ByteDance has recently added a video-generation capability to its AI chatbot Doubao, which is powered by a large language model similar to ChatGPT. This new feature allows users to convert text or images into lifelike video clips and is currently in the testing phase for select early adopters [b62451a0]. As of October 2024, Doubao has been ranked as the most popular AI app in China, reflecting the growing demand for innovative AI solutions [b62451a0].
The introduction of video generation aligns with CEO Liang Rubo's emphasis on the need for faster adaptation to new technologies, as competition in the AI space intensifies. Notably, both Doubao and ByteDance's CapCut surpassed ChatGPT in global downloads in July 2024, showcasing their rapid growth in user engagement [b62451a0].
In addition to Doubao, ByteDance launched the Jimeng AI video app in mid-2024, which features upgraded video generation capabilities. The competitive landscape includes Kuaishou Technologies, which launched its Kling platform in June 2024, further highlighting the race among tech companies to dominate the AI-assisted video creation market [b62451a0].
The market for AI-assisted video creation in China is projected to reach 9.3 billion yuan (approximately US$1.3 billion) by 2026, indicating significant growth potential in this sector [b62451a0]. As companies like ByteDance and Kuaishou innovate and expand their offerings, the landscape of generative AI continues to evolve, presenting both opportunities and challenges for existing players in the market [b62451a0].