Chinese selfie app giant Meitu said new image-and-video-editing tools powered by artificial intelligence (AI) helped the company triple its profits last year, in stark contrast to how many other firms struggle to monetise the technology through their own generative AI initiatives, reports the South China Morning Post. Citing its preliminary assessment of unaudited accounts, Hong Kong-listed Meitu estimated net profit last year to be between RMB 330 million and RMB 370 million ($46.36-$51.98 million), up more than 200% from 2022’s net profit of RMB 111 million, according to the company’s statement last week.
The surge in profits was attributed to its generative AI-based image and productivity tools that include Action, which enables users to produce narrated videos, and X-Design, a platform that allows users to create graphics design for posters of products and services.
Both of those tools “exceeded expectations” in terms of user growth and subscription conversion, according to Meitu.