Large tech companies are racing to launch new artificial intelligence products and services to capture market share. Most recently, Amazon.com Inc (NASDAQ: AMZN) announced its beta software of a new video-generating tool powered by AI in a blog post on Thursday.
The product allows advertisers to create videos for customers through Amazon's AI software. Amazon's new offering could rival Adobe Inc's (NASDAQ: ADBE) text-to-video service, Firefly, which is set to launch in beta at some point this year, according to The Verge.
Amazon's new video generator will be available in beta to select advertisers. Companies will be able to use Amazon's AI systems to create videos to advertise their products at no additional cost.
"Video generator is another meaningful innovation that leverages generative AI to inspire creativity and deliver more value for both advertisers and shoppers," Amazon Ads vice president of product and technology Jay Richman said.
Amazon and Adobe are not alone in the AI-powered video generator space. Other companies, like OpenAI, have also teased technology allowing users to create videos through simple text prompts such as "dog running through a field."
What Is Amazon Ads? Amazon Ads is the company's advertising arm, offering various marketing strategies and solutions to companies of all sizes. According to its website, companies can launch an advertising campaign through Amazon Ads in five minutes or less.