California: A new Hollywood startup, Promise, backed by former News Corp President Peter Chernin and venture capital giant Andreessen Horowitz, aims to reshape the entertainment industry by using generative AI (GenAI) tools to create films and television series.
The company announced on Tuesday that it had completed a successful fundraising round and would be developing a multi-year slate of content in collaboration with Hollywood stakeholders. Promise was founded by industry veterans George Strompolos, CEO of Fullscreen, former YouTube executive Jamie Byrne, and AI artist Dave Clark.
Promise’s top innovation lies in Muse, a production software that integrates GenAI in all stages of content development. It’s designed to help artists and facilitate workflow, given the massive interest Hollywood studios are showing in harnessing AI to minimize costs and hasten timelines.
It is the company’s first public launch, and it is generating waves in the entertainment sector as generative AI remains on an upward curve. Last month, OpenAI unveiled Sora, a tool that can create high-quality videos from text inputs, sparking discussions between Hollywood executives and Microsoft-backed OpenAI on potential partnerships. Adobe made headlines last month by rolling out a text-to-video AI model to the public.
Promise aims to leverage this wave with a perfect blend of advanced AI technology and innovative storytelling. The company is well-supported and well-connected in the industry and is on its way to revolutionizing the dynamic nature between artificial intelligence and entertainment.
This new development in Hollywood shows the industry’s increased dependence on technology to meet present demands and showcases how GenAI can revolutionize the filmmaking process.
Disclaimer: The news articles published on Growing Pro Technologies are based on reports from reputable third-party sources and are not original reporting by Growing Pro Technologies. While we strive to ensure accuracy and integrity, we cannot guarantee the completeness or timeliness of the information provided.
