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AI Is the Hot Topic on Earnings Calls This Quarter
What is Streaming giant Spotify cooking with AI?
Sam Jenkins
July 26, 2023
Today’s Edition
Hey there! Welcome to today's edition, packed with all the hottest news from the world of AI.
📖 AI isn't just a fleeting trend. The rich dialogue surrounding it during Q2 earnings calls of publicly traded firms firmly establishes it as an emerging strategic cornerstone across industries.
🖥️ Today’s product section features Saga, an AI-assistant workspace, and Potion - a tool to personalise videos at scale.
👩🏼💻 Continuing our musical journey from yesterday's theme, we suggest you use ChatGPT to explore and interpret the symbolism and significance of a song.
🎤 Most valuable media features an innovative application of Generative AI in manufacturing, demonstrated by Ecolab and Hexagon at the Microsoft Inspire 2023 conference.
So grab a cup of coffee, sit back, and let's dive into the fascinating world of AI together. Enjoy!
Jenko
AI Is the Hot Topic on Earnings Calls This Quarter
What is Streaming giant Spotify cooking with AI?
AI is not merely a passing fad. The ample discussions revolving around it during the Q2 earnings calls of publicly listed companies confirm its status as a burgeoning strategic cornerstone for most businesses.
One such enterprise aligning itself with the AI tide is the music streaming giant Spotify. Daniel Ek, Spotify's CEO, has recently indicated the company's intent to embed more AI-driven features into its service. This revelation, made during Spotify's Q2 earnings call, sheds light on the potential of AI in tailoring more personal experiences, summarising podcasts, and generating advertisements.
At the beginning of this year, Spotify introduced its AI DJ feature. This tool offers a unique blend of AI-curated music selection and AI-rendered commentary on liked tracks and artists. Ek has high hopes for this AI application and envisions it to be the future norm across the platform, providing a more contextual and personalised content experience.
Emphasising the potential, Ek remarked, "DJ is a phenomenal product, and we’ve seen strong consumer interactions with it. We aim to leverage the ability for contextualisation and personalisation of the content that we have on the Spotify platform, making it more accessible."
One anticipated application of generative AI is its use in summarising podcasts. This function could smoothen the entry barrier to new podcasts, promoting consumer engagement and creator growth. AI can also enhance the efficiency of Spotify via AI-crafted audio ads, leading to significantly reduced costs for advertisers.
Spotify's innovative streak doesn't stop here. It's striving to secure a patent for an AI-powered “text-to-speech synthesis” system, capable of transforming text into human-like speech, filled with emotion and intention. This breakthrough could offer realistic speech that conveys feelings such as anger or happiness and intentions like sarcasm, and even simulate whispering, shouting and accents.
Spotify's journey into the realm of AI voice technology also includes the acquisition of Sonantic, a London-based startup specialising in creating realistic human voices from text. This venture further fuelled Spotify's AI DJ feature.
Spotify isn't the only company where AI has been the hot topic this quarter on earnings calls. A total of 1,072 mentions on company calls indicate that the fervour for artificial intelligence is far from abating. Comparatively, references to AI and related terms during calls with investors have more than tripled in the last six months.
This trend, however, shouldn't be exclusive to large corporations. SMEs and mid-sized businesses should also be contemplating and developing their own AI strategies. The current focus on AI among industry giants underscores its relevance and potential, emphasising the need for smaller entities to also strategise on the AI front. It's time for businesses of all sizes to consider the potential benefits and implications of integrating AI into their strategies.
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A day in the life of AI
Every day, we will showcase a workflow or task designed to help you save time in your job or personal life. Becoming skilled at promoting can be a superpower, so the goal of this section is to help you improve in this area for both personal and professional growth.
Personal or Professional: Personal
Workflow/Task: Song Lyric Interpretation
Task time before AI: A few hours
Task Time with AI: <2 minutes
Keeping on our music theme from yesterday. Use ChatGPT to delve into the meaning and interpretation of a song:
Could you please provide a detailed explanation of the lyrics for [song title] and delve into its meaning, symbolism, and any possible deeper interpretations?
Most Valuable Media (MVM)
Most Valuable Image (MVI)
These images were created with Midjourney via the following prompt: Soccer player controlling a magma ball::5 Extreme Action Photography::4 detailed, close-up, sharp focus, twilight with an erupting volcano in the backdrop, Fujifilm X-T4, f/2.4 aperture, 1/1500 second shutter speed, ISO 200, high-quality, award-winning, capturing the intense heat::3 blurry, dim, generic, plain, grainy::-2
Courtesy of TechHalla
Most Valuable Tweet (MVT)
The field of AI was puttering around incrementally. I knew it would explode because that's where all the best minds were going. Some will say it was the transformer paper and computing at scale that catalyzed this moment. For me, it was about following the talent and the… twitter.com/i/web/status/1…
— Vinod Khosla (@vkhosla)
8:29 PM • Jul 25, 2023