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OpenAI introduced a long-form question-answering AI called ChatGPT that answers complex questions conversationally.

It’s a revolutionary technology because it’s trained to learn what humans mean when they ask a question.

Many users are awed at its ability to provide human-quality responses, inspiring the feeling that it may eventually have the power to disrupt how humans interact with computers and change how information is retrieved.

What Is ChatGPT?

ChatGPT is a large language model chatbot developed by OpenAI based on GPT-3.5. It has a remarkable ability to interact in conversational dialogue form and provide responses that can appear surprisingly human.

Large language models perform the task of predicting the next word in a series of words.

Reinforcement Learning with Human Feedback (RLHF) is an additional layer of training that uses human feedback to help ChatGPT learn the ability to follow directions and generate responses that are satisfactory to humans.

ChatGPT (Generative Pre-trained Transformer) ] is a chatbot launched by OpenAI in November 2022. It is built on top of OpenAI's GPT-3 family of large language models, and is fine-tuned (an approach to transfer learning) with both supervised and reinforcement learning techniques.

ChatGPT was launched as a prototype on November 30, 2022, and quickly garnered attention for its detailed responses and articulate answers across many domains of knowledge. Its uneven factual accuracy was identified as a significant drawback. Following the release of ChatGPT, OpenAI was reportedly valued at $29 billion. (Wikipedia)

OpenAI is an American artificial intelligence (AI) research laboratory consisting of the for-profit corporation OpenAI LP and its parent company, the non-profit OpenAI Inc. The company conducts research in the field of AI with the stated goal of promoting and developing friendly AI in a way that benefits humanity as a whole. The organization was founded in San Francisco in late 2015 by Sam Altman, Elon Musk, and others, who collectively pledged US$1 billion. Musk resigned from the board in February 2018 but remained a donor. In 2019, OpenAI LP received a US$1 billion investment from Microsoft and Matthew Brown Companies. OpenAI is headquartered at the Pioneer Building in Mission District, San Francisco. (Wikipedia)

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Can movie theatres and online streaming live side by side?

It’s been a tough time for movie theatres around the world with a number of factors contributing to the decline in the number of people heading to the cinema to watch movies. In a world that is embracing digital technologies, the movie industry is in danger of getting left behind unless they quickly embrace the technologies available that will get people excited to return to movie theatres and get the enjoyment of the cinema experience once again.

The rise of the video game industry

Whilst there are plenty of factors that are influencing people’s decision to visit the cinema, there is no doubt that the rapid rise of the online video game industry is a large contributing factor. People are starting to look elsewhere for their entertainment and online video gaming provides a lower-cost alternative to a trip to the cinema.

A report by MarketWatch in 2020 found that the video game industry is now bigger than the sports and movie industry combined. Just take a minute to digest that. Bigger than movies and sports - that’s big.

The news outlet reported that global video game revenue is expected to increase 20% in 2020, making $179.7 billion, according to data from IDC.

The biggest gain is expected to come from mobile gaming, according to the news outlet, which is expected to surge 24% to $87.7 billion. Part of this is due to China recently lifting a ban on gaming consoles.

Game console revenue is expected to soar to $52.5 billion this year, while PC and Mac games are expected to make $39.5 billion.

In their most recent report, MarketWatch reported that whilst overall revenue was expected to grow by 11% in 2021 to $251.39 billion, the forecast for 2022 is just a 2% growth and a flattening out of that rapid growth over the past two years.

Is this a potential opportunity for cinemas to reclaim some of that lost audience share?

Early signs look good for cinemas in 2022

If the latest movie releases in 2022 are anything to go by, it looks as though the movie theatre industry is not ready to give up just yet. Spider-Man: No Way Home became the biggest grossing movie of the past two years, grossing over $US1 billion ($1.38b) in the first two weekends. It is the second-fastest film ever to reach the $1 billion mark and suggests that this could be a big year for cinema-goers.

Following in its footsteps is another 2022 release, The Matrix Resurrections, a movie that grossed $US12 million in its opening weekend.

Whilst this is a great start to the New Year for movie theatres around the world, it remains to be seen whether this is a trend that continues throughout the year. With a number of high profile movies due for release in 2022, this could be a time for cinemas to really cash in.

The impact of streaming and long-form content

It is unlikely that cinemas will have it all their own way in 2022. Whilst it is great to see people returning to movie theatres to watch the latest releases on the big screen, there is no question that home viewing is here to stay.

As more studios and media distributors are developing their own direct-to-consumer streaming services, this starts to eat into the revenue of major studios.

Studios derive almost half of their revenues from theatrical releases. Although the average number of movie tickets purchased by Americans each year has declined from 4.2 in 2009 to 3.4 in 2019 (Source: Deloitte), studio revenues are driven more by box office tickets now than they were 20 years ago.

Streaming is having the biggest impact on people going to the movies. As televisions have improved, where you can now watch movies at home in 4K high-definition on screens with sizes up to 100”, with surround sound, people have become more willing to wait for the latest release movies to become available on streaming services including Netflix, Amazon Prime, Disney+, and Stan.

Another major impact on the cinema industry is the consumer switch to long-form content in the form of series. Many people feel there is more depth to a series that contains anywhere from six episodes upwards. Game of Thrones was one of the groundbreaking series to really capture the audience’s attention, however, there are so many amazing series now that it is becoming more difficult for movies to compete with the depth and the character development that a series can bring.

Huge series like Breaking Bad, The Sopranos and more recently, Succession, have really captured the attention of audiences around the world and this is something movie producers need to consider.

The entertainment factor

It’s not just video games and streaming that are competing for people’s attention. Another industry embracing technology is the online casino and betting sector. Here, we have seen huge advancements in the way people are able to game online. One company leading the way in the sector is Betway, “Developed by our exceptionally talented people, Betway creates market-leading, cutting-edge interactive gaming experiences. We bring people closer to the action – putting them at the centre, making them feel a part of it.”

From the introduction of in-game betting to the development of new and exciting interactive games, these online gaming sites are leading the way when it comes to embracing new technologies that can lead to better experiences for customers.

The movie industry is at a real crossroads. With competition coming from every direction within the entertainment industry, studios and distributors need to find a way to either a) get more people back into movie theatres or b) look at alternative ways to ensure that movies can compete with online gaming, live sports streaming and online casinos for a share of customer eyeballs.

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