Runway, a startup specializing in AI video generation, has launched Gen-3 Alpha Turbo, a faster version of its AI model. The new model is reportedly 7x faster than the original Gen-3 Alpha and will be available at lower prices.

Gen-3 Alpha Turbo enables users to generate new videos in "real time," producing a 10-second video in just 11 seconds. The model is expected to be priced at around seven credits per second or possibly as low as five, compared with the current Gen-3 Alpha model which costs 10 credits for every one second of video generated.

Analyst QuickTake: Runway aims to increase overall usage and spending on its subscription plans or a-la-carte generation "credits" model by offering faster video generation. The company believes this strategic move will help maintain its position as a leader in providing highly realistic, Hollywood-quality AI video models. GenAI video creation has seen a rise with new models from major players like OpenAI's Sora and Google's Veo, reflecting growing advancements and competition in the video AI industry.