Disney Explores AI for Cost Cutting and Ditches Metaverse

MARKET_WATCH NFT

The entertainment conglomerate Disney plans to jump onto the artificial intelligence (AI) bandwagon with a dedicated task force. Lately, AI has been the most talked about buzzword. Justifying the hype, technology can potentially disrupt various sectors. Along with bringing massive utility, AI can also upscale the entertainment industry game. Insider Sources: Disney Must Adopt AI or Risk Obsolescence Lately, AI enthusiasts believe that “AI will not replace you, but the person using AI will.”

 

 With the ever-evolving times, individuals and firms must stay up-to-date to remain relevant. Supporting the argument, one of the Disney insider sources told Reuters that media companies like Disney must either figure out AI or risk obsolescence. The source believes that AI can help Disney in cost-cutting as the studio faces challenges to break even or attain profitability with high-budget movies.  Moreover, artificial intelligence can contribute to customer support and engagement in Disney’s park businesses. Due to these factors, Disney is investing in studying AI by creating a dedicated task force. As a matter of fact, the media giant has 11 job openings for AI experts, aiming to develop in-house AI applications. Not just Disney, but another entertainment company Netflix is also hiring AI experts. BeInCrypto reported in late July that Netflix is willing to pay annual compensation of up to $900,000 for AI and machine learning roles. Are you looking for a job in Web3? Here’s our comprehensive list of the highest-paying jobs in the industry. 

 

While entertainment companies are jumping into the AI bandwagon, Hollywood writers and actors are protesting against the technology. The Hollywood labor union is concerned about AI using copyrighted content and taking over their jobs. Disney Kills Metaverse Ambitions According to Campaign, Disney’s metaverse chief, Michael White, is departing from the company. The development comes after the company terminated its metaverse division of over 50 employees in March.  While White stayed in the company during March’s layoffs, the last metaverse-focused employee is exiting Disney now. Several firms, including Meta’s (Facebook) metaverse ambitions took a backseat as the AI hype took over. Got something to say about Disney AI or anything else? 

 

Source : [Disney Explores AI for Cost Cutting and Ditches Metaverse](beincrypto.com/disney-jumps-onto-ai-bandwagon/) by Harsh Notariya - Disney forms AI task force•BeInCrypto by Harsh Notariya / August 08, 2023

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