Much has been said about AI-powered films that can either build a synthetic human that can talk on command or make a real person speak other words or languages. Several years ago, retired football player David Beckham contributed to the idea’s popularization with a Synthesia video in which he talked in various languages as part of a Malaria charity effort.
These products have many practical uses in addition to being a source of gimmicks and more serious misinformation, and the business is increasing. This year, Synthesia raised $90 million for its platform, which is utilized for producing product videos and other content because of its ability to create tailored films from simple text. It has now successfully raised a grand sum of $156.6 million.
Although it is feasible to produce these movies, doing it millions of times for millions of different products is difficult and frequently involves human labor.
A German business called Oxolo, based in Hamburg, has discovered a creative method for achieving this by utilizing generative AI.
This is how it goes: Suppose a business wishes to do corporate training. It may create a video for a certain employee type using Oxolo, depending on factors such as management level, gender, area, etc. Then, movies that automatically compare their performances may be sent out. When a video loses an employee’s interest, it is immediately changed and replaced with a more effective one. For instance, the same method may be applied to make better-performing product videos.
Elisabeth L’Orange, co-founder and CCO of Oxolo stated over the phone that “other platforms have avatars and possibly templates, and you have to put in the text manually.” You just put a product URL, such as one for socks, into Oxolo, press produce, and you will receive the whole product video. You can change it, but you are not required to add anything. You don’t have to consider what to do consciously.
L’Orange, a previous venture partner with Neuhaus Partners, and Heiko Hubertz, the former CEO and creator of Bigpoint Games, co-founded Oxolo. According to Oxolo, the AI can incorporate human-based avatars, context, text-to-speech, and graphics.
Due to this rather magical strategy, Oxolo has recently secured a €13 million Series A fundraising round from DN Capital. German angel investors Mischa Rürup, Alex Täubert, Thomas Hagemann, Christian Vollmann, Johannes Plehn, and Stefan Wiskemann participated.
Market Growth Reports projects that the market for tools that enable the generation of video advertising content will be worth $1.0-$1.5 billion in 2023 and will increase to $3.4 billion in 2028 and $4.3 billion by 2030 at a CAGR of 15-20%.