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Chinese selfie app Meitu finds a new way while using artificial intelligence

AuthorBTW Editorial

Reading Time2 min

PublishedMarch 18, 2024

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Headline

Context

OUR TAKE Meitu hailed the success of its refocus on artificial intelligence (AI) following a series of misfired bets ranging from cryptocurrencies to smartphones. This Hong Kong-listed company, which saw its profits surge 233% year on year to US$51.3 million and revenue grow nearly 30%, highlighted the role of AI in boosting its earnings. -Jennifer YU, BTW reporter On Friday, Chinese selfie app giant Meitu announced that it had more than tripled its net profit last year after introducing artificial intelligence.

Evidence

Pending intelligence enrichment.

Analysis

Meitu’s business-facing graphics design platform X-Design, powered by AI, made over 100 million yuan in revenue in 2023, up nearly 230% from a year earlier, the company said. In June, Meitu launched its self-developed generative AI model MiracleVision, which powers a range of AI features in the firm’s apps, including facial feature adjustments and virtual make-up. Around 83% of the photos and videos edited by Meitu apps are now enhanced by AI, it said. Also read: Oracle adds generative AI features to finance, supply chain software In September, Meitu joined Chinese social media and video gaming giant Tencent Holdings in backing AI chip start-up Enflame.

Key Points

The introduction of Sora has forced China’s AI industry to catch up to the latest tech
Chinese selfie app Meitu finds its footing with AI, as profit triples after a raft of failed bets
In June, Meitu launched its self-developed generative AI model MiracleVision, which powers a range of AI features in the firm’s apps