Thursday, 22 June 2023, Bengaluru, India
Vimeo, a platform for sharing and hosting videos, uses AI heavily. This Monday, the business unveiled a set of AI-powered tools that would assist users in writing scripts, using a built-in teleprompter to record footage, and editing long pauses and unwelcome pauses like “ahs” and “us” from the recordings. As part of Vimeo’s Standard package, which costs $20 per month (paid annually), they will be accessible beginning in July.
The new features are intended for entry-level video creators, such as CEOs, employees, and social media managers, who need more knowledge, time, and resources to get the results they desire, according to Ashraf Alkarmi, chief product officer at Vimeo.
According to internal data, 50% of Vimeo’s customers use numerous takes to create a video, and 25% of those who reshoot do so with more than five takes. Alkarmi wrote in an email to TechCrunch, “Video production inherently poses a barrier to this chosen communication channel while being the most effective means to transmit compelling information. Our current AI-powered workflow lowers those obstacles, empowering creators to produce videos in a single take.
To achieve this, Vimeo has developed a new script generator that makes use of generative AI, more precisely the OpenAI API, to generate a video screenplay based on a brief description and essential inputs, such as tone (for example, “confident,” “inspiring,” or “casual”) and length.
The text-based video editor automatically detects and removes filler words and uncomfortable pauses. At the same time, the teleprompter tool offers a script display that can be adjusted with varying font sizes and pacing.
Alkarmi observes that the tools are utilized to produce highlight reels swiftly, organize online conferences or business meetings, and export quote clips for quick commercials.
We’ve come a long way over the years, but one of Vimeo’s biggest fallacies is that we’re an entertainment powerhouse, Alkarmi added. Our mission is to assist any organization in using video as a potent means of internal and external communication, much like they do with words or images.
Of course, using AI to accomplish those goals is on-trend. Alkarmi points out that Vimeo has been investing money into AI for a while. The business purchased Magisto in 2019, which was creating AI technology for video editing. The Magisto infrastructure, which enables users to create videos by assembling stock images and videos as well as personal archives, was the foundation upon which Vimeo developed its Create tool.
Alkarmi anticipates that Vimeo will continue to prioritize AI in the future. That makes sense from a competitive perspective. Many firms, such as Capsule, Descript, and Dumme, offer AI-powered video editing solutions. The same goes for industry leaders like Adobe, which, like Vimeo, sees AI as a crucial component of future video editing operations.
Alkarmi stated, “I envision a future when AI expertise is a necessary, not a luxury, to video production. We’re just touching the surface of what AI can accomplish for businesses and the people within them. “AI is a priority for me and my product team not because it’s the newest technology trend but because it answers our customers’ problems. You can anticipate more offerings from our team as we strive to integrate AI into our product portfolio in a way that streamlines video and distinguishes end-to-end customer journeys.
With about 260 million users, publicly traded Vimeo had a difficult start to the year, eliminating about 11% of its personnel. However, things seem to be improving — perhaps partly due to the platform’s increased AI efforts. The company exceeded expectations in its most recent earnings report in May, reporting revenue of about $103.58 million as opposed to the consensus forecast of $103.07 million.
[Source of Information: Techcrunch.com]
