three-second video clips after receiving a prompt. It intends to charge users a fee in order to operate.
“When we started MySpace in 2003, the average person could not create a website,” DeWolfe said. “AI is the next iteration for community and storytelling.”
Plai Labs raised $32 million from a funding round led by venture capital firm Andreessen Horowitz as well as Coinbase Global and United Talent Agency.
Similar platforms include Midjourney and Pika Labs, both of which have massive user bases on Discord. But DeWolfe argues PlaiDay will be superior as it allows “personalization,” meaning one can make the figure in the video look like themselves or however they program it.
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