The artificial intelligence research company, Runway, known for its notable partnership with Lionsgate to train its AI model, has a massive 18,000-title movie and TV library. The company has come up with an emerging technology that will not only help fund filmmakers but also revolutionize movie creation, opening up a world of possibilities in the film industry.
Runway, operated by CEO Cristóbal Valenzuela, is not just another AI tool. It’s a revolutionary platform that uses artificial intelligence to create professional videos, setting it apart from the rest. Currently, the company’s Hundred Film Funds provides grants ranging from $5,000 to $1 million to hasten the production of movies, making it an exciting prospect for filmmakers.
The fund will have an advisory plan that includes some of the most respected names in the industry, such as the Tribeca Festival co-founder Jane Rosenthal, Television Academy emerging media exec Lee Storm, Company 3 founder Stefan Sonnenfeld, NVIDIA exec Richard Kerris, and artist Will.i.am. Their involvement ensures that the grant will be used to work on high-quality AI-powered films, leveraging Runway prominently within the project.
The AI project, Runway, counted Google, NVIDIA, and Salesforce Ventures among its investors in a $141 million fund last year, with Lionsgate on September 18, in which the studio grants the company access to its library. In the previous two years, Runaway has also organized an AI film festival, with sponsors including Goldman Sachs and Coca-Cola, encouraging the filmmakers to submit short films powered by artificial intelligence.
Deal With the Lionsgate
The pact with Lionsgate marks it as the first deal between a studio and an artificial intelligence firm. However, this attracted a heated debate emphasizing the potential ethical issues of using AI to mine films, TV, writing, and art for models. Some argue that this could lead to a loss of creative control and originality, while others see it as a necessary evolution in the industry.
Additionally, to keep up with the copywriting infringement, several companies filed lawsuits, while others chose to take cash from the firm.
Brands like Conde Nast, The Atlantic, Vox Media, and News Corp. have signed deals with artificial intelligence companies that allow publishers to involve their writing in the trained data. However, Hollywood studios have not announced a similar pact.
“The history of art is the history of technology, and these new models are part of our continuous efforts to build transformative mediums for artistic and creative expression. The best stories are yet to be told,” stated CEO Cristóbal Valenzuela in an interview with a media house.
