We explore the macro and micro impacts of AI on media and marketing, starting with whether AI’s use in manufacturing and service industries leads to new and better stuff to sell, with more challenger brands. Within agencies, clients and media owners, where are the easy and the big automation wins? How much faster can we influence people and move them through the funnel, and does AI open the way to true personalisation? To what extent can we reduce creative cost and/or increase creative impact? We review the AI-driven effectiveness and efficiency gains possible for an average brand or performance campaign, and how easy it is to provide a per-campaign ROI for the addition of ‘AI’. Where AI enables the same media-driven business outcomes at less cost, does that money get re-invested in media or moved to product innovation, CRM and CX? Do we need that money to stay in media to pay for AI investments? Finally, is there a chance that AI leads everyone to the same strategies and client uplifts, so nobody achieves true long-term competitive advantage from the AI media revolution?