Canva is now leaning on AI amid the valuation decline and the intensifying competition among photo/video editing tools.
The Australian online design platform's co-founder and Chief Product Officer, Cameron Adams, revealed this and highlighted the benefits of AI tools in Canva and other similar firms.
Canva Leans on AI Amid Valuation Decline, Rising Competition
According to Nikkei Asia's latest report, there's a sharp fall in Canva's valuation. This should not be taken lightly, especially since editing software competition is rising.
Adams said that the Australian tech firm hopes AI can help Canva regain its valuation and attract more enterprise clients.
"I think there is a real opportunity cost in organizations and individuals not keeping up with the latest technologies," said Canva's CPO via Nikkei Asia.
He added that they saw great productivity and huge business gains through AI tools. Adams claimed that companies not taking advantage of the rise of artificial intelligence will soon be left behind by firms that do so.
Recently, the World Economic Forum released its 2023 Future Jobs report. This survey asked over 800 companies regarding their opinions on the rise of AI and other similar innovations.
Over 74% of WEF survey respondents expect to adopt artificial intelligence in the next five years. Meanwhile, 25% are not optimistic about AIs since they believe this technology could trigger more mass layoffs.
Unlike them, Cameron Adams expressed positivity regarding the integration of AI.
"I think there is a real opportunity cost in organizations and individuals not keeping up with the latest technologies," he explained.
Read Also : iPhone Manufacturer Foxconn Subjected to Tax Audit, Land Use Investigation in China: Report
Canva Recently Released New AI Tools
The Verge reported that Canva launched new AI tools for its 10th birthday celebration. This is specifically the Magic Studio, an AI-powered design tool suite.
The features that Canva's Magic Studio offers are expected to make content creation more accessible to clients, even those with no editing experience.
Canva said that the Magic Studio suite is the world's most comprehensive AI design platform that individual users and organizations can use.
One of the tools that the Magic Studio provides is the Magic Switch, which can transform an existing design into another format. If you want to learn more about Canva's AI innovations, you can click this link.
