Vimeo’s New Move – New AI Tools Are Set To Hit The Game

Vimeo, the famous video-sharing platform, recently announced the launch of AI-powered tools. This trio of tools - a script generator, a teleprompter, and a text-based video editor, will be available for users from July 17, 2023, onwards.

These tools will cater to novice video creators who often grapple with challenges like skill proficiency, resources, and time.

The script generator leverages the OpenAI API and generative AI technology to craft video scripts. It just needs a brief description and key inputs like tone and length.

On the other hand, the in-built teleprompter provides an adjustable script display with customizable font sizes and pacing. The text-based video editor automatically detects and eliminates filler words and awkward pauses from the video content.

Introduced as a part of the company's standard plan with a subscription cost of $20/month, these new tools will streamline the video production process.

An Efficiency-boosting Innovation

Internal data from Vimeo reveals that 50% of its customers carry out multiple takes while creating a video. Moreover, 25% of those who reshoot their footage do more than five takes.

Ashraf Alkarmi, Vimeo's Chief Product Officer, believes these new AI-powered features will significantly reduce such efforts and enhance video production efficiency.

Video production, being the most effective way to communicate powerful messages, inherently creates barriers to this preferred communication channel. Our latest AI-powered workflow reduces those barriers, giving any creator the confidence to create videos in one take.Ashraf Alkarmi

He expects that these new tools will help to wrap up a multitude of tasks, including the creation of highlight reels, virtual event hosting, etc.

There's a common misconception about Vimeo - it's been popular as a hardcore entertainment hub. However, the platform has a number of unique goals. For example, it wants to assist businesses in using video as an influential means of communication.

The company claims that, like text and images, videos can also cater to both internal and external audiences. With the launch of these new tools, Vimeo is seemingly trying to achieve the said goal.

The Continued Venture

Vimeo's investment in AI is not new. Back in 2019, the company acquired Magisto, a firm developing AI tech for video editing. The company's Create tool was developed based on the Magisto infrastructure. It enabled users to create videos while merging stock photos and videos along with personal archives.

It seems that AI is still a focal point for Vimeo's future developments. In fact, Vimeo claims that this focus aligns it with growing competition. Notably, this competition includes both startups and incumbents like Capsule, Descript, Dumne, and Adobe.

Vimeo has seen a rough beginning this year - it laid off approximately 11% of its workforce.

However, the tides appear to be turning, potentially due to the platform's renewed investment in AI.In its latest earnings report in May, the company exceeded expectations. It reported around $103.58 million in revenue against a consensus estimate of $103.07 million.

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