It's unlikely it will produce works that are doing new things and creating new styles because currently all AI has one thing in common - it's very good at replicating existing ideas and performing style transfer to blend those ideas. It's going to get better at those things but there's no reason to think that it will be truly creative in the sense of creating something that isn't a style transfer in the near future.

What it will do is create an incredibly low entry barrier to making truely creative work with a human in the toolchain at the highest levels of abstraction. You won't need to pay a team of actors and stage hands and audio people and editors etc. You'll be able to make world class cinema with a desktop PC and an AWS account. It'll probably result in a massive explosion of content (both good and terrible).

Once we create an AI that can be truly creative in the way specified above, I think it's about time for biological humanity to accept that our time as the most advanced intelligence in our little corner of the universe is over.

I'm fine with a young Jenna Jameson. The identity of the actors doesn't matter much.