Despite being considered a gold standard in AI video generation, Runway is facing increasing competition from rivals like OpenAI and Pika. The partnership with Musixmatch is part of Runway's expansion strategy to maintain a competitive edge and possibly gather more data to introduce new features for its video generating AI software.
Key takeaways:
- AI video startup Runway is partnering with Italian music tech startup Musixmatch, giving musicians and artists access to Runway’s latest AI video generating model, Gen-2.
- Artists will be able to generate AI videos with Gen-2 that will be synced to the lyrics of their songs using Musixmatch’s platform, potentially speeding up the creation of “lyrics videos”.
- Several high-profile artists including A$AP Rocky, Madonna, Ye (formerly known as Kanye West), and Jared Leto’s rock band 30 Seconds to Mars have already used AI video generation programs for their music videos.
- Despite being viewed as the gold standard in AI video generation, Runway is facing increasing competition from other AI video generation startups like OpenAI and Pika.