ByteDance launches AI video app to rival OpenAI
Shanghai: ByteDance has released an expansion to its AI software that can generate videos based on text prompts, joining the growing number of China-based technology companies releasing rivals to OpenAI’s text-to-video model, Sora.
Jimeng AI, developed by ByteDance-owned Faceu Technology, was released on the Chinese App Store on Tuesday, August 6.
OpenAI, which is heavily backed by Microsoft, showed off the power of its Sora model in February, which is now in the testing phase. The impressive model is able to generate short video clips from a user’s text prompt as well as extend existing videos.
Since the unveiling, a flurry of Chinese technology companies have been racing to develop and release similar tools to the market.
The release of OpenAI’s ChatGPT in 2022 sparked an AI race between Big Tech and start-ups wanting to release their own version.
Chinese companies are looking to be the first to market in the text-to-video space.
Research and analysis company GlobalData forecasts that the overall AI market will be worth $909 billion by 2030, having grown at a compound annual rate of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8 billion in 2022 to $33 billion in 2027, a CAGR of 80%.
GlobalData said GenAI will impact every industry and become a catalyst for broader AI capabilities such as machine learning and computer vision.
Throughout the rest of 2024, the number of live AI implementations is expected to grow exponentially in the corporate space, particularly in the fields of customer experience and marketing.
