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    Home » AI Revolution: Insights from UNCTAD’s Creative Economy Outlook 2024
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    AI Revolution: Insights from UNCTAD’s Creative Economy Outlook 2024

    Artificial intelligence is transforming newsrooms worldwide, enhancing content creation and distribution.
    Editorial DeskBy Editorial DeskJuly 13, 2024
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    UNCTAD's Creative Economy Outlook 2024
    Rep. Image | EM's Freepik | User ID: 140976548

    Artificial intelligence (AI) is revolutionizing content creation, distribution, and consumption in newsrooms around the globe. The “Creative Economy Outlook 2024” report, released by the United Nations Conference on Trade and Development (UNCTAD), highlights the innovative ways AI is reshaping the media landscape.

    Key Findings from the UNCTAD Report

    1. AI Integration in Newsrooms:
      • Over 41% of news teams use AI to create illustrative art.
      • 39% employ AI for social media content.
      • 38% rely on AI for writing and generating articles.
      • Impact: This adoption underscores AI’s transformative potential in enhancing journalistic workflows and expanding creative possibilities.
    2. Diverse Applications of AI:
      • AI generates scripts, movies, music, images, captions, animations, and virtual reality content.
      • Improves post-production workflows.
      • Analyzes user data for more targeted and engaging content.
      • Impact: AI’s influence extends beyond traditional news media, touching various aspects of content creation and distribution.
    UNCTAD's Creative Economy Outlook 2024
    Rep. Image | EM’s Freepik | User ID: 140976548
    1. Opportunities and Challenges:
      • Opportunities: AI and digitalization offer unprecedented growth and efficiency.
      • Challenges: Issues include the digital divide, job shifts, quality control, privacy, consumer protection, copyright, and market monopolization.
      • Policy Recommendations: Policymakers need to monitor technological developments closely and update policy and regulatory frameworks. Stronger international cooperation is essential to support technological development and create robust regulatory designs that ensure equitable growth.
    2. Market Concentration and Monopolization:
      • In the U.S., the top five publishers control approximately 80% of the book market.
      • Six movie studios account for nearly 90% of box office ticket sales.
      • In 2021, three companies dominated 59% of the global streaming music subscription market.
      • Impact: Such monopolization poses challenges to competition and diversity within the creative economy.
    3. Promoting a Diverse and Vibrant Creative Economy:
      • Effective policies in some countries have successfully nurtured thriving creative sectors by protecting intellectual property and ensuring competitive markets.
      • Impact: These policies serve as models for others aiming to balance innovation with fair competition and cultural diversity.
    UNCTAD's Creative Economy Outlook 2024
    Rep. Image | EM’s Freepik | User ID: 140976548

    As AI continues to reshape the media and creative industries, stakeholders must navigate the evolving landscape with foresight and responsibility. By embracing AI’s potential while addressing its challenges, a dynamic and inclusive creative economy that benefits all can be achieved.

    For more detailed insights, the full “Creative Economy Outlook 2024” report by UNCTAD is available for review, offering a comprehensive analysis of AI’s impact on the creative economy and policy recommendations for the future.

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    The article published above represents the viewpoint or opinion of the Chief Editor of Britain Herald. It does not reflect the general opinion of the Britain Herald management or its writers. If you have any inquiries or complaints about the published material, please contact us at BritainHerald@Gmail.Com

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