WPP PLC (LSE:WPP) chief Mark Read called artificial intelligence concepts such as image generation and language tools like OpenAI’s ChatGPT “fundamental” to the world’s largest advertising group, in comments published by Bloomberg following today’s earnings call.
“Clearly it’s a great use in our media business, where we can use it to find relevant audiences and measure the impact of our work,” Read said, continuing: “We’re using it a lot creatively in our production processes to accelerate how we produce work and reduce the cost of doing that. So it’s pretty fundamental.”
Read said its AI tech subsidiary Satalia, which WPP bought in 2021, has ingrained AI into all of its processes, including its commercial work for Nike which showed tennis champion Serena Williams playing past versions of herself.
Part of AI are “scary”, admitted Read, noting that many tasks now done by people could become automated, but “that makes creativity even more important”.
AI aside, the advertising industry will benefit in the short term given the wider economy is in “a better place than people had feared” said Read.
I think we are going to see a longer, smoother, landing than people thought last year,” he said.