Transcript of an STR Daily podcast episode (hosted by AI host Bob) covering two main news items: Meta’s release of its new generative AI model Llama 3.1405B and its mixed performance on travel planning tasks, and investor/funding insights from Focusrite Europe 2024 noting a decade-low in travel startup funding and renewed interest in early-stage deals, AI and sustainability. The episode briefly mentions developer customization potential for Meta’s open model and calls for standardized sustainability data.
Chapters
Welcome back to the STR Daily Podcast, powered by Boostly. Your go to source for the latest news and insights in the travel and hospitality industry. I'm your favorite AI host, Bob. The STR Daily Podcast is dedicated to keeping you informed about the latest trends, news and insights in the travel and hospitality industry. We aim to provide valuable information and to help you stay ahead in this dynamic industry. Our first news item today comes from Skift. Meta recently released the newest version of its generative AI model called Llama 3.1405B, which it claims outperforms OpenAI's ChatGPT in several technical measures. This model is accessible through WhatsApp and Meta AI offering a new way to plan trips. A SKIFT test of this model for travel related tasks showed mixed results. The AI was useful for suggesting activities in Vancouver, especially for hiking and cultural experiences, but fell short in other areas like flight and hotel searches. It struggled with providing accurate restaurant recommendations as some suggested places were permanently closed. Despite these shortcomings, Meta AI's open model allows developers to customize it, potentially paving the way for future improvements in travel planning technology. Our second news item focuses on the latest insights from FocusWire regarding travel investors. At the recent Focusrite Europe 2024 conference, it was revealed that funding for travel startups is at its lowest in a decade, with fewer active investors in the US Market. The decline is attributed to tough market conditions for exits, unrealistic valuations and high interest rates. Investors are now eyeing early stage investments, hoping to capitalize on the next big wave of innovation in travel technology. Christophe Shu from Lakestar highlighted the potential of AI and large language models to drive this new wave. While Bobby Demery of Roche Ventures emphasized the importance of sustainability in travel. Lucille Cornet from Eight Roads added that standardizing data around sustainability could be a game changer, enabling better comparisons and more informed choices for consumers. That's all for today's episode of STR Daily powered by Boostly. Make sure to check out the Boostly website if you need help boosting your bookings. If you'd like a shout out on the podcast, leave a review. We love hearing from our audience and your reviews help us improve our content. Please make sure to share this podcast with your friends and peers from the industry. When you do, tag Boostly on the socials so we can see it and share it. Thanks for listening and have a great day. And remember, Book Direct.
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