The Future is Generative: Seize the Moment or Miss the Boat

Every major invention that has changed the world was initially met with doubt, cynicism, rejection and inertia. The Wright brothers were ridiculed for trying to fly. Alexander Graham Bell was mocked for believing he could transmit voice over a wire. The Internet was dismissed as a fad. But history has shown us that those who dare to dream, those who dare to challenge the status quo, can overcome this inertia and create a better future.

In the past, transformational innovations like the printing press, the steam engine, electricity and the Internet, have revolutionized every aspect of human life. We went from being small scale artisans to industrial giants. We lit up the dark nights with incandescent bulbs. We connected across vast distances with telephones and the Internet.

But, what’s next?

The next wave of innovation is here, and it’s called Generative Artificial Intelligence, or Generative AI.

Generative AI is not just another incremental improvement. It is a leap forward that will unleash a tidal wave of creativity and innovation. It will enable us to create things that we have only dreamed of. It will unlock potentials that are unimaginable to many of us today, just as the potentials unlocked by the combustion engine and the Internet were unimaginable to those who witnessed their inception. The common thread among those who embraced technology was their commitment to investment in innovation.

Steve Jobs instilled in Apple a relentless commitment to innovation. He believed in challenging the status quo and thinking differently. It is this philosophy that has guided Apple in every decision they’ve made, and it is what continues to drive the company forward today. Apple is committed to creating products that not only delight their customers but also make a difference in the world. Their investment in generative AI is a testament to this commitment and the belief that AI has the potential to revolutionize the way we live, work and communicate, driven forward by the same spirit of innovation that Jobs instilled. As Jobs used to say, “Innovation distinguishes between a leader and a follower.”

Bill Gates, the co-founder of Microsoft, was also such a visionary. He foresaw the potential of personal computing and built an empire that revolutionized the way we interact with computers. Larry Page and Sergey Brin, the founders of Google, understood the power of the Internet to organize and provide access to the world’s information. Mark Zuckerberg saw the potential of social networking and created Facebook, a platform that connected billions of people around the world. Jeff Bezos understood the power of e-commerce and built Amazon, a company that transformed the way we shop.

Microsoft’s legacy has been deeply rooted in innovation. From the days when Bill Gates and Paul Allen founded the company with a vision to put a computer on every desk and in every home, Microsoft has been driven by a desire to create technology that empowers people and organizations. Today, this commitment is embodied in their investment in OpenAI and ChatGPT, and recognition of the transformative potential of artificial intelligence. Their collaboration with OpenAI and work on ChatGPT personify the value of a commitment to innovation and leadership. As Bill Gates once said, “We are changing the world with technology.”

On the other hand, there are leaders who failed to innovate and drove their businesses to failure. Kodak, once a giant in the film and photography industry, failed to adapt to the digital revolution and eventually filed for bankruptcy. Blockbuster, once the world’s largest video rental chain, failed to adapt to the rise of online streaming and went out of business. Nokia, once the world’s largest vendor of mobile phones, failed to adapt to the rise of smartphones and lost its market dominance.

Generative AI has the potential to revolutionize the media industry by creating personalized content, optimizing advertising and improving user experiences. It can help media companies create more engaging content, tailor it to individual preferences and distribute it more effectively.

In today’s world, modern media companies are threatened the most if their leaders fail to innovate and invest in Generative AI. Traditional media companies, such as newspapers and television networks, are facing declining revenues and audiences as people increasingly consume content online. If these companies fail to invest in Generative AI, they risk becoming irrelevant as new, more innovative companies take their place.

Generative AI is not only going to impact the media industry but will also have far-reaching effects across various sectors. Let’s look at a few examples:

Content Creation is one of the areas that could be most impacted. Traditional media companies, publishing houses and advertising agencies like The New York Times, Pearson and WPP have relied heavily on human creativity for content creation. Generative AI has the potential to create articles, scripts, advertisements and even entire books, potentially faster and at a lower cost. If these companies do not adapt to this change, they risk becoming obsolete.

Similarly, the Retail sector will also be significantly impacted. Generative AI can create virtual designs of products, optimizing them based on consumer preferences and feedback. Companies like Gap Inc. or H&M that do not leverage this technology for product development and inventory management might fall behind.

In the Gaming industry, companies like Electronic Arts (EA) or Activision Blizzard that do not invest in generative AI might lose their competitive edge. Generative AI can create gaming environments, storylines and characters, drastically reducing the time and resources required to develop new games.

And let’s not forget the Music and Entertainment industries. Generative AI can create music, artwork, and even movies. This could disrupt the traditional music and film industries, impacting companies like Warner Music Group or Universal Pictures.

The implications of generative AI are vast and wide-reaching. Companies in these industries, and many others, must innovate and invest in generative AI to remain competitive. Failure to do so could lead to significant business declines.

I believe that Generative AI will have as great, if not an even greater impact on society and humanity as the Internet and the combustion engine. It will change the way we live, work and interact with each other. It will enable us to solve problems that are currently beyond our reach. It will unlock potentials that are currently unimaginable.

We understand that decisions to invest in AI may be met with skepticism and doubt. Many may question the wisdom of investing so heavily in a technology that is still in its infancy. But we must remember that all major innovations were once in their infancy, and it was the bold decision to invest in them that enabled them to change the world.

Our approach to this recommendation is strategic and thoughtful. I am not just suggesting you throw money at the problem. At MediaVillage, we are investing in research and development, in partnerships with leading academic institutions and startups and in building a talented team of directors and advisors who are passionate about unlocking the potential of Generative AI.

We are also committed to addressing the ethical and societal implications of Generative AI. We are investing in and reporting on research to ensure that this technology is developed and deployed responsibly and ethically.

To dispel doubt and replace it with commitment, we need to look to the past. Remember the skepticism that greeted the invention of the airplane, the telephone and the Internet. Remember the transformative impact these innovations had on our world. Generative AI has the same potential.

I want to leave you with a thought. In the past, innovations like the steam engine, the telephone and the Internet have revolutionized our world. They have changed the way we live, work and interact with each other. Generative AI has the same potential. It is not just another technology; it is a tool that will empower us to create a better future.

At MediaVillage Education Foundation, we are incredibly excited about the potential of Generative AI. We are committed to leading the way in educating our community about the opportunities being created in this new era of innovation and the threats to those who fail to embrace innovation at the expense of their future growth and success. Together, with your support, we can create a future that is brighter, more innovative and more prosperous for all.

Jack Myers

Media Ecologist, Founder: MediaVillage and Advancing Diversity Hall of Honors Jack Myers is a media ecologist and founder of MediaVillage, the media and advertising community’s leading resource for market intelligence, education, business connection… read more