DreamWork co-founder Jeffrey Katzenberg addressed a Bloomberg New Economy panel on Thursday, stating that AI would cut the cost of making animated films by 90%.

According to Jeffrey Katzenberg, a longtime industry executive, with the way things are going with artificial intelligence (AI), creating a blockbuster animated movie will cost a lot less.

Katzenberg was on a panel discussion on Thursday and was heard saying that there will be no other industry other than the entertainment and media industries that will be most impacted by the introduction of AI. He further added that what used to take about 500 people to do in the olden days, with the help of AI, a world-class production would only need 10% of that number three years down the line.

72-year-old Katzenberg, who rose to prominence in the entertainment industry as a production executive at the famous Walt Disney movie studio, before co-founding DreamWorks with filmmaker Steven Spielberg and Hollywood executive David Geffen, said that the adoption of AI will accelerate the entertainment industry’s digital transformation.

The executive was joined on the panel hosted by Bloomberg New Economy Forum on day two in Singapore by many other global business leaders to address the importance of emerging technologies and the ways they could change and impact the way people live and work on a daily basis.