Synthesia, a Nvidia-backed artificial intelligence startup, has unveiled a range of new product updates that enhance its video production capabilities.
These updates position Synthesia as an all-encompassing video production suite for large companies, expanding beyond its original offering of AI-generated avatars.
Features And Tools of New Product
One of the new features introduced by Synthesia is its ability to create multilingual video presentations, where users can choose to produce Apple-style key presentations using AI avatars, using smartphones or webcams for video creation.
It eliminates the need for actors to visit a designated studio for avatar creation. By recording less than five minutes of footage, users can now create AI-generated avatars that speak in multiple languages. This innovation significantly reduces the cost and time associated with video production.
In addition to the webcam and smartphone capabilities, Synthesia has introduced "full body" avatars with hands and arms. This advancement expands the range of expressions and movements that can be conveyed by the avatars, enhancing their realism and human-like qualities.
Another noteworthy feature is Synthesia's screen recording tool, which utilizes an AI avatar to guide users through the content they are watching. Whether it is a tutorial, a training video, or an explanatory presentation, the AI avatar can effectively guide viewers through the content.
Synthesia's Evolution and Use Cases
Synthesia initially started out targeting Hollywood agencies and high-budget video production companies. The company developed computer vision technology to improve lip-syncing in AI-dubbing tools.
However, Synthesia quickly recognized the potential for democratizing video creation. They realized that there were millions of individuals and businesses who wanted to create videos but were limited by budget constraints. This shift in focus led to the development of Synthesia's AI avatar technology, which has since been adopted by nearly half of the Fortune 500 companies.
“What was more interesting was the democratization aspect of: There are millions of people in the world who want to make the video, but they’re not making a video today because they don’t have the budget,” Riparbelli told CNBC in an interview at the firm’s London office.
Additionally, AI avatars enable the generation of promotional material in the form of videos, offering a more engaging and impactful medium compared to traditional text-based communications.
Synthesia is positioning itself as an enterprise-focused product that delivers lasting business value. The company aims to provide tools and workflows that help businesses achieve their goals and improve productivity.
Meanwhile, Synthesia is also facing competition from other players such as Veed, Colossyan, Elai, HeyGen, and the Chinese-owned social media app TikTok, which recently introduced Symphony Assistant.
In terms of revenue generation, Synthesia employs a subscription pricing model that offers various plans to cater to different needs. Pricing ranges from $22 for a "starter" plan to $67 for a "creator" plan. Custom "enterprise" plans are also available, allowing for flexibility in pricing based on negotiations with Synthesia's sales team.