AI unlocks creation of video content without having to film, Synthesia CEO says

Introduction

British AI startup Synthesia has introduced a slew of new features, including the ability to create AI avatars using webcams and phones. The company, which is backed by Nvidia, is targeting large firms as its future clients. Joining us now is Victor Riparbelli, the CEO and co-founder of Synthesia. Victor, thank you so much for joining us today.

Overview of AI and Video Production

When asked about Synthesia's role in the AI space, Victor Riparbelli explained that there is a growing desire for people to consume content through watching and listening rather than reading. Producing video content for enterprises can be extremely expensive, both in time and financial resources. Due to these high costs, most enterprises default to text-based communication methods like PowerPoints, slide decks, and emails, even though they prefer video. AI technology unlocks the creation of video content without the need for filming, making the process much faster and more efficient for communication and knowledge sharing.

Cost Efficiency

In terms of cost efficiency, Riparbelli compared the traditional process of creating an avatar through studio filming, which could cost around $ 1,000, to Synthesia's technology, which allows for more or less free creation of avatars under an Enterprise plan. The avatars can be created from home, recorded with a phone or webcam, and are ready in less than 24 hours. These avatars can speak in multiple languages, including the original language recorded and 29 others, all using the user's own voice.

Growth Barriers and Market Landscape

Synthesia has been operational for eight years and initially faced technological barriers. Building the necessary technology was challenging in the early years, but AI has advanced significantly over the last two to three years. Cultural barriers also posed a challenge, as people were initially skeptical about AI-generated videos. However, this has changed with the widespread acceptance and excitement around AI, particularly thanks to developments like ChatGPT.

Market Dynamics

Riparbelli states that Synthesia is now in a stage where the market dynamics are comparable to any other market. With technological and cultural barriers largely crossed, the focus now lies on delivering the best product at the best price to customers worldwide. Currently, Synthesia works with almost 60% of the Fortune 100 companies, and Riparbelli sees significant growth potential in these partnerships.

Financial Insights

When asked about profitability, Riparbelli did not disclose specific financial details but emphasized the importance of building a solid business rather than just a vehicle for raising VC funds. In terms of further monetization, Riparbelli highlighted the potential of evolving video into a medium where users can have interactive and personalized experiences. This opens up entirely new possibilities beyond traditional video creation and distribution.

Adoption and Market Concerns

Regarding adoption barriers, Riparbelli noted that enterprises are eager to adopt AI but are cautious about the sequencing of implementation. Products that can demonstrate immediate business value are likely to be more successful. Synthesia is designed to show its business value within a short amount of time.

Ethical Concerns

The conversation also touched on the ethical dimension of AI, particularly around non-consensual content. Synthesia has established an ethical framework ensuring that avatars are only created consensually, requiring a verification process akin to opening a bank account. However, the issue of deceptive practices, such as creating voices that sound like well-known personalities, remains complex and nuanced.

Nvidia Partnership

Nvidia's investment in Synthesia has brought various benefits beyond financial backing. Nvidia's AI research labs and expertise in training large models provide valuable know-how, making Synthesia a better customer and partner.

Conclusion

In closing, the relationship between Synthesia and Nvidia exemplifies a symbiotic connection, propelling the advancement and adoption of AI technologies.

Keywords

AI Avatars
Video Content Creation
AI Technology
Victor Riparbelli
Synthesia
Nvidia
Enterprise Communication
Business Efficiency
Technological Barriers
Ethical AI
Market Landscape
Financial Insights
Adoption Barriers

FAQ

Q: What new features has Synthesia introduced?
A: Synthesia has introduced AI avatars that can be created using webcams and phones, as well as new multilingual capabilities.

Q: How does AI make video content creation more efficient for enterprises?
A: AI reduces the time and cost associated with traditional video production, allowing enterprises to create video content more efficiently.

Q: What technological and cultural barriers has Synthesia faced?
A: Initially, technological challenges in building AI capabilities were significant. Cultural barriers involved skepticism about AI-generated videos, which has decreased with increasing AI adoption.

Q: How does Synthesia ensure ethical use of AI?
A: Synthesia requires a verification process to create avatars, ensuring consent and adherence to ethical guidelines.

Q: What is the nature of Synthesia's partnership with Nvidia?
A: The partnership includes not only financial backing but also access to Nvidia's AI research labs and expertise in training large models, creating a mutually beneficial relationship.

Q: Are companies reluctant to adopt AI due to high costs?
A: While high interest rates and cost concerns exist, companies that can demonstrate immediate business value from AI are likely to see more rapid adoption.

Q: How does Synthesia plan to further monetize its technology?
A: By evolving video into a medium that allows for interactive and personalized experiences, opening new market opportunities.

Q: What kind of companies does Synthesia currently work with?
A: Synthesia works with nearly 60% of the Fortune 100 companies, highlighting the broad enterprise adoption of its technology.