Meta, the parent company of Facebook and Instagram, is introducing new artificial intelligence (AI) tools for businesses. These tools allow companies to generate images for advertising campaigns using AI-powered image expansion technology that resizes the image to fit different sizes. Additionally, businesses can provide text prompts to further customize their images, which will be available in the coming months.
In addition to these image creation features, Meta is also launching new text generation capabilities powered by its large language model Llama 3. This feature allows businesses to create ad headlines and main ad copy with the AI replicating the various tones and voices of different brands. This feature is currently being tested and is expected to be available worldwide by the end of the year.
The announcement of these new AI tools comes after Meta announced increased funding for AI innovation during its latest earnings call on April 24. The company plans to spend an additional $5 billion on developing new AI products for consumers, developers, businesses, and hardware manufacturers. By the end of this year, Meta’s spending on AI and its metaverse-development division Reality Labs is projected to range from $35 billion to $40 billion. However, despite this investment in AI, Meta’s stock price dropped by 15% following the announcement.
The focus on AI at Meta has raised questions about its profitability. Muddu Sudhakar, CEO of generative AI company Aisera, compared the current focus on AI to past technology shifts such as transitioning from on-premises solutions to cloud-based services or from desktop interfaces to mobile interfaces. He emphasized that AI was crucial for mega-tech companies like Microsoft, Google, Meta or Amazon who are investing billions of dollars in developing innovative products using this technology.
Overall, these new AI tools offer businesses a unique opportunity to create compelling advertising materials using advanced technology that can save time and resources while also increasing creativity and efficiency in marketing campaigns.
