What is Runway AI?

Business / By / September 2, 2023

Runway is an AI research company with a mission to democratize the use of artificial intelligence in creative endeavors. It was founded in 2018 by a team of artists including current CEO Cristóbal Valenzuela, Alejandro Matamala, and Anastasis Germanidis. 

The company’s core product is a browser-based video editing platform that utilizes AI and ML algorithms to automate or enhance the editing process. This enables artists with little prior experience to create content that would once have required expensive software or talent.

Within Runway’s platform there are over 30 so-called “AI Magic Tools” such as motion tracking, audio clean-up, colorize, subtitle creation, frame interpolation, instant rotoscoping, and background removal with Green Screen.

However, most users will want to try the image-to-image, text-to-image, and video-to-video tools which enable them to produce video content from scratch. Some of these tools have also been used in other generative AI products such as DALL-E, Midjourney, and Runway’s own deep learning model Stable Diffusion.

Gen-1 model

In February 2023, Runway released a mobile app with access to the Gen-1 video-to-video AI model. Users were able to record a video and create an AI video in a matter of minutes, and there was also the ability to use an existing video and transform it with text prompts, images, or style presets.

For example, a user could upload a video of someone cycling through a park and ask the model to apply an aesthetic, theme, or filter. Some of the available options include claymation, paper and ink, watercolor art, paper origami, and charcoal sketch.

Certain prompts such as those related to nudity or copyrighted material are banned, and each video takes around two to three minutes to create.

Gen-2 model

Released around a month later, the Gen-2 model was the first to enable users to create videos from scratch. According to Runway, Gen-2 can consistently and realistically devise new videos by “applying the composition and style of an image or text prompt to the structure of some source video (Video to Video). Or, using nothing but words (Text to Video).

Some of the example prompts on the company’s website Include:

  • Mode 01 (Text to Video) – The late afternoon sun peeking through the window of a New York City loft, and
  • Mode 02 (Text + Image to Video) – A low-angle shot of a man walking down a street, illuminated by the neon signs of the bars around him. 

There are also six other modes associated with features such as masking, rendering, storyboarding, and enhanced customization.

How does Runway AI make money?

Runway AI is free to use for casual users who want to explore the numerous AI Magic Tools and content creation features. However, this is limited to 3 projects, 5GB in assets, and 125 credits, with these credits equivalent to 8 seconds of generated video or 25 image generations.

For those who desire more functionality, there are three options:

  1. Standard ($12 per user per month) – the Standard plan offers 625 credits each month with the ability to buy more if needed. Users can produce videos in up to 1080p with unlimited projects, up to 7 editors, and the ability to upscale and remove watermarks.
  2. Pro ($28 per user per month) – the Pro plan offers 2250 credits per month (160 seconds of video or 450 image generations) with 500GB worth of assets and up to 15 editors. There is also the option to train custom AI generators.
  3. Enterprise (prices available on request) – for teams and organizations that need robust, secure, custom flexibility at scale. Also on offer are internal tool integration, enterprise-wide support, and model customization.

Key takeaways:

  • Runway is an AI research company with a mission to make content creation accessible to everyone. The company does this by using advancements in computer graphics and machine learning to lower barriers to content creation and increase creativity. 
  • Runway released a mobile app with access to the Gen-1 video-to-video AI model in February 2023. Users could record a video and create an AI version in a matter of minutes or use an existing video and transform it with text prompts, images, or style presets. The Gen-2 model was released a month later, enabling users to create videos from scratch.
  • Runway AI is free to use for casual users who want to explore the numerous AI Magic Tools and content creation features. But there are also three paid options for those who desire more functionality or want to create longer duration videos.

Key Highlights:

  • Founding and Mission: Runway is an AI research company founded in 2018 by artists including CEO Cristóbal Valenzuela, Alejandro Matamala, and Anastasis Germanidis. The company’s mission is to democratize the use of artificial intelligence in creative endeavors, making content creation accessible to everyone.
  • Core Product and Tools: Runway’s core product is a browser-based video editing platform that leverages AI and ML algorithms to automate and enhance the video editing process. The platform offers over 30 “AI Magic Tools” such as motion tracking, audio clean-up, colorization, subtitle creation, and more. These tools simplify complex editing tasks, allowing users with limited experience to create professional-looking content.
  • AI Magic Tools: Among the AI Magic Tools are image-to-image, text-to-image, and video-to-video tools. These tools enable users to create content from scratch, transforming images or text prompts into videos. The Gen-1 model was released, allowing users to create AI videos quickly by applying various styles or themes to existing videos.
  • Gen-2 Model: Runway’s Gen-2 model further expanded content creation capabilities. It enables users to create videos from scratch by applying the composition and style of image or text prompts to the structure of a source video. This text-to-video and video-to-video transformation enhances creativity.
  • Monetization Strategy: Runway AI offers a free tier with limited usage for casual users. For users seeking more functionality, Runway offers three paid plans:
    • Standard Plan: Offers 625 credits per month for $12/user/month, enabling users to produce up to 1080p videos with unlimited projects and other features.
    • Pro Plan: Priced at $28/user/month, this plan offers 2250 credits per month (160 seconds of video or 450 image generations), additional asset storage, and the ability to train custom AI generators.
    • Enterprise Plan: Tailored for teams and organizations, this plan offers advanced features, custom flexibility, enterprise-wide support, and model customization. Pricing is available upon request.

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About The Author

Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
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