Chinese selfie app Meitu finds its footing with AI, as profit triples after a raft of failed bets
- Meitu saw its profits surge 233 per cent year on year in 2023, while revenue grew nearly 30 per cent
- The Hong Kong-listed company credits a pivot to artificial intelligence for boosting its earnings
Chinese selfie apps giant Meitu on Friday posted a more than three-fold jump in net profit last year, as the company hailed the success of its refocus on artificial intelligence (AI) following a series of misfired bets ranging from cryptocurrencies to smartphones.
The Hong Kong-listed company, which saw its profits surge 233 per cent year on year to 368.3 million yuan (US$51.3 million) and revenue grow nearly 30 per cent, highlighted the role of AI in boosting its earnings.
X-Design, Meitu’s business-facing graphics design platform powered by AI, made over 100 million yuan in revenue in 2023, up nearly 230 per cent from a year earlier, the company said.
In June, Meitu launched its self-developed generative AI model MiracleVision, which powers a range of AI features in the firm’s apps, including facial feature adjustments and virtual make-up. Around 83 per cent of the photos and videos edited by Meitu apps are now enhanced by AI, it said.
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“We have struggled in the past few years and it wasn’t easy,” the firm wrote in a social media post on WeChat on Friday, highlighting its earnings results. “We returned to our original aspirations and focused on what we do best.”