Walt Disney Co (NYSE: DIS) has selected three artificial intelligence companies as part of its five chosen startups for this year's annual business incubator program.
The AI-focused participants are AudioShake, known for its technology that separates music tracks using AI; ElevenLabs, which specializes in transforming text into speech with an AI voice generator; and Promethean AI, which assists companies in designing prototypes ranging from video games to motorcycles by searching digital archives, Bloomberg reports.
Disney's Accelerator program has provided mentorship and investment opportunities to innovative technology startups for a decade.
Notable past participants include Epic Games, the creator of Fortnite, which recently received a $1.5 billion investment from Disney.
The program facilitates collaboration between the startups and Disney employees, often leading to the development of products that Disney incorporates into its offerings. A prime example is the BB-8 toy droid from 2015.
The announcement of this year's participants, made by the Burbank, California-based entertainment giant, also includes Nuro, a company developing driverless delivery vehicles, and StatusPro, which offers immersive sports experiences through virtual reality.
Disney had also launched "Disney's Magic Words," an innovative advertising tool for Disney+ and Hulu, leveraging AI and machine learning to analyze scenes for targeted advertising opportunities.
The tool tags scenes with metadata to match commercials with specific moods or scenes and is currently in early beta testing with significant advertising firms like Omnicom and Publicis Media.
Amid a decline in traditional TV viewership and advertising revenue, Disney's move towards advanced streaming ad technology reflects a strategic pivot to align with the shifting landscape of the advertising industry.
Price Actions: DIS shares are trading higher by 0.62% at $108.34 premarket on the last check Thursday.