The video content creation industry in India has exploded in recent years, fueled by the country's booming digital economy and the rise of social media and online streaming platforms. The video content creation industry in India is poised for continued growth and success in the years to come. VideoVerse is a prominent market player in this industry offering AI solutions for content creation. Rajeev Ranjan, Editor, Digital Terminal recently talked to Vinayak Shrivastav, CEO & Co-founder, VideoVerse. He talked about their offerings, growth opportunities, future plans and much more. Read the conversation below.
Rajeev: Kindly brief us about VideoVerse and its specialization. What was the mission/aim while setting up this company?
Vinayak: VideoVerse is a company that specializes in AI solutions for enterprise videos and video editing. Founded in 2018, the company has quickly established itself as a major player in the industry, serving a diverse range of customers including linear broadcasters, OTT players, sports clubs and leagues, marketing agencies, e-gaming platforms and more. The company's flagship product, Magnifi, is focused on AI solutions for enterprise videos, while its other product Illusto, is focused on empowering individual content creators.
The endeavor to create exciting content with AI technology and make video editing more accessible to everyone was the goal of the company. Our aim has been to build the next-generation video editing ecosystem to handle every use case in the post-production process. We worked towards a vision of revolutionising the viewership of all types of content and helping content-driven industries and individuals make an impact across all media genres. The company's global customer base has enabled it to gain valuable insights into the day-to-day problems faced by its customers, which it aims to be solved using the latest technology. By leveraging AI, VideoVerse can provide cutting-edge solutions that make the video editing process more efficient and effective. Overall, VideoVerse as a company is dedicated to creating innovative products that make video editing seamless and hassle-free.
Rajeev: According to you, what is the role of AI & ML in the future of video content creation in India? How do you look at the opportunities?
Vinayak: The role of AI and ML in the future of video content creation in India is poised to be significant. These technologies have the potential to revolutionize video creation by automating tasks and assisting creators in making data-driven decisions. With the help of AI and ML algorithms, video creators can analyze viewer behaviour, preferences, and engagement levels, and use that information to create personalized and engaging content for their audiences.
Moreover, AI and ML can assist creators in identifying trending topics, keywords, and video formats that are most likely to appeal to viewers. This can help creators to create content that caters to niche audiences, thus enhancing their engagement levels. With the implementation of AI and ML in video creation, content creators can streamline the video production process and reduce their workload, resulting in a more efficient and cost-effective process. In summary, the role of AI and ML in the future of video content creation in India will be instrumental in making the video creation process more efficient, personalized, and engaging for viewers, thereby benefiting the creators, viewers, and the industry.
I see a huge potential for AI and ML in the future of video content creation in India. With the increasing availability of data and advanced algorithms, AI and ML can revolutionize video production, from scripting to editing and post-production. Furthermore, AI and ML can automate repetitive and time-consuming tasks such as subtitling, video editing, and sound mixing, freeing up time for creative professionals to focus on producing high-quality content. AI-powered tools can also help content creators to identify potential copyright infringement issues and ensure compliance with intellectual property laws.
Overall, the opportunities of AI and ML in video content creation in India are vast, and their adoption can help to accelerate the growth of the industry and create new avenues for revenue generation
Rajeev: Please tell about your products that you are offering currently. How these products help your customers?
Vinayak: At VideoVerse, we offer two powerful products that utilize cutting-edge artificial intelligence (AI) and machine learning (ML) technology to revolutionize content refinement and consumption for our customers. Our products, Magnifi and Illusto, each have their unique features and benefits.
Magnifi is designed for enterprises, particularly in sports, media and entertainment, news, and other industries. It provides real-time video highlight technology, which uses advanced face and image recognition, vision models, optical character recognition, audio detection, and natural language processing (NLP) to automatically identify and extract the most relevant moments from video content. This helps our customers save time and effort in manual video editing, enabling them to quickly create engaging highlights that can be shared across various platforms, enhancing their content production workflow, and improving viewer engagement.
Illusto is our web-based video editor that serves as an intuitive tool for users to create videos on the go and share them across various social media platforms such as Instagram, Snapchat, and more. Illusto offers a user-friendly interface with a range of editing features, including text overlays, filters, transitions, and more, making it easy for users to create professional-looking videos without the need for advanced video editing skills. Illusto helps users create captivating videos that stand out in the crowded social media landscape, enabling them to express their creativity and connect with their audience.
Overall, our products are designed to simplify content creation and distribution processes, leverage AI and ML technologies for advanced content refinement, and empower our customers to create and share compelling content across multiple platforms. Whether it's real-time video highlight generation with Magnifi, multi-platform live streaming and easy-to-use video editing with Illusto, our products are tailored to meet the diverse needs of our customers and help them achieve their content creation goals efficiently and effectively.
Rajeev: How is VideoVerse transforming the video content industry with its advanced products?
Vinayak: VideoVerse is revolutionizing the video content industry with our advanced products by addressing the challenges of live sports highlights and social content creation. One of the key challenges in live sports analysis is the accuracy and recall rate of the sport detection model. Changes in camera recording angles or focus can lead to recognition anomalies, especially in sports like cricket where bowler action detection is critical. Similarly, in football, camera motion or changes in the position of the ball can result in lower detection accuracy.
To tackle these challenges, we have developed a deep learning model that is trained using sample data from live events. This data is verified and used to improve the speed and accuracy of our models. In addition to video analysis, algorithms for audio and visual-based analysis are also added to enhance the accuracy of our models.
Inference speed is crucial in live sports analysis, as the analysis needs to be completed with minimal latency, often at frame rates of 30-50 fps. VideoVerse leverages high-performing GPU machines deployed on cloud platforms to ensure rapid deployment and processing of video content.
VideoVerse has also introduced innovative product features, such as “Ai Powered ball tracking” to ensure the key movement is always centred in the frame, an "Auto-flip" aspect ratio that converts videos into mobile-optimized formats, and auto-production of mobile-friendly Web Stories for sports. These features enable content creators to quickly generate engaging and optimized video content for mobile platforms.
Revolutionizing viewership, enabling the transition to new-age formats and empowering content creators to tell better stories that impact and deliver on measurable goals is our focus; and we have created radical machine learning algorithms and a holistic video technology ecosystem that delivers dynamic video content in engaging and cost-efficient, easy to use formats.
Rajeev: What are your expansion and growth strategies for 2023?
Vinayak: In a short span of our operations, we expanded our presence across the globe with offices in the U.K, France, U.S., Israel and India. We are also working actively to support our growth vision and our recent acquisition of Reely.ai, a prominent Esports AI-Powered content creation platform based in the US; a step towards adding more offerings for the industry. All our teams are actively working towards building and enhancing our current AI capabilities adding new use cases and industry-specialized solutions that can help businesses utilize and monetize their video content.
