By Terry Hu, AI Product Manager at Playsee
Today, artificial intelligence (AI) has become an integral part of professional and everyday activities. Specifically, generative AI combined with other technologies can add up to 3.3 percentage points to productivity growth annually across diverse industries. In the realm of social media, companies and small businesses are progressively leveraging the prowess of AI to connect with consumers through content that is more impactful because it resonates on a more personal and localized level.
The social media market is estimated to grow to 5.85 billion users by 2027, up from 4.9 billion users recorded in 2023 globally – which means that there is still great potential for growth, and for social media platforms as businesses are trying to reach the growing consumer market. That said, many social platforms are implementing AI features to allow both individuals and businesses to have a more personalized experience and a more effective way of creating content and connections with other users.
For example, in the traditional social media landscape, users often consume content beyond their daily reach or things that have little relevance to their everyday lives. In modern social media platforms, social apps are having a more neighborhood-centric focus on highlighting local happenings and fostering connections in nearby communities. Playsee’s AI chatbot AILEX leverages generative AI to instantly share local recommendations and experiences, so users can connect with content that is more relatable and relevant to them, without having to sift through mountains of reviews or websites. The focus on making recommendations in users’ surroundings gives their social media content and search results an additional layer of meaning.
In addition to creating efficiency for individuals, generative AI fundamentally enables businesses to reduce the time and money needed for content creation. In 2024, the use of generative AI will be an integral part of the media and creator economy, unlocking creative potential and efficiency.
Whilst AI may increase business efficiency in general, industries in the consumer markets are some of the biggest benefactors of the use of generative AI technology. Bars and restaurants, travel and tourism companies, as well as local or small businesses such as Main Street retailers or automotive shops can all leverage generative AI to make their creative and marketing efforts more efficient and personalized.
On social media, we are seeing apps create innovative AI features. Playsee’s AI chatbot AILEX provides bespoke, neighborhood-centric recommendations for users. Other platforms even have AI profiles that can engage in conversation or produce generated media for users. We are seeing a rise in the use of AI-generated social media content from businesses, marketers, and everyday users. This indicates that there is a trend in the acceptance of AI-generated content both from consumers and businesses. Going forward, consumer industries that embrace the change and utilize AI-generated recommendations and content will be the beneficiaries of this tech trend. In particular, if they focus their efforts in creating engaging and more personalized content to connect with users on social media, they will tap into the immense amount of opportunity to reach potential new customers as the market grows.
In summary, industries in the consumer markets will reap big-time rewards of generative AI on social media, if they’re game to adopt the technology. In particular, even small and local businesses can leverage AI to create personalized content to reach their customers. As we move forward, we can predict that there will be a more general acceptance and normalization of AI-generated content and even chatbots from consumers, creators, and businesses.
Terry Hu is the AI Product Manager at Playsee, a social media platform that enables discovery and community connections within your surrounding area. Terry’s work has a focus on the app’s AI feature AILEX – an AI chatbot and friendly companion that provides local lifestyle suggestions to users.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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