In collaboration with a prominent video game company, we conducted three large-scale randomized field experiments to investigate the impact of generative AI on email marketing. AI-revised content, AI-human collaborative emails, and personalized emails were sent to over 1 million users. Our findings consistently demonstrate that AI-driven content optimization and personalization significantly enhance short-term marketing outcomes, though their effects on long-term customer retention and performance vary. For example, AI-revised emails increased open rates by up to 22% and click rates by up to 20%. These results highlight the transformative potential of generative AI in email marketing, offering valuable insights into how generative AI can transform organizational strategies. Our paper quantifies the benefits of AI in email marketing and explores the mechanisms through which AI enhances user engagement and retention.