Q3. Discuss some potential applications of generative Al for the media industry and what challenges

Sure! Imagine you have a magic machine that can create stories, videos, and music all on its own. That’s what generative AI does – it uses computer programs to make media like movies, articles, and songs without humans having to do all the work. One cool thing generative AI could do for the media industry is help journalists write stories faster. For example, a news outlet could use AI to quickly generate reports on sports games or weather updates. This would save time and money for the company while still providing accurate information to the public. Another application could be in creating personalized content for viewers. For example, Netflix could use AI to recommend movies and TV shows based on what a person likes to watch. This would make the viewing experience more enjoyable for everyone. However, there are some challenges with using generative AI in the media industry. One challenge is making sure the content created by AI is accurate and unbiased. Since AI learns from data, it could potentially pick up biases from the information it’s trained on. One verifiable fact is that in 2020, a research study by PwC estimated that by 2030, AI could contribute up to $15.7 trillion to the global economy, with the media and entertainment industry being one of the sectors benefiting the most from AI technology.