Need to Know News - June 19th, 2024
In this week's Need to Know News edition...AI avatars are coming to TikTok ads...Meta unveils new AI chatbots for messenger...and why Adobe's CMO says, "AI is not going to replace people, but people that use AI may be replacing the people that don't use AI.”
Plus, so much more!
AI In Action
TikTok Launches AI-Powered Avatars for Ad Creation
TikTok will soon encounter a surge in advertisements featuring digital avatars powered by AI, helping brands to create and localize content more effectively.
This feature, including "stock avatars" and "AI dubbing," is part of the new TikTok creative AI suite called TikTok Symphony. These stock avatars are generated from videos of real paid actors, licensed for commercial use. Brands can select an AI-powered voice and accent to read out scripts, which will then be dubbed onto the avatars.
CMOs at Cannes: Tackling Their Evolving Role Amid AI
CMOs at this years Cannes Film Festival acknowledged that AI is a boardroom topic in a way the metaverse never was. If anything, the technology is on par with how C-suite execs talked about digital transformation — being led from the very top, unlike previous waves of innovation driven by individual departments and budgets.
“CEOs didn’t care about social media whereas they really do for AI,” said David Jones, CEO of the BrandTech Group. “It’s come at a speed and scale no technology ever has before.”
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How Georgia-Pacific Leverages AI to its Full Marketing Potential
Over the past 18 months, the massive 35,000 employee strong company has embraced AI. G-P has turned to AI for everything from copywriting, idea generation, to advertising analytics. For example, the company partnered with a copywriting AI tool to generate initial drafts of social media copy, ecommerce content and other digital copy variations.
This technology significantly narrowed the gap between the initial draft and the final product, achieving up to a 50-80% completion rate.
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Meta Unveils AI Chatbots and Business Messaging Tools
Meta introduced a slew of new AI and business tools aimed at driving performance and engagement for brands. The big unveils:
AI Chatbots on Messenger- Built with Meta’s latest large language model LLaMa 3, the chatbots can converse with customers about products and provide support — saving businesses like White Coat Manila 20% on service costs.
Paid Marketing Messages on Messenger - Select advertisers can now create, organize and send paid marketing messages on Messenger to opted-in customers, similar to WhatsApp’s recent marketing messaging capabilities.
Nvidia Becomes World's Most Valuable Company On Back of AI Boom
Nvidia became the world's most valuable company on Tuesday, dethroning tech heavyweight Microsoft as its high-end processors play a central role in a scramble to dominate AI technology. Shares of the chipmaker climbed 3.5% to $135.58, lifting its market capitalization to $3.335 trillion, just days after overtaking Apple to become the second most valuable company.
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At the Frontier of AI
How AI Will Impact the Advertising World According to OpenAI
OpenAI CTO Mira Murati and Accenture Song CEO David Droga sat down with Fast Company to discuss AI's impact on advertising. Both believe AI should be seen as a collaborator with human creativity, not a competitor, allowing creatives to think faster, see things differently, and create in new ways.
However, they acknowledge some creative jobs will disappear, and advertiser priorities may initially focus more on efficiency gains from AI rather than raising the bar on creativity
Augie Studio Aims to Become the Canva for AI Video Creation for Marketers and Enterprise
A new AI video platform is now in the commercial market. Formerly Aug X, Augie Studio is an all-in-one solution businesses of all sizes can easily use to generate social video content at scale.
“When we first started the company, we did a lot of end-user research. What do people want? No one wants us to rebuild [Adobe] Premiere with AI because that’s what Premiere is about to be anyway,” Jeremy Toeman, Augie Studio co-founder and chief executive, explains to VentureBeat.
“What people are really looking for is something more like Canva and what it brought to image and banner creation, but to video, which we’d argue is very different than what Canva is, just a different thing. How do you apply the same mentality? How do I make a video product that [we] can use without me knowing anyone’s background?”
Adobe CMO on AI's Impact
"AI is not going to replace people, but people that use AI may be replacing the people that don't use AI.” It was a stark warning from Adobe’s Eric Hall, Chief Marketing Officer of Digital Experience Business at the Cannes Lions Festival of Creativity this year.
This is further evidenced by recent research by Adobe which surveyed 8,000 marketers and executives globally on AI. The findings showed that 90% agreed that AI will transform marketing and creative functions but only 24% have developed an AI roadmap aligned with broader business goals.
Finbourne Taps $70M for Tech that Turns Financial Data Dust into AI Gold
Companies in fields like financial services and insurance live and die by their data - specifically, how well they can use it to understand what people and businesses will do next, a process that is becoming increasingly dominated by Al.
Now a startup called Finbourne, founded out of London's financial center, has built a platform to help financial companies organize and use more of their data in Al and other models. It's announcing $70 million in funding, which it will use to expand its reach outside of the Square Mile.
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Business Leaders Believe AI Can Deliver A Competitive Advantage
No fewer than 89% of B2B and B2C directors and above believe that ethical use of AI can deliver a competitive business advantage. That’s the takeaway from the new “State of Personalization 2024” report from Twilio Segment. A similarly large portion, 86%, expects AI to support a shift from reactive to predictive personalization.
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