Contrary to the prevailing belief that gig work and employee bargaining power would decline in the post-Covid era, a team led by equity strategist Edward Stanley contends that multi-earning has evolved into an enduring growth trend, with generative AI serving as the distinguishing factor.
Morgan Stanley projects that generative AI programs, such as ChatGPT, could potentially reshape the landscape of the side-hustle economy, propelling it into a $1.4 trillion industry. In their base-case scenario, the bank anticipates generative AI boosting gig workers’ income by $83 billion, equivalent to a 21% increase, and by a substantial $300 billion in a more optimistic bull-case scenario.
Morgan Stanley also conducted a survey among gig workers, revealing that a striking 93% of content creators and 90% of e-commerce sellers reported increased monthly income attributable to this technology.
The research note offered three practical examples illustrating how multi-earners are leveraging generative AI to enhance their earnings. One user, Leonardo Sousa of HustleGPT X, shared his experience of instructing ChatGPT to guide him in maximizing $100’s potential returns.
Morgan Stanley’s perspective is clear: side hustles are here to stay, with an overwhelming 93% of creators and 90% of e-commerce sellers incorporating AI to augment their revenue streams.
However, skepticism surrounds these claims, as the Financial Times has raised questions about the accuracy of the report. They point to the limited availability of robust data supporting such assertions, highlighting the possibility of respondents overestimating their AI-driven earnings.
While AI undeniably fuels the side-hustle economy — exemplified by the genesis of this very newsletter as a side hustle enabled by AI — the true long-term value that gig workers and side hustlers can generate remains uncertain.
In summary, while there is ample opportunity to harness AI for side hustles, it might be premature to bid farewell to traditional employment just yet.