The rapid evolution of AI is presenting significant challenges to the creator economy, as it navigates the effects on creativity and the ethical considerations involved. Staying updated on the latest trends is crucial for brand marketers to enhance their chances of success. A new report by Lightricks highlights the influence of AI on the creator economy.
The process of video and photo editing has always been time-intensive, often requiring the expertise of specialized professionals to produce top-notch concepts and assets. However, the advent of AI-driven tools has significantly accelerated this process while also enhancing creativity. Nevertheless, quantifying the exact impact of these tools has proven to be challenging.
The analysis is derived from a survey carried out by digital media software company Lightricks, in collaboration with YouGov, which involved polling 1000 individuals who are either content creators or aspiring content creators. The survey specifically focused on individuals who produce photo and video content.
The power of technology to generate and control visuals is capturing significant interest and driving rapid transformations across various industries. The survey placed significant emphasis on exploring the connection between generative AI and content creation. The findings indicate that the adoption of generative AI has been swift, as more than 65% of creators proudly claim to be utilizing this technology for creating backgrounds, avatars, profiles and much more.
How Do Creators use AI
Today, creators recognize that AI is not limited to specific visual elements and are actively incorporating it into various aspects of their creative processes. It is worth noting that a slight majority of creators have received requests from brands to utilize generative AI. This demand from brands has potentially played a role in driving the adoption of cutting-edge AI tools by creators, as they are aware of the growing need for generated content.
The increasing involvement of business in the field of content creation has led individuals to consider financial factors more prominently when deciding their project priorities. This trend indicates that creators are now more likely than in the past to take compensation into account. It is noteworthy that around 70-75% of creators feel they receive fair compensation for their work, which can alleviate concerns for marketing departments regarding budget constraints.
Despite the prevailing sense of economic downturn and negative news in 2023, the creator economy has emerged as a relatively secure haven. According to the survey, a little less than half of respondents reported earning more this year compared to the previous one, despite the challenging economic climate. Conversely, only one-fifth acknowledged a negative impact on their income.
Quantifying the entirety of the creator economy remains challenging due to the absence of a universally accepted definition. Nevertheless, the survey data strongly indicates that creators are reaping the benefits of their efforts, while businesses continue to invest in their content.
However, it is important to note that creators still face their fair share of challenges. Building an audience was identified as the primary obstacle, followed by difficulties related to monetization, which ranked second and third, respectively.
How Does AI help Creators
These findings suggest that there is considerable potential for growth within the creator economy, even amidst economic uncertainty. Furthermore, as the economy begins to recover, it is likely that earnings for creators will experience a rapid upswing.
The rapid pace at which AI has disrupted various industries has raised questions about its long-term sustainability. According to survey responses, an increasing number of creators are open to using generative AI tools in the future.
Also Read: 12 Best AI Writing Software
Around two-third of creators express their willingness to utilize these tools if they can save them money, time, or enhance their creative process. It will be fascinating to observe whether AI becomes even more deeply ingrained in the workflows of average creators in the coming year.
Technological disruptions often lead to winners and losers, and creators seem divided on whether generative AI will have a positive financial impact. Roughly two-fifth of respondents believe that their fees for brand collaborations will increase, while more than 35% anticipate a decrease as a result of AI. Another 20% are convinced that fees will remain unchanged. As AI tools continue to advance, we will gain a better understanding of who was correct in their predictions.
With text-to-image technology, creators can describe the image they want to be generated, providing a starting point that they can then customize based on their own creative process. Surprisingly, 60-65% of creators believe that AI-generated visuals can be considered art. This sentiment is crucial for the continued adoption of AI, as it ensures that AI is not seen as conflicting with the essence of their creative endeavors.
Use of AI and Concerns about it
Considering that more than 55% of creators produce content for their own businesses or other brands, the time and cost savings provided by AI become particularly important for business scalability. This improvement enhances their profit margins and the value they can generate per hour. Creators commonly express several concerns regarding generative AI and its implications for the future.
- The primary worry, shared by less than 75% of creators, revolves around the potential for deepfakes. Deepfakes involve the use of AI to convincingly impersonate individuals, leading to concerns about the deceptive use of such creations to pass off as genuine.
- The second most prevalent concern, expressed by around 60% of creators, pertains to copyright infringement. Artists, in particular, are worried about their work being utilized by large AI models to generate ostensibly unique but derivative AI-generated images, without proper compensation or authorization.
- Another significant concern raised by more than 55% of creators relates to a potential decrease in authenticity. The involvement of AI in the creative process raises questions about whether AI-generated images truly reflect the original intentions and authorship of the creators, blurring the line between reality and fiction.
Also Read: AI in Insurance Sector
New report by Lightricks highlights the influence of AI on the creator economy. It provides crucial benchmarks for future comparisons as the creator economy reaches a significant turning point.
Currently, it is evident that most creators do not treat their work as a mere hobby, and AI has had a profound influence on their workflows. Despite facing economic challenges, many creators are thriving, but only time will tell if this trend can be sustained.
Source: Lightricks Survey