Home » Canva Announces New AI Design Tools As It Announces $2.7b In Annual Revenue

5 October, 2023

Canva Announces New AI Design Tools As It Announces $2.7b In Annual Revenue

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Aussie design platform Canva has launched Magic Studio, a comprehensive AI-design platform designed to create compelling content quickly, as well as fast-track first drafts and automate mundane tasks.

Magic Studio has several key functions including Magic Switch which instantly converts designs into a range of formats with one click. For example, a presentation can be easily swapped into an executive summary for a report.

Magic Media, meanwhile, allows users to turn text into photos or create videos from images or text using Gen-2, a video-generation AI model created by Runway. Magic Design lets users turn prompts or their own media into fully designed videos, presentations and more. Brand Voice serves as a copywriting assistant that can apply a brand’s tone of voice to any body of text.

It has also introduced Canva Shield, designed to give enterprises peace of mind when creating content. It gives team administrators full control over how Magic Studio products are enabled and used across the workplace and can toggle these features based on employee roles at any time. It also includes indemnification providing additional peace of mind for organizations creating content with AI.

The Surry Hills-based design firm also announced a $200 million commitment in content and AI royalties to be paid to the company’s creator community over the next three years. The Creator Compensation Program will pay Canva Creators who consent to having their content used to train the company’s proprietary AI models.

“A decade ago, Canva set out to empower the world to design by simplifying a complex and fragmented design ecosystem. As we go into the next decade of our journey, we’re incredibly excited to be taking a massive leap forward with the launch of Magic Studio – the first all-in-one suite of design AI tools created to supercharge the way teams create and scale visual content,” said Melanie Perkins, co-founder and CEO of Canva.

“With a focus on making complex things simple, Magic Studio has been built for the 99% of the world without complex design training. This launch marks the start of an exciting new chapter as we double down on empowering over 150 million individuals and thousands of businesses to unlock their creativity and achieve their goals.”

Canva has also been mooting the idea of floating on the US stock market but has not revealed any plans as yet. However, with the firm announcing today that it has generated some $2.7 billion in annualised revenue, up 21 per cent from its last report in March, it looks likely to be one of the most exciting listings in a very long time.

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