In this video, Skill Leap AI introduces the new text-to-video AI model from Runway, called Gen 3. The model allows users to generate video content from text prompts and includes features like lip sync, where characters can read scripts using AI voices. The video provides a comprehensive guide on how to use Gen 3, including setting up an account on Runway, understanding the credit system for video generation, and the basic settings available. The tutorial emphasizes the importance of proper prompting and provides a detailed guide on how to structure prompts for better results. The video also compares Gen 3 with OpenAI’s upcoming Sora model and demonstrates the capabilities of Gen 3 through various examples. Additionally, the video highlights the limitations and hit-and-miss nature of the current alpha version of Gen 3. The tutorial concludes with information about a course on making movies with AI, which includes using Gen 3 for video creation.