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AIGC is dead? This may be the reason why VFX's share price fell more than 20% in the last three trading days

via:新浪科技     time:2022/11/25 14:02:26     readed:65

"Yesterday KTV today ICU" is a true reflection of the recent stock price trend of Vision China (000681.SZ).

In the last three trading days, Visual China's shares have fallen nearly 22 per cent. Just last week, the company's market value rose a staggering 41%.

An important reason for generating so much money in visual China in a short time comes from a relatively unfamiliar concept --AIGC (Artificial Intelligence-generated Content), which means generating content by artificial Intelligence technology. As for AIGC, Visual China said in its share price abnormal move announcement that its meta vision platform has published AI-generated digital art. At the same time, Visual China also stressed that the AIGC-related business is in the early stage and is not expected to have a significant impact on the company's financial situation in the short term.

In fact, AIGC's contribution to Visual China's performance is limited, as well as that of other companies in the A-share market, because the technology is not yet officially on the road to commercialization.

AIGC is regarded as a new type of content creation after professional Produced Content (PGC) and user Produced content (UGC). Currently, it is mainly used in text, graphics, video, audio, games, and virtual people. The reason for the sudden popularity of this technology is that in August of this year, a contestant with no painting background submitted AIGC's painting "Space Opera" to the Emerging Digital Artists Competition in Colorado, USA, but won first prize in the Digital Art/Digitally retouched Photo category of the competition.

However, at present, AIGC is not widely used in commercial applications. It is mainly used in shallow level document capture. Its accuracy in long text generation needs to be improved, especially in semantic level and text continuity accuracy. In addition, in terms of AI painting quality, it is far from the standard of art level. At the present stage, AI painting mainly matches materials according to user needs and then combines them. The resultant paintings will have a sense of patchwork and disharmony.

Therefore, AIGC can only serve as an efficiency tool, which is engaged in auxiliary production work. In fact, the Space Opera confirms this, which is not entirely a product of AIGC, but a combination of the two with manual polishing. According to the participants themselves, it took more than 80 hours, more than 900 corrections, and several weeks of selection and adjustment before the final work was finished. It can be said that the success of Space Opera is not entirely due to AIGC. In addition, the award was controversial in the industry, with one artist saying "we are witnessing the death of art." Therefore, if AIGC technology is to be commercialized, it needs to overcome not only technical difficulties, but also social acceptance and recognition.

In addition, it should be noted that AIGC technology itself actually has many contradictions with the existing way of making money in Visual China.

With the application of AIGC technology, users can generate the pictures they want with one click according to their preferences through the platform, which will inevitably involve the copyright issue of AI pictures. If the owner of the platform image material sues the AI image producer for copyright claims, it is difficult to define the platform's liability or the user's liability according to the current law, because AIGC cannot be called the "author". If the platform is found responsible, Vvision China may face economic losses.

More importantly, Visual China is an enterprise that relies on copyrighted pictures as its main source of income. If users can rely on AIGC technology to generate the pictures they want, who will pay high copyright fees to buy the pictures of Visual China? This may affect the performance of Vvision China's main copyright business, which is the biggest contradiction facing the company in the development of this road. It is undoubtedly a stone to drop on its own feet.

As can be seen from the data of the third quarter of this year, the operating revenue of Vvision China in the first three quarters was 528 million yuan, with a year-on-year growth of 0.68%, due to the impact of the epidemic on the business activities of some customers in their industries or regions. The net profit of the mother decreased 46.74% year-on-year to 80,331,500 yuan. Visual China's revenue source is almost entirely dependent on material copyright.

Thus, Visual China still attaches great importance to digital copyright business. If the company vigorously develops AIGC business in the future, before copyright issues and laws are perfected, it is equivalent to overtaking the competitive advantage of all the copyright wealth accumulated by the company in the past. If the company continues to vigorously develop the copyright business customers by increasing the cost of sales and other expenses, it is contradictory to develop the AIGC business at the same time.

Perhaps sensing this, VCG's share price in recent days has returned to where it started when the market was hyping its AIGC business.

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