Runway is an applied AI research company that is advancing creativity in art, entertainment, and human creativity. They offer a variety of AI tools that allow users to generate videos, images, and customize AI models. One unique feature is the ability to synthesize new videos with text prompts, essentially creating new footage without actually filming anything. Users can also erase objects or people from videos, create slow-motion effects, and remove backgrounds. Runway"s AI research aims to revolutionize storytelling and they provide tools for global brands, enterprises, and creatives to tell their stories. They also have a production division called Runway Studios and host an AI Film Festival to showcase the art and innovation in AI filmmaking.