The Week That Was: IT and Media news week 24

 The Week That Was: IT and Media news week 24

What will be one of the world’s first rules on artificial intelligence have been approved by the European Parliament with 499 votes in favour, 28 against and 93 abstentions. Next step is that the Parliament and ministers in the European Council have to agree on the final legislation. The negotiations will start immediately. The EU rules  include the right to make complaints about AI systems and that providers must show if content has been generated by AI.

Market fragmentation, low trust and squeezed household economies are among news publishers’ many concerns. Consumption of traditional media is falling in most markets, with online and social consumption not making up the gap. However, the dependence on social media continues to grow, strongly influenced by habits of the youngest generations. In the light of the squeeze on household spending, many rethink how much they can afford to spend on news media, according to a report on digital news from Reuters Institute at Oxford University.

Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. It could add the equivalent of $2.6 trillion to $4.4 trillion annually across 63 use cases analysed by consultancy McKinsey says Current generative AI and other technologies have the potential to automate work  that takes 60 to 70% of employees’ time today. 

The EU Commission has sent a warning to Google that could lead to the Commission ordering the company to sell part of its advertising tech sector. The Commission in a so-called statement of objection says its preliminary conclusion is that Google has abused its dominating position in the advertising tech.  If this is later confirmed by the Commission, it means saying Google should sell this part of its ad tech business. Google says it disagrees and will respond accordingly.

Global advertising will grow 6% in 2024 and 5.9% in 2023, advertising giant Group M predicts in its mid-year forecast.  “Halfway through 2023, we’re still dealing with rising inflation and adjustments to consumer behaviours brought on by the pandemic. As we look ahead to the rest of the year, we should expect a return to some kind of normalcy in terms of advertising revenue growth.”

Will the metaverse take off or was its attraction overestimated?  A new survey shows a quarter of executives believe more than 15% of company revenue will come from the metaverse in the next five years. About 60% of consumers already using the metaverse prefer metaverse features that are useful for the physical world. More futuristic ideas are less interesting, according to the survey by consultancy McKinsey.


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