Caroline Hyde

The best way really to think about a lot of the research is you need to conduct multiple experiments through multiple months.

And there's a lot of learnings within how you run those experiments.

And I think what we're kind of proving is

that infinite resources, I mean, you're right, we're definitely not in the smallest side of a company, but we're not a trillion dollar or $4 trillion company, yet still managing to outcompete the resources of those companies is kind of insane, to be honest.

And I think a lot of it has to do with the experiments and the research taste, which is if you're running all these experiments, how do you make sure they're effective and efficient?

And I think that's something we've done really well, which is focusing a lot on pre-training.

Gen 4.5, apologies, has been released to your enterprise customers straight away.

What's the business model for it?

How do you guys monetize on top of that?

You've just talked a lot about research.

I mean, it's pretty straightforward.

We have subscriptions and we have credits that people can buy to use the model.

We're releasing this model to gaming companies, to studios, to brands, to production companies, to creators around the world.

We have tens of millions of users actively using Runway.

And again, the efficiency side is not only coming from the pre-training or the training set of things.

We've also been incredibly efficient in deploying the models.

We partner with NVIDIA for a lot of this work.

And we managed to get really good performance of inference.

And so we actually make money every time you use the model.

And that's, I think, a remarkable feat, not only on how we think about the research that needs to be done, but also the market and deploying this so the unit economics make sense.