Chinese tech company Meitu has unveiled a string of artificial intelligence-powered tools covering visual creation, commercial photography, professional video editing and commercial design, as it is banking on fast-growing AI-generated content.

Wu Xinhong, founder, chairman and CEO of Meitu, said the demand for video creation tools is surging amid a new AI wave triggered by ChatGPT, and the company will expand its footprint in business-to-business segment.

Wu said as of June 18, the number of Meitu's VIP users has risen to 7.19 million. Last year, the revenue of its VIP subscription business increased 57.4 percent year-on-year to 782 million yuan ($109 million), surpassing the online advertising business for the first time and becoming the largest revenue contributor for the company.

The application of AI technology will bolster Meitu's VIP subscription and SaaS, or software as a service business, as well as further stimulate users' paying willingness, Wu said.

He added that the AI tools will also lower the threshold of content creation and improve production efficiency of the imaging industry to let more people enjoy the dividends brought by AI.

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