TikTok Launches AI-Powered Video Platform

15th November 2024

2 minutes read

TikTok Launches AI-Powered Video Platform

TikTok, owned by ByteDance, has announced the launch of its platform for creating AI-generated videos, named Symphony Creative Studios.

Previously, the platform had unveiled a new creative content suite called Symphony, aimed at helping businesses, creators, and agencies design high-quality, engaging content tailored to their brands.

The suite includes Symphony Creative Studios, Symphony Assistant, Symphony Digital Avatars, and TikTok Ads Manager, according to Reuters.

Symphony Creative Studios, which also features a virtual assistant, helps users automate tasks for content creation on the platform.

The company stated that it offers features such as converting text inputs into videos, creating editable previews to finalize content, remixing videos, generating digital avatars, translating, and more on TikTok.

In related news, Zhang Yiming, the founder of ByteDance, TikTok’s parent company, recently topped the Hurun list of China’s richest individuals, with a personal fortune of $49.3 billion. He surpassed peers in the real estate and renewable energy sectors, Reuters reported.

At 41 years old, Zhang stepped down as ByteDance CEO in 2021. He is now the 18th individual to top the list of China’s richest people in the 26 years since the Hurun list’s inception.

Zhang outpaced bottled water mogul Zhong Shanshan, who dropped to second place after his fortune decreased by 24%, now valued at $47.9 billion.

Despite legal battles over its assets in the U.S., ByteDance’s global revenues grew 30% last year to $110 billion, boosting Zhang’s personal wealth.

Tencent founder Pony Ma ranked third, while Colin Huang, founder of PDD Holding, fell to fourth place, even as revenue for his company’s e-commerce platforms, Pinduoduo and Temu, continued to grow.

The number of billionaires on the list dropped by 142 to 753, marking a decline of more than a third from its 2021 peak.