Lab Weekly - 03/31/2023
Decoding Generative AI’s “iPhone moment” and its path to monetization; plus, the latest news on Amazon’s Sidewalk network and 7-Eleven’s EV charging network, along with some cool stats to know
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Generative AI’s “iPhone” Moment, AI Trust Gap, and the Monetization Dilemma
Generative AI has our attention, but can it find the right product-market fit & path to monetization at scale to sustain its momentum?
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Amazon Opened Up Sidewalk Network To All Developers [The Verge]
Amazon's Sidewalk network is a low-bandwidth, long-range network that allows devices like Amazon Echo and Ring cameras to connect to the internet even when they're not connected to Wi-Fi. Amazon has now opened up this network to the public, which means that marketers will soon be able to tap into connected devices and collect data.
Mainly designed for outdoor connected devices such as security cameras, smart city IoT sensors, and pet trackers, the Sidewalk network could be useful for marketers who want to reach customers who are not at home or who are not connected to the internet. For example, a marketer could use Sidewalk to connect devices in a park to provide information about activities in the park or to offer discounts on food or drinks.
Of course, there are some challenges that marketers will need to overcome if they want to use Sidewalk effectively. Marketers need to be transparent about how they use data collected from Sidewalk. They need to explain how the data will be used and how customers can opt out of data collection. More importantly, marketers need to be creative in how they use Sidewalk, and find ways to reach their target audience without being intrusive or annoying.
Related: How IoT helps environmental, social and governance goals [TechTarget]; Philips is the latest company to spell trouble for Matter’s smart home standard [Android Police]
7-Eleven Launches “7Charge” EV Charging Network [CNET]
7-Eleven joins a growing number of nationwide retailers with EV-charging networks, including Ikea, Kroger, Walmart, Walgreen, and Whole Foods, launching its own EV charging network for three reasons. Firstly, 7-Eleven sees it as an opportunity to capitalize on the growing popularity of electric vehicles. Secondly, offering EV charging stations will help to attract new customers and to make its stores more convenient for existing customers. Thirdly, having EV charging stations at each 7-Eleven location will help to improve its environmental image. EV charging is quickly becoming an amenity that many retail chains are rushing to install as a customer acquisition tactic.
Related: QSR chain Subway announced long-term plans to build car-charging "oases" [Axios]; Hyundai exploring branded U.S. charging network [Wards Auto]
Google Partners With Startup Replit To Create AI-Powered Coding Assistant [Bloomberg]
Generative AI's impact on software development cannot be understated. Although it is not as flashy as some of the consumer-facing applications, using generative AI to assist coding has proven to be a game changer, as it not only lowers the entry barrier for software developers, but also allows them to focus on more creative and strategic aspects of development. To take on Microsoft’s GitHub and OpenAI, Google is teaming up with Replit, which uses AI to make coding tools and will now rely on Google's LLMs for its Ghostwriter product. This new arms race in AI coding tools will likely result in lower prices for AI coding tools, thus making it more affordable for businesses and individuals to use AI to develop software solutions and accelerate the ongoing digital transformation of legacy industries.
Related: Levi’s will ‘supplement’ human models with AI-generated fakes [Engadget]; Google unveils AI-powered planning tools to help beat climate change's extreme heat [Engadget]
The 2023 ad market is expected to grow 3.4% this year, Axios reports, citing Magna’s data. This is down from the 3.7% that Magna predicted in December. Still, the ad market will reach a record high of $326 billion this year, thanks to huge growth in streaming and short-form video ads.
A new report from Goldman Sachs research finds generative AI could increase annual global GDP by 7% over a 10-year period while also exposing 300 million full-time jobs to automation globally.
Variety reports that Amazon shared that the sales of Fire TV streaming devices and smart TVs have now surpassed 200 million units to date. Amazon, which doles out such stats selectively, previously announced a milestone of 150 million Fire TV devices sold in January 2022.
If you find our insights valuable and would like to have a deeper conversation on technology and media innovations, or need to sound smarter in a client meeting or a pitch, please feel free to reach out to our Group Director Josh Mallalieu!
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