• 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

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.

New changes

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

The cooperation

In September, Meitu joined Chinese social media and video gaming giant Tencent Holdings in backing AI chip start-up Enflame.

“We have struggled in the past few years and it wasn’t easy,” the firm wrote in a social media post on WeChat on Friday, highlighting its earnings results. “We returned to our original aspirations and focused on what we do best.”

Founded in Xiamen city in southeastern Fujian province in 2008, Meitu is best known for its so-called beautifying apps.

The company had around 250 million monthly active users by the end of last year. The number of paying subscribers rose more than 62% to 9.11 million, the firm said.

Meitu said it expects “more generative AI features to be launched in 2024, for both images and video use cases”.