[ad_1]
Jerusalem based unicorn Lightricks is mainly known for its lead Facetune app, which has become one of the most popular video and image editing mobile apps. Now several months after the company announced a round of layoffs, Lightricks is expanding its area of activity into the crowded field of desktop and web image and video editing. The company is also continuing to increase its focus on developing monetization tools for social media content creators and influencers.
In May 2022, Lightricks acquired Kodi Cat, a Beersheva studio of content developers specializing in web development. Lightricks declined to say how much it paid for the acquisition. Several months prior to that Lightricks acquired Popular Pays for several tens of millions of dollars – a Chicago-based company that acts as a kind of digital marketplace mediating between artists and influencers and brands. Lightricks CEO Dr. Zeev Farbman explained that the decision was due to the need to focus on the company’s new content worlds. He said, “We have been expanding our back-end and web ‘muscles’ for a long time, with the integration of AI.”
80% of the capabilities with 20% of the load
Lightricks was founded in 2013 and just two months later launched its first app – Facetune. While the leading editing software at the time such as Adobe’s Photoshop were complicated to use and appealed to professionals, Lightricks built a popular, more user-friendly app that was still powerful and impressive. The company is now trying to transfer this convenient functionality for desktop users as well: “We will try to take the value of AI technology and make products that give you 80% of the power of Photoshop and Adobe Premiere, but with 20% of their cognitive load. We will make products that are much simpler.”
Lightricks claims that it is the biggest player in mobile photo and video editing apps that require customer registration. The company’s apps hold about 20% of the market, which has annual revenue of $1billion….
..
[ad_2]
