The economic impact of AI on the fitness industry

Andrew McAffee is the 2023/2024 Visiting Fellow for Technology & Society at Google. He's recently written a white paper on the economic impact of AI. You will find the Executive Summary at the end of this post.

Here are some specific implications of the report on the economic impact of generative AI; I've added how this might happen for the fitness industry:

1. Efficiency Enhancements: Generative AI could potentially double the efficiency of 80% of roles within the fitness industry, streamlining operations and reducing time spent on administrative tasks, thus allowing more focus on client engagement and personalized training.
2. Swift Impact: Generative AI's effects on the fitness industry are expected to be rapid, surpassing the pace at which previous technologies were integrated. This could quickly transform how services are delivered, including workout personalization and client management.
3. Boost in Productivity and Growth: Generative AI is set to significantly boost productivity in the fitness sector. However, it will also shift which skills are most in demand, such as data analytics and tech-savvy fitness program development.
4. Employment Dynamics: While fears of widespread job losses in the fitness industry due to AI are likely overstated, the technology will modify existing roles and create new opportunities, particularly in areas that leverage AI to enhance client experiences and operational efficiency.
5. Competitive Edge: Fitness enterprises that adeptly adopt and integrate generative AI will likely outpace competitors. This advantage could manifest in superior service offerings, more effective marketing strategies, and enhanced customer satisfaction.

These insights from the report highlight how generative AI is poised to reshape the fitness industry, enhancing both the efficiency and effectiveness of services offered.

I analyze the impact of technologies like AI and how they can contribute to the fitness industry, simplifying the information so that you can better understand it.

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Executive Summary: Generally Faster: The Economic Impact of Generative AI

by Andrew McAfee - 2023-24 Visiting Fellow / Technology & Society at Google

Generative AI is one of the rare technologies powerful enough to accelerate overall economic growth---what economists call a “general-purpose technology.”

These innovations have the potential to positively transform economies and societies. By one estimate, close to 80% of the jobs in the U.S. economy could see at least 10% of their tasks done twice as quickly (with no loss in quality) via the use of generative AI.

Previous general-purpose technologies like the steam engine and electrification have brought about changes over decades. However, we anticipate that generative AI’s effects will be felt more quickly due to its ease of diffusion. This technology is already delivering large productivity gains, which will increase and spread as people and organizations come up with complementary innovations that leverage generative AI’s capabilities.

As a result, economic growth will speed up.

In addition to faster growth, generative AI will bring other changes. It will reduce demand for some skills, increase demand for others, and create demand for entirely new ones. Fears of large-scale technological unemployment are probably overblown.

The history of general-purpose technologies shows that the growth they bring is accompanied by a strong demand for labor. However, this increased demand is often in new occupations. For example, more than 85% of total U.S. employment growth since 1940 has come in entirely new occupations.

The rapid changes brought by the spread of generative AI will require prompt and effective reskilling efforts. These efforts will be able to draw on generative AI itself, a tool with the unique ability to help people learn how to use it better. And because Generative AI accumulates knowledge and makes it available on demand, it’s particularly effective at improving the performance of entry-level employees, helping with wage inequality… Previous general-purpose technologies have resulted in changes to the companies and countries leading the way in different industries. We believe that generative AI will be similarly powerful.