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The media industry will regain confidence in 2024, fueled by the rise of generative AI and stabilizing advertising revenue, according to industry analyst Forrester. Google, Meta, and TikTok in particular are poised for a strong 2024.
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In its “Predictions
2024: Media And Advertising” report, the
analyst foresees that generative AI “will transform Google into the next
Google.” It explains that as Google harnesses GenAI, it will help the company
sustain dominance as the number one search engine. Forrester conducted a survey
with its ConsumerVoices Market Research Online Community and found that 73% of
online adults would rely on Google to verify suspect responses from ChatGPT.
“In 2024, Google will leverage its
credibility and commercialize its C4 data set to deepen its moat as the crawler
and repository of reliable information,” Forrester states.
It predicts that TikTok will gain the
lion’s share of linear TV budgets for Gen Z-minded marketers. Citing research
that 86% of B2C marketing executives in the US are prioritizing better ways to
reach Gen Zs and Millennials, it adds that these audiences are spending their
entertainment time on “nonpremium video and gaming environments,” with around
40% of young adults in the US and the UK saying that they’re on TikTok
constantly.
In an effort to connect with Gen Z, Chips Ahoy already
moved most of its linear TV budget to social and digital channels. TikTok, not
TV and CTV, will dominate media budgets for marketers trying to reach this
influential audience.
Enter the Era of Intentional AI
AI dominates Forrester’s list of
trends and predictions. The real question is will GenAI and AI in general live
up to the massive amount of hype we’ve seen to date?
Unsurprisingly, Forrester’s answer is
yes. 2024 will be another banner year for AI overall, it states, ushering in a
new era of “intentional AI,” where gimmicks and technical experimentation give
way to more focused and strategic initiatives.
This trend is already underway.
Forrester says 67% of enterprises are embedding GenAI into their overall AI
strategy.
“Every organization right now is asking themselves, how they can use AI to improve their business,” said senior analyst Andrew Hewitt in an accompanying podcast, “Predictions 2024: Where Will AI Go Next?”
“And I think the overall consensus is, that they want to be able to use AI in a way that’s very personalized to their specific business and allows them to drive outcomes for their business.”
While that is certainly the end goal
for many organizations, Forrester also found that many are struggling to put
that together. As a result of that, what it is starting to see that
organizations are having to contend with a new concept, Bring your own AI
(BYOAI). In other words, employees bring their own consumer versions of AI
tools.
“Of course, the most popular is
ChatGPT and using that in different parts of their work,” Hewitt said. “What’s
ultimately happening is that while organizations are striving to provide that
kind of corporate sanctioned AI capability or develop that strategy, they’re
not able to do it fast enough. That brings in the consumer oriented services
that we believe many employees are going to be using over the course of the
next year.”
Forrester’s formal prediction is that
in 2024 60% of workers will use their own AI to perform their job and tasks.
That’s more than half of the workforce using some form of AI to do a
substantive part of their job.
Added analyst Kim Herrington, “That
could be a generative AI system or could also mean AI that’s embedded in an
application that maybe isn’t sanctioned by the business or that that employee
owns themselves. We predict that 60% of workers are going to actually bring
their own AI similar to the moving around, bring your own device, and use that
for their work over the next 12 months.”
Herrington went on to say that
employees will use those tools to automate big portions of their job, whether
that’s content generation or summarization of articles or decision support or
using it in a sales scenario.
“We foresee that organizations or
employees specifically, are going to be successful and improving their
productivity over the next 12 months. At the same time, it also introduces a
lot of risks from a legal perspective, from a security perspective and from a
privacy perspective.
“We’re probably going to see some big
blunders from organizations in terms of unsanctioned use of AI buildings by the
workforce, leading to some negative business impact, whether that’s a privacy
violation, a security infringement, or legal jeopardy.”
Ultimately, that will end up driving
organizations towards corporate sanctioned AI capabilities, Forrester argues.
“While they’ll definitely build their own policies to manage ‘bring your own
AI’ in the workplace, ultimately, it’s going to push them towards developing
and delivering a corporate sanctioned version of AI that the workforce can use
without jeopardizing security management or legality of the overall AI system
itself,” Herrington added.
The rapidly growing and widespread
use of AI in the workplace also require new training programs for
professionals. Forrester predicts that 60% of data and analytics professionals
60% will get prompt engineering training in 2024. Prompt engineering is the
practice of creating and refining instructions given to an AI model to get the
desired responses.
Yet only 33% of US and UK Data and
Analytics employees say that their organizations currently provide training on
how best to communicate with chatbots or intelligent agents via prompts.
“In order to capitalize on AI, not
only are businesses going to have to fund AI developments, but they’re also
going to have to budget for AI search, training and creation of those different
prompts,” said Harrington, as well as budget for data communicators to
“evangelize the AI tooling” and act as analytics translators to help people
adopt those new technologies.
Deepfakes Dominate
Misinformation
With national elections coming up in
the US and around the world in 2024, there’s increased concern about generative
AI’s role in influencing elections. Deepfake ads will become the primary
accelerant for election misinformation, said senior analyst Mo Allibhai,
although he noted there was a high bar for bad actors to extend their reach.
“Setting up a publisher website, and
then being able to actually be admitted to an Ad Exchange and then drawing
audiences to that publisher website.. It’s pretty expensive as an endeavor.”
The good news is that Forrester think
that generative AI-created disinformation will fail to alter the course of any
national elections because the real challenge lies in the distribution of
disinformation and not the creation of it.
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