Lightricks, an Israeli developer known for the Facetune app, is shifting its focus to generative AI and laying off 70 employees, about 12% of its workforce, due to underperforming app operations. The company is reducing activity on some end-user apps like Photoleap and Videoleap to invest in Studio LTX, an AI-based system for the film and television industry. This new platform allows for video creation through voice command and has received positive feedback from artists. Lightricks plans to enhance its AI capabilities in its main app, Facetune, while scaling back on other editing apps facing competition from AI products. This strategic shift follows a previous round of layoffs two years ago and reflects the company’s commitment to innovation in the AI space.
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Source link: https://en.globes.co.il/en/article-lightricks-to-focus-on-ai-and-lay-off-70-employees-1001483107
Lightricks to focus on AI, lay off 70 employees. #restructuring
