Blumhouse Teams Up with Meta to Create AI-Generated Horror Flicks
As Halloween approaches, Blumhouse is venturing into a new realm of filmmaking by collaborating with Meta Platforms (META) to develop an AI movie generation system. Investor reactions have been positive, leading to a slight rise in Meta’s stock during Thursday’s trading session.
Blumhouse’s Leap into AI Filmmaking
Blumhouse Productions has made a name for itself with popular horror series like The Purge and Five Nights at Freddy’s. Now, its partnership with Meta could be one of its most intriguing ventures yet. Reportedly, Blumhouse will utilize Meta’s Movie Gen platform, which enables users to create their own video and audio clips based on a simple prompt.
Meta sees this tool as a serious competitor to offerings from other tech firms like ElevenLabs and OpenAI. With Blumhouse’s experienced team experimenting with the platform, there’s potential for valuable insights into its capabilities. Jason Blum, the company’s CEO, believes that generative AI can support human creativity, yet some critics argue this technology might ultimately diminish the human aspect of storytelling.
Meta Faces Legal Challenges
At the same time, Meta is dealing with a lawsuit involving attorneys general from 34 states. They allege that Meta has played a role in a youth mental health crisis by making social media addictive for children, according to a report from Bloomberg.
A federal judge in California, Yvonne Gonzalez Rogers, has decided to allow parts of this case to proceed. She noted that Meta’s “yearslong public campaign of deception” regarding the dangers of social media could constitute a valid claim. However, the provision of Section 230 in the Communications Decency Act creates significant limitations on such claims.
Market Outlook for Meta Platforms
Wall Street analysts currently rate META stock as a Strong Buy. This consensus includes 42 Buys, four Holds, and one Sell in the latest three months. Over the past year, Meta’s share price has surged by 83.47%. Analysts anticipate an average price target of $621.71 per share, suggesting a potential upside of 7.19% from its current price.
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