AI video generation — the business

Tuesday 30th January, 2024 - Bruce Sterling

From:, 29 January 2024

While 2022 kicked off the text-to-image craze and generated some incredibly iconic viral images like The Pope Drip, AI video generation will be a key trend to watch in 2024.

The tech will have major impacts across advertising, Hollywood, and other visual media industries.

And text-to-video is the new hotness with a mix of startups and big tech making moves.
ByteDance (parent of TikTok) introduced video model MagicVideo-V2 in January

Google introduced Lumiere to create realistic videos from text last week

Midjourney (bootstrapped and likely worth $10B) is releasing a text-to-video model in the coming months

There is also Pika (backed by Lightspeed), Moonvalley (backed by Khosla Ventures and Y Combinator), and Assistive — all founded in 2023

One of the biggest players in the space is Runway, which offers AI tools for creatives. It’s also released text-to-video models over the last year.

In May 2023, it raised $141M from Google, Nvidia, and Salesforce Ventures at a $1.5B valuation….