Facetune creator Lightricks to split company

The Israel-based creator of the Facetune photo-editing app, Lightricks, is splitting its consumer app business from its generative AI video platform LTX, according to an internal ‌memo seen by ⁠Reuters, ⁠as reported in the Economic Times. The move was made to better position itself to capture the growth and investment in artificial intelligence as it reshapes traditional software businesses. According to the report, Facetune is a profitable software product generating about $100 million in profits ​last year, according to a person familiar with the matter.

The report noted the business-to-business LTX unit has attracted more interest than the mature, business-to-consumer Facetune app, as investors seek the potential for outsized returns they think AI will generate.