Meta Platforms Inc. has been busy further strengthening its artificial intelligence sector with major investments, acquisitions and partnerships. The company has taken aggressive steps to expand its AI capabilities. So far, it has placed $14 billion in AI investment firm Scale AI and purchased the AI voice technology startup Play AI. All of these moves underscore Meta’s desire to make major moves on the development of its technological base in the quickly developing world of AI.
The partnership with Midjourney, a company co-founded in 2022, marks a pivotal moment for Meta as it seeks to compete with industry leaders in AI image and video models. Midjourney exploded onto the scene and soon became a household name in the AI image generation world. Its immersive, grounded aesthetic and artistic themes proved revolutionary and certainly made waves with users and competitors. This creative partnership will tap into Midjourney’s cutting-edge artistic potential. With each other’s support, we’ll build amazing products that can compete with OpenAI’s Sora, Black Forest Lab’s Flux, and Google’s Veo.
In June, Midjourney debuted its first AI video model, V1, noticeably broadening what the service could do. The startup currently is living through a once-in-a-career growth spurt. It’s projected to bring in $200 million by the end of 2023. Midjourney actually has really affordable subscription plans, starting at only $10 per month. If you want to level up your image generation, you can subscribe to premium tiers, climbing as high as $120 a month.
Meanwhile Meta’s CEO, Mark Zuckerberg, has reacted to the new competition for AI talent by doubling down on this trend and going on a hiring spree. Some of the researchers have accepted compensation packages worth more than $100 million, highlighting how cut-throat the industry is in competition for top talent. To further strengthen its AI infrastructure across an ecosystem including Facebook, Instagram, and Messenger, Meta is on a hiring blitz for AI talent. Homegrown AI To better facilitate the demands for personalized visuals, they recently released their own AI image generation tool – Imagine.
Despite its rapid rise, Midjourney faces challenges. The company is currently embroiled in legal disputes with Disney and Universal, which allege that Midjourney trained its AI image models using copyrighted works without permission. In an ever-growing space, this legal scrutiny complicates Midjourney’s operations as it attempts to carve out its place in the market.
Meta has apparently been interested in buying Midjourney since last summer. This step has the potential to shift the competitive landscape in the rapidly evolving field of AI. Talks between the two companies have already confirmed Meta’s intention to double down on its position in the ever-competitive AI landscape.
“To ensure Meta is able to deliver the best possible products for people it will require taking an all-of-the-above approach.” – Alexandr Wang
Despite all that drama, Meta is going all-in on artificial intelligence. By collaborating with cutting-edge AI companies such as Midjourney, it is positioning itself as a key global player in the race for tech supremacy. How all these investments and collaborations will pan out remains to be seen. They surely do serve as a formal statement of intent and commitment to lead the way on AI’s next wave of breakthroughs.