Israeli video and image editing mobile apps developer Lightricks, which has developed the popular Facetune app, is changing its business focus to generative AI at the expense of some of its app operations, which have not met growth targets. As part of the move, Lightricks is laying off 70 employees, representing 12% of its global workforce.
Two years ago, Lightricks, led by cofounder and CEO Zeev Farbman, dismissed 80 employees including 70 in Israel. At that time, Lightricks, which is headquartered in Jerusalem, had 680 employees in its development centers and sales offices around the world.
In addition to the layoffs, Lightricks will reduce activity around some end-user apps, such as photo editing app Photoleap and video editing app Videoleap, and will transfer some of the employees to the new activity that was launched two months ago, Studio LTX - an AI-based system for the film and television industry. The platform makes possible the creation of video clips and even complete scenes using voice command, with a quality sufficient for internal production needs.
The product has received positive reviews from the artist community, and now Lightricks is intensifying efforts and investment in the field, at the expense of end-user editing apps, which face fierce competition from new AI products. According to the company, it will continue to develop its main app Facetune, and "will work to promote and deepen the capabilities of the AI integrated into the apps."
Published by Globes, Israel business news - en.globes.co.il - on July 1, 2024.
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