Meta, the parent company of Instagram and Facebook, introduced a new AI model, known as Movie Gen, to the world on Friday. The impressive capabilities of Movie Gen sparked the interest of investors, causing Meta’s stock to surge by 2%.
Movie Gen has the ability to generate videos and audio based on the text prompt provided by users. It can create videos that can be up to 16 seconds long and audio with a length of up to 45 seconds. Additionally, Movie Gen can edit existing videos with the use of prompts.
“Our latest research breakthroughs demonstrate how you can use simple text inputs to produce custom videos and sounds, edit existing videos, or transform your personal image into a unique video,” Meta said in a press release.
Movie Gen will compete with similar AI models produced by startups like OpenAI and ElevenLabs. According to Meta, users prefer content created by Movie Gen over rivals in a blind test.
The company said that it is highly unlikely that the Movie Gen becomes available to developers for open use. Instead, the AI model will become part of Meta’s products.
Following the announcement, Meta’s stock jumped by 2% to improve to $594.04 per share. It is currently 71.54% up-year-to-date.