The Web3 and AI Customer Experience Revolution
Are we already ready to call "Contemporary history" the past? The period from 1945 - present is due for a large shakeup. Web3 and AI is a true revolution, espacially compared to our 'contemporary' world 75 years ago. Will Web3 forever change the way we perform transactions, customer loyalty and draw up contract? Will AI take our jobs? Replace artists, writers and even developers?
We asked Peter Csathy, a global expert in Media, Music, Entertainment & Tech who'll also be speaking on the upcoming "CX More than Ever" Tour. Join +20 peers, Steven van Belleghem, the CEO of Wonderman Thompson and WPP exec's to discover how to bolster your Customer Experience.
Interview with Peter Csathy
You’ll be focusing on the impact of Web3 and AI on the world of Media during your talk on our tour. Give us an elevator pitch on why this should matter to all leaders/change makers?
Web3’s promise is to take out the middleman that historically has sat between Creators and audiences/fans. Those middlemen include YouTube, Facebook, Twitter, and Netflix (and so many more). Web3 enables direct connection between Creators and their audiences/fans – disrupting that previous layer – thereby giving more power for Creators to reach, delight and monetize their audiences/fans. It also gives Creators a new source of financing directly from the fans who support their work (and even enables the opportunity for fans to share in the financial success that they help to create).
Meanwhile, AI ultimately will transform media and entertainment in virtually all ways – including content development, production and distribution. This will both massively increase the amount of content unleashed into the world and decrease the opportunities for human Creators and all others in the overall media and entertainment ecosystem.
As you’ll remember, we’ve worked with you on a tour back in February 2022 with the same topic of Web3. What has changed almost exactly a year from then?
In the past year, while the “Crypto Winter” – and the FTX debacle – have soured many on crypto, brands and Creators continue to experiment at an accelerating pace with Web3-enabled NFTs. For example, Nike – the innovator in the world of fashion – has already generated over $200 million in NFT sales alone. So while many conflate Web3-enabled crypto with NFTs, the two are fundamentally different – and NFTs see no signs of slowing down.
But the overall rules of the game continue to be defined by the legal issues that helped to define the year.
You wrote in your predictions for 2023 that, quote:
“NFTs will graduate with honors as commencement begins for real transformational Web3 opportunities for both creators and consumers. Now content can bypass the middleman and go directly to the source of cash — the audience.”
So while companies can invest in this technology today, do you think the audience is ready to adopt it today?
While there were some early experiments in 2022 that proved the case and appetite, 2023 will be a breakout year where we will see major motion pictures and music financed and supported by NFTs first (rather than as merely an ancillary revenue stream). Audiences and fans will also increasingly have the opportunity to not only help finance content, but also to share in the financial performance of that content. So those audience investors will receive both emotional ROI (joy from supporting their favorite Creators) and financial ROI.
You asked specifically if you could include a section on AI in your upcoming talk and you said: “It’s a massive sea change”. How do you think this revolution in tech will change our day-to-day lives in 5 years and 10 years?
That’s a huge question – worthy of a multi-dimensional answer.
I refer you to my recent article that discusses this at length.
And finally, if you could urge business leaders to take action on just one thing in 2023, what would that be?
The biggest tech story for the world of media and entertainment in 2023 – and for all of us, really – is the breakout sophistication of AI (which has been demonstrated by the “A-ha moment” caused by the public release of Chat GPT). Business leaders – and all of us – must prepare ourselves as best we can for this daunting new AI-transformational world by immersing ourselves in it. Reading about it. Experimenting with Chat GPT. And hiring talent that is multi-dimensional in order to help navigate these increasingly artificial intelligent waters.
AI is here. And now. We ignore it at our peril. We can’t fear it. We must learn to work with it – and leverage its power.
Watch Peter Csathy and 10 other speakers in action while visiting the most inspiring companies in Los Angeles on the "CX More than Ever" Tour.