Google launches cheaper Veo 3 Fast for quick business video creation

Google dropped prices and boosted speed for business video creation with its new Veo 3 Fast model launched Wednesday via the Vertex AI platform.

The new Veo Fast costs $0.40 per second with audio and $0.25 without sound. This makes it significantly cheaper than the flagship Veo 3, which charges $0.75 per second with audio.

Companies have already created over six million videos using Veo models since June. The technology generates 1080p HD videos with synchronized lip movements and background sounds in a single step.

“The rapid advancements from Veo 2 to Veo 3 within such a short time frame on this project have been nothing short of remarkable,” said Julie Ray Barr, Senior Vice President at BarkleyOKRP advertising agency.

Major companies are using the technology for practical business needs. Design platform Canva integrated Veo 3 to help users create marketing videos. Trading platform eToro produced 15 different language versions of one advertisement using the artificial intelligence (AI) system.

Cameron Adams, Canva’s Chief Product Officer, said the technology helps users “bring their ideas to life in the highest quality video and sound.”

Veo 3 Fast balances speed with quality for companies that need quick turnarounds. Businesses can test different ad concepts rapidly or turn product photos into demonstration videos.

“Veo 3 lets us tell more stories, in more tongues, with more impact,” said Shay Chikotay, Head of Creative at eToro.

Since launching in May, Veo 3 models have created over 70 million videos globally. Enterprise customers account for six million of those videos during the beta testing period.

Veo 3 Fast fits businesses that need frequent content updates. Marketing teams can respond to trends quickly by generating new ad variations. Training departments can create educational videos without lengthy production schedules.

The technology also works well for creating content in multiple languages. Companies can make one video and then generate versions with different spoken languages in a nick of time.

Google will add image-to-video capabilities in August, allowing users to upload a photo and add text instructions to create eight-second video clips.

Google made both Veo 3 and Veo 3 Fast available to all developers through Vertex AI. Previously, companies needed special access to use the beta versions.

Every video generated gets a digital watermark through Google’s SynthID technology. This helps identify AI-generated content and combat fake videos.

Google provides legal protection for business customers. The company will cover legal costs if customers face copyright lawsuits related to their AI-generated videos.

The launch positions Google to compete directly with other AI video companies. OpenAI’s Sora focuses on longer clips but lacks built-in audio generation.