Gen AI Sparks Concerns of Job Losses in Entertainment Industry, CVL Economics Report Reveals

A recent report on Generative Artificial Intelligence (Gen AI) by consultancy firm CVL Economics has raised concerns about job losses in the entertainment industry. The report, based on a survey of 300 leaders across six entertainment sectors, revealed that 75% of respondents, including c-suite executives, senior executives, and mid-level managers, acknowledged that Gen AI tools, software, and models had contributed to the elimination, reduction, or consolidation of jobs within their respective divisions. The film and animation industry, in particular, is expected to experience a more significant impact on job displacement compared to other sectors, as Gen AI can create diverse content such as images, text, and music autonomously, leveraging machine learning to replicate patterns from existing data.