Text-to-Video Market Forecast to Hit $890 Million by 2028

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Producing videos by just inputting some text is getting to be a hot market and forecast by some analysts to triple in market value during the next four years. In other news, a sizable VC deal for a “culture and consumer taste” AI platform, as well as other market trends analysis and new AI learning opportunities.

TODAY’S AI-POWERED MARKETING UPDATE:

• Top Forecast: Text-to-Video Market to Hit $890 Million by 2028

• VC Funding News: Consumer-Behavior AI Platform Qloo Raises $25 Million

• AI Marketing Trend: AI Sector in Marketing Projected to Grow 27% Annually for Decade

• Global Competition: India’s Potential for Leadership in AI Market

• AI Learning: Digital Marketing Institute Launches AI Certification Course

• Today’s Master Marketing Tip: Allen Gannett, founder of TrackMaven

TOP NEWS

Text-to-Video Market Forecast to Hit $890 Million by 2028

With 91% of businesses now embracing video as a primary marketing media, the emerging text-to-video market as a whole will reach $890 million by 2028—up from $240 million in 2023 and an expected $310 million this year, according to a new report by ResearchAndMarkets.com.

The expected rapid growth will be driven by integration of multilingual capabilities, proliferation of online learning, real-time video generation, and improved visual fidelity, according to the forecast.

“Emerging trends such as the merge with voice and speech synthesis and the synergy between VR and text-to-video AI platforms herald a new era of immersive multimedia experiences,” say the report’s authors.

But with success also comes concerns about possible risks from text-to-video, notably misinformation and deepfakes, the researchers warn. “Potential challenges, such as the ethical use of AI in content creation, are also being scrutinized.”

VC FUNDING NEWS

Consumer-Behavior AI Platform Qloo Raises $25 Million

Qloo, the provider of an AI-powered platform for analyzing culture and consumer taste preferences, has raised $25 million in its third round of venture capital led by AI Ventures, with participation from AXA Venture Partners, Eldridge, and Moderne Ventures.

Founded in 2012, Qloo combines machine learning, theoretical research in neuroaesthetics, and a pipeline of detailed “taste” data, making its analysis available to users through an API.

The company helps clients solve problems such as driving sales, saving money on media buys, choosing real estate locations, and building brands, without the use of any personally identifiable information.

Qloo is the parent company of TasteDive, a cultural recommendation engine and social community that allows users to discover what to watch, read, listen to, and play based on their existing unique preferences.

“For over a decade, we have been committed to refining our cultural data science, and we are now entering an exhilarating phase of expansion fueled by the growing importance of privacy and the democratization of AI technology,” said Alex Elias, founder and CEO of Qloo, commenting on the new funding round.

TOP AI MARKETING TREND

AI Sector in Marketing Projected to Grow 27% Annually for Decade

The global market for AI tech applications used in marketing will reach a total value of $214 billion by 2033, growing at compound annual rate of 27% between now and then, according to research by Market.us.

The software segment held a dominant market position for marketing tech in 2023, capturing over 65% share, which the researchers attribute to the principle role software solutions play in enabling the use AI technologies in marketing strategies.

Software was followed in second place by the Cloud segment (55%), Machine Learning (38%) and Content Creation (23%).

“Despite the immense potential of AI in marketing, there is a noticeable gap in technology adoption, with only 4% of marketers having incorporated AI into their operational frameworks,” Market.us reports. “However, there is a positive trend, with 23% of marketing professionals leveraging AI’s capabilities in natural language processing.”

INTERNATIONAL NEWS

India’s Potential for Leadership in AI Market

The nation of India has several advantages in the globally burgeoning AI tech market, including one of the world’s largest pools of IT and engineering talent and a fast-growing domestic market, according to a new report by Bloomberg from the annual Nasscom conference for leading tech executives.

Working against the country’s competitiveness with the US and China, however, a lack of infrastructure in India for training large-language generative AI models will force local developers to build smaller platforms, at least for now.

At the same time, startups such as Sarvam and Krutrim, which are backed by prominent investors such as Lightspeed Venture Partners and billionaire Vinod Khosla, are working to build large, open-sourced AI models customized for India.

“We will see two trends: eye-wateringly large language models—a thousand times larger—will get built. But bigger is not necessarily better,” DeepMind Technologies co-founder Mustafa Suleyman said  in a live video presentation during the Nasscom conference.

“Smaller, cheaper-to-run models, open-source models, will work very well,” he said.

AI LEARNING

Digital Marketing Institute Launches AI Certification Course

The Digital Marketing Institute (DMI) has launched its first AI certification course, in response to “overwhelming demand” from its most recent membership survey, which found AI to be the top skill members are seeking to develop this year.

DMI is a leader in its space, with over 300,000 members and partners in more than 150 countries.

According to the new AI curriculum’s promoters, the course will bridge knowledge gaps for marketers at all levels of experience, from junior through CMO levels, using a combination of hands-on practical lessons, toolkits and real-world examples.

“The course is designed to develop, enhance and optimize digital marketing activities, help students to understand and implement AI data-driven marketing, and get to grips with key AI tools like ChatGPT and Stability AI for research,” according to DMI.

TODAY’S MARKETING MASTER TIP:

Scott Abel, aka "The Content Wrangler," is a content expert who helps companies improve how they create and deliver marketing information. He's co-author of "Intelligent Content: A Primer" and "The Language of Content Strategy.”

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THAT’S ALL FOR TODAY, FOLKS!