The Friday Five: Reddit Faces Mass Protests, Bard’s EU Launch Is Postponed, and Leading Media Group Predicts Ad Spend to Increase by 5%
Hello everyone, and welcome back to The Friday Five! As you've come to expect, and hopefully love, we're breaking down five of the most important, interesting, and intriguing stories from the world of social media, tech, and the broader digital marketing industry.
In this update, we bring you the latest developments in AI, discuss the projected growth in ad spending, and delve into the unexpected wave of online protests happening on none other than Reddit!
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With that out the way, let's dive into everyone's favourite newsletter.
1. ‘Preposterously Ridiculous’ to Claim AI Will End Humanity, Says AI ‘Godfather’
One of the pioneers of AI has poured cold water on some of the more existential fears around artificial intelligence.
According to Prof Yann LeCun, chief AI scientist at Meta, fears of AI taking over the world or permanently eliminating jobs are "preposterously ridiculous" and the day when computers are more intelligent than humans is many years away.
Prof LeCun emphasizes that if AI development becomes unsafe, it simply won't be built.
He compares the current concerns about AI to the scepticism surrounding turbo jets in the 1930s. Turbojets eventually became incredibly reliable and safe, just as AI can be made safe through continued research and development.
While some jobs may change or be replaced, he envisions AI creating a "new renaissance for humanity" similar to the transformative effects of the internet and printing press.
In the context of Europe's AI Act, Prof LeCun suggests that each AI application should have its own set of regulations tailored to its specific domain, such as rules for AI systems in cars versus those used in medical imaging.
To learn more, read the full article on the BBC News .
2. Optimistic or Naive? Investment Group Predicts Ad Spending to Grow in 2023
GroupM, a leading media investment group, predicts that ad spending in the UK will, in fact, grow by 4.8% in 2023, contradicting previous, more pessimistic predictions from other bodies and groups.
GroupM anticipates that UK ad revenues will reach ￡39.3 billion this year and expects further growth of 5.3% in 2024. Although these projections consider inflation, they indicate a more optimistic perspective for the next six months.
The expansion of retail media is one of the factors contributing to the predicted growth in advertising revenue.
GroupM foresees a 9.9% global growth in retail media, with expectations that it will represent 14.4% of total advertising revenue globally this year, reaching 15.4% by 2028.
GroupM acknowledges that the introduction of AI could potentially impact the mid-single-digit ad growth it has forecasted, suggesting that technological advancements may influence the advertising landscape.
Discover more over at Marketing Week .
3. Not to Be? Bard’s Major Launch in Europe Postponed
Google's launch of Bard, its AI chatbot, has been postponed in Europe following concerns from major bodies.
The Irish Data Protection Commission (DPC) has said that Google has not provided adequate information, including a data protection impact assessment (DPIA), prior to the planned launch.
Because of all this, the launch will not proceed as scheduled.
The DPC did not specify the exact concerns it raised regarding Bard.
However, other EU data protection authorities have previously highlighted various data protection issues associated with similar AI chatbots, including compliance with privacy laws, transparency requirements, handling of AI-generated disinformation, and more.
It remains unclear when Google will now launch Bard in the EU. The DPC is examining the matter and plans to share information with other EU data protection authorities.
And, while the DPC's intervention has caused a delay, it does not signify a complete ban on Bard, so expect more development on this story in the coming months.
Head to TechCrunch to learn more.
4. Controversial Changes to Reddit’s API Causes Mass Online Protests
A mass protest has taken place on Reddit as thousands of subreddits have made their communities private and inaccessible to non-subscribed users in response to the company's controversial API changes.
Popular subreddits like r/Music, r/funny, r/aww, and r/todayilearned have joined the protest, along with numerous others.
The number of participating subreddits has grown from over 3,000 to more than 6,200, with some subreddits planning to protest indefinitely until the company reverses its changes.
These widespread protests were sparked by news that Reddit's new API would cost one developer's app millions of pounds a year. This sparked solidarity among users and thus, Reddit has a big problem on its hands.
On top of that, users are also frustrated with the loss of moderation and accessibility features that were only available through third-party apps.
Despite the protest, Reddit's leadership has defended the new API policy and stated that no policy changes are planned.
For more insight and reaction head to Engadget .
5. ‘Never Heard of Them’: Brand Asset Recognition Virtually Non-Existent Says New Report
In an alarming new Ipsos-Jones Knowles Ritchie study, just 15% of brand assets, such as logos, slogans, and mascots, are seen as 'truly distinctive'.
The research, which analysed over 5,000 brand assets and surveyed more than 26,000 global consumers categorized the assets into bronze, silver, and gold, with gold representing truly distinctive assets that immediately bring the brand to mind.
A whopping 65% of assets fell into the bronze category, indicating a lack of distinctiveness. The research suggests that sustained use of brand assets is more important than their overall design.
While product images and brand characters showed higher levels of distinctiveness, logos, slogans, and colour palettes performed poorly.
The study emphasises the need for consistency, understanding of the brand, and the right deployment of brand assets to create distinctiveness.
After more insight? Head to Marketing Week for the full story.
And just like that, another Friday Five has been and gone!
As always, we try and feature a wide range of stories and insights so you get a good picture of what is happening in these often turbulent industries.
If you think we should feature a story in the Five, then please get in touch with us!
In the meantime, have a fantastic weekend and we'll see you next time!