{
  "docId": "019dd923-5e88-73ef-bd5d-0d0f98caffe1",
  "docSlug": "5df6bd1b0447b5f6",
  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
  "authorId": "AirStreetCapital",
  "authorName": "Air Street Capital",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "vc_research",
  "sourceTypeLabel": "VC research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.777,
  "pageNumber": 104,
  "pageCount": 313,
  "prevPage": 103,
  "nextPage": 105,
  "slideType": "industry_trends",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Includes a chart showing cumulative minutes generated by Synthesia.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "line_chart",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-0d0f98caffe1/104",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1#slide-104",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Market leaders ElevenLabs, Synthesia, Black Forest Labs are all well into hundreds of millions of annual revenue.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-41ac-7180-a824-42733247ad98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.3,
        "x": 0.65,
        "y": 0.4
      },
      "kind": "chart",
      "text": "Cumulative minutes generated by Synthesia",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "074b5585-7231-4fbf-8b4d-26db0ff669a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.2,
        "x": 0.76,
        "y": 0.43
      },
      "kind": "image",
      "text": "Synthesia product interface",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "966eda1b-b093-45a5-974b-231a591ef0f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.55,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "list",
      "text": "Synthesia crossed $100M ARR in April '25 and has 70% of the Fortune 100 as customers. Over 30M avatar video minutes have been generated by customers since launch in 2021.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bfb3346-d70c-4543-af04-53762ff4b271",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.55,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "list",
      "text": "Market leaders ElevenLabs, Synthesia, Black Forest Labs are all well into hundreds of millions of annual revenue. Moreover, this revenue is of increasingly high quality as its derived from enterprise customers and a long tail of >100k customers and growing.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46018fd9-0003-4e97-b0e2-230db92294f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.55,
        "x": 0.05,
        "y": 0.72
      },
      "kind": "list",
      "text": "Black Forest Labs is said to be at ~$100M ARR (up 3.5x YoY) with 78% gross margin including a large deal with Meta worth $140M over two years. Midjourney has also entered into a licensing deal with Meta.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be3538c6-15b9-4c68-8d27-161d1da5555e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.55,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "list",
      "text": "ElevenLabs grew annual revenue 2x in 9 months to $200M and announced a $6.6B valuation. Customers have created >2M agents that have handled >33M conversations in 2026.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8a24723-80aa-4f1c-9b3e-78d2ac658377",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cumulative minutes generated: $100M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-41ac-7180-a824-452b93caecc5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "title",
      "text": "Audio, avatar and image generation companies see their revenues accelerate wildly",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbc307e9-5123-43f5-964d-b4464b519e1b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 189,
      "from": 12,
      "beatId": "019dd95a-0682-776c-8e35-9f380673831f",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Facts (What)",
      "beatSlug": "triple-take-the-facts-what",
      "evidence": "Sections 1-2 lay out research findings and industry data with charts and case studies.",
      "position": 1,
      "confidence": 70,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    },
    {
      "to": 189,
      "from": 90,
      "beatId": "019dd95a-0682-776c-8e35-b06421e14afb",
      "arcName": "The Onion",
      "arcSlug": "onion",
      "beatName": "Deeper Layer",
      "beatSlug": "onion-deeper-layer",
      "evidence": "Industry section exposes economics, infra, geopolitics beneath research.",
      "position": 3,
      "confidence": 45,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}