AI-driven equity disruption was everywhere this past week, spreading like wildfire beyond software into insurance, commercial real estate, financials, shipping, wealth management, and likely many more industries in the coming trading sessions.
One industry in the crosshairs of AI disruption is Hollywood. Some of the publicly traded studios include The Walt Disney Company, Warner Bros. Discovery, Paramount Global, Sony Group Corporation, Netflix, Lionsgate, and others.
On Friday, Axios reported that the Walt Disney Company sent a cease-and-desist letter to ByteDance, alleging that the Chinese tech firm has been infringing on its films to develop Seedance 2.0 without compensation.
Disney’s outside attorney, David Singer, wrote a letter to ByteDance global general counsel John Rogovin, accusing the AI company of “pre-packaging its Seedance service with a pirated library of Disney’s copyrighted characters from Star Wars, Marvel, and other Disney franchises, as if Disney’s coveted intellectual property were free public domain clip art.”