By This Hollywood
Copyright indiatimes
How AI could reduce the work week
AI and 3-day work week: Hollywood talent agent and sports mogul Ari Emanuel is betting big on a future shaped by artificial intelligence and the possibility of drastically shorter work weeks.Ari Emanuel Bets $3 Billion on AI, Shorter Work Weeks, and Live EventsEmanuel, who co-founded the sports and entertainment group Endeavor, has raised nearly $3 billion from investors for his new events venture, MARI, a move he says is premised on AI giving people more free time, as per a report.He highlighted that the world could be “down to four-day work weeks” in the coming years, adding that this could go “down to three with AI” as more people use the technology to expedite everyday tasks, as quoted by Financial Times. Emanuel pointed out that, “There’s going to be more free time,” as quoted in the report.MARI will host live events, including the Madrid and Miami tennis Opens, as well as the Frieze art fairs, which Emanuel acquired from Endeavor, as reported by Financial Times. On Wednesday, the company also announced it would purchase Barrett-Jackson, the collector car auction company, from Endeavor, as per the report.Emanuel has secured $2 billion in equity from major investors, including Apollo and the Qatar Investment Authority, along with another $800–900 million in debt to fuel the venture, reported Financial Times. He hinted that further acquisitions and investments are under consideration.Live EventsALSO READ: Buffett reveals his key rule for middle-class Americans – it could change your financesAI and Productivity Could Boost Leisure SpendingThe venture reflects Emanuel’s belief that as AI boosts productivity, people will have more time and money to attend live events, explaining that as AI increases productivity and gives people more time and money to “go out and do stuff”, as quoted in the report.He said, “If you believe the premise that humans are social animals, they’re going to have to do something. They can’t just sit at home, so they’ll go to music, they’ll go to sports and they’ll go to my live events,” as quoted by the Financial Times.ALSO READ: California cracks down: Ultraprocessed foods out of schools — here’s what kids can’t eatMARI Expands Emanuel’s Entertainment EmpirePrivate equity firm Silver Lake shares this vision, tying AI-driven productivity to increased leisure time in its backing of the proposed $55 billion takeover of video games maker Electronic Arts, according to the report.MARI is the latest chapter in Emanuel’s expansive empire. He recently stepped down as CEO of Endeavor after it was taken private for $25 billion by Silver Lake, but he still leads TKO Group, which owns the Ultimate Fighting Championship, World Wrestling Entertainment, and sports marketing company IMG, as per the Financial Times report.High-Profile Investors Back MARIMARI’s investors also include Ares Management, RedBird Capital Partners, media group IMI, and Los Angeles Times owner Patrick Soon-Shiong. Additionally, real estate billionaire Stephen Ross and Alibaba co-founder Joe Tsai have invested in the Miami Open alongside Emanuel, with Ross calling the tournament an opportunity to grow into a “premier sporting asset,” according to the Financial Times.FAQsWho is Ari Emanuel?He is a Hollywood talent agent and sports mogul who co-founded Endeavor.What is MARI?MARI is Emanuel’s new events company that hosts tennis Opens, art fairs, and collector car auctions.Add as a Reliable and Trusted News Source Add Now!
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onAri EmanuelHow AI could reduce the work weekAri Emanuel MARI new ventureHollywood mogul Ari Emanuel AI strategyAri Emanuel AI investmentHow AI could change work and leisure habitsImpact of AI on social and cultural activitiesLatest AI news today(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates….moreless