Generative AI in Media Global Market Report 2024

The generative AI in media market size has grown exponentially in recent years. It will grow from $2 billion in 2023 to $2.6 billion in 2024 at a compound annual growth rate (CAGR) of 30%. The expansion witnessed in the historic period can be credited to several factors including real-time content generation, optimized workflows, enhanced computational capabilities, the emergence of deep learning technologies, growing demand within industries, and the collaborative efforts of open-source communities.

The generative AI in media market size is expected to see exponential growth in the next few years. It will grow to $7.48 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%. The anticipated expansion in the forecast period can be ascribed to factors such as improved availability and quality of data, the adoption of edge computing and on-device AI, the proliferation of user-generated content and co-creation initiatives, the emphasis on content personalization and recommendation, and the implementation of ethical and responsible AI practices. Key trends expected to shape the landscape include the utilization of AI for content curation, the advancement of hyper-realistic content generation techniques, the integration of platforms across different mediums, and the innovation in AI-generated music and sound design. These developments are poised to influence business strategies and drive growth in the industry by leveraging cutting-edge technologies and meeting evolving consumer demands.

The widespread adoption of visual media is expected to drive the growth of the generative AI in media market in the coming years. Visual media involves using visual elements to convey information or tell stories, while generative AI in media refers to AI algorithms used in visual media to generate more realistic and visually appealing content. For example, in September 2023, HubSpot reported that over 50% of marketers used visuals in more than 91% of their content, with original graphics being the most popular type of visual content at 36%, followed by stock photos at nearly 34%. This trend underscores the growing acceptance and reliance on visual media, which in turn fuels demand for generative AI solutions in media production.

Leading companies in the generative AI in media market are concentrating on developing generative AI ad creation tools to enhance advertising content and improve user engagement. These tools leverage generative AI algorithms to automatically generate advertising content, including images, videos, and copy, for marketing campaigns. For instance, in January 2024, Microsoft Corporation launched the Retail Media Creative Studio, an advanced generative AI ad creation tool designed to help retailers and advertisers create banner ads effortlessly. This tool improves banner ad engagement, performance, and revenue generation by automatically aligning with each retailer's style guide while allowing users to customize ads through additional prompts and modifications.

In June 2023, Brandtech Group acquired Pencil AI to strengthen its generative AI marketing capabilities. Pencil AI, based in the UK, specializes in developing creative artificial intelligence platforms for generating content and visuals that align with a brand's objectives, assets, and preferences using OpenAI's GPT models. This acquisition enhances Brandtech's ability to create channel-ready ads and copy at scale, leveraging Pencil's expertise in generative AI to drive advertising media effectiveness and efficiency.

Major companies operating in the generative AI in media market are Amazon Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Comcast Corporation, Meta Inc., Huawei Technologies Co. Ltd., The Walt Disney Company, Tencent Holdings Limited, Sony Corporation, Intel Corporation, International Business Machines Corporation (IBM), Netflix Inc., Nvidia Corporation, Salesforce Inc., Baidu Inc., Adobe Inc., Autodesk Inc., OpenAI, Unity Software Inc., The Foundry Visionmongers Limited, Primer Technologies Inc., Ziva Dynamics Inc., DeepMotion Inc., Moonshot CVE Limited.

North America was the largest region in the generative AI in media market in 2023. The regions covered in the generative AI in media market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the generative AI in media market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Generative AI in media entails the utilization of artificial intelligence (AI) technologies to autonomously produce or generate various forms of media content. This encompasses the creation of images, videos, text, and audio, with an emphasis on creativity, customization, and automation. Generative AI algorithms analyze existing media content, discern patterns and styles, and subsequently generate new content that either imitates or expands upon these patterns.

The primary technologies underpinning generative AI in media include deep learning, natural language processing, computer vision, audio processing, and reinforcement learning. Deep learning, a subset of machine learning, draws inspiration from the architecture and functioning of neural networks akin to those in the human brain. Deployment modes for generative AI in media encompass both cloud-based and on-premise setups, each serving different applications such as content creation, personalized recommendations, visual effects and animation, data analysis and insights, gaming, interactive experiences, among others. These technologies play a pivotal role in revolutionizing content creation processes and enhancing user engagement across various media platforms.

The generative AI in media market research report is one of a series of new reports that provides generative AI in media market statistics, including generative AI in media industry global market size, regional shares, competitors with a generative AI in media market share, detailed generative AI in media market segments, market trends and opportunities, and any further data you may need to thrive in the generative AI in media industry. This generative AI in media market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The generative AI in media market consists of revenues earned by entities by providing services such as content creation platforms, interactive storytelling platforms, content moderation solutions, and dynamic advertising solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The generative AI in media market also includes sales of media production tools, virtual production tools and artbreeders. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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