South Park Commons Raises India-Specific Fund, Targets $40 Million
Silicon Valley collective South Park Commons sets sights on Indian market with new fund, aiming to support early-stage startups in the region.
Starfolk
The upcoming Super Bowl LIX is expected to be a showcase for artificial intelligence, with a record number of AI-focused ads set to air during the big game. According to Mark Evans, executive VP of ad sales for Fox Sports, AI "will be coming like a freight train" and has already attracted over 10 advertisers willing to pay a whopping $8 million for 30-second spots.
This surge in AI ad buys marks a significant shift in the advertising landscape, particularly when compared to the decline in ad buys from movie studios and streaming companies. Evans attributed this decline to the lingering effects of the COVID-19 pandemic and the 2023 Hollywood strikes, which were partly motivated by concerns over the potential loss of work and income to AI models.
The record-breaking ad buys are a testament to the growing interest in AI technology, despite some critics labeling it an "over-hyped bubble." However, it's worth noting that the popularity of AI ads may not be a long-term trend, as evidenced by the brief crypto craze during the 2022 Super Bowl, which failed to carry over to the following year.
One ad buyer revealed that Fox had re-sold around 10 slots after brands like State Farm withdrew from their two slots, citing the recent fires in LA as the reason. This highlights the dynamic nature of the advertising landscape, where brands are constantly reassessing their marketing strategies.
The increased focus on AI ads during the Super Bowl also reflects the current moment, where AI technology is increasingly being integrated into various aspects of our lives. As the technology continues to evolve, it will be interesting to see how advertisers choose to leverage it in their marketing efforts.
In related news, Super Bowl LIX will also be streamed for free on Tubi, marking a significant milestone in the evolution of sports broadcasting. As the media landscape continues to shift, it's clear that AI will play an increasingly important role in shaping the future of advertising and entertainment.
Silicon Valley collective South Park Commons sets sights on Indian market with new fund, aiming to support early-stage startups in the region.
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