In order to analyze the impact of the development of artificial intelligence (AI) on the innovation efficiency of cultural media companies, this study takes A-share listed companies on the Shanghai and Shenzhen stock exchanges in China from 2010 to 2023 as samples, and uses a two-way fixed effects model for empirical analysis. The research results indicate that the development of artificial intelligence has significantly improved the innovation efficiency of cultural media companies, and this finding remains robust in various sensitivity checks. The development of artificial intelligence can improve the innovation efficiency of cultural media companies by alleviating financing constraints, improving information transparency, enhancing human capital, and increasing analyst coverage. Further analysis shows that ESG performance and the level of artificial intelligence transformation can positively regulate the impact of artificial intelligence on innovation efficiency. Heterogeneity analysis shows that the promoting effect of artificial intelligence is more pronounced in first tier cities, mature cultural media companies, cultural media companies with high resource allocation, and areas with weak intellectual property protection.
