Google announces an 80% price drop for Gemini 1.5 Flash, which was just launched three months ago. This significant reduction in price makes it more versatile, allowing for various uses such as extracting text from speech, a task at which Gemini outperforms other models in converting speech to text.
Gemini 1.5 Flash supports text, video, audio, and images. The new price is set at $0.01875 per 1 million characters, or approximately $0.075 per 1 million tokens, making it roughly half the price of the cheapest GPT-4o mini currently available. On the output side, Gemini 1.5 Flash is priced at $0.15 per 1 million tokens compared to GPT-4o mini at $0.60 per 1 million tokens.
In addition to the direct price drop, Vertex AI now offers Batch API for queued tasks, further reducing costs by 50% and making usage more affordable. For high-volume usage, users can opt for Provisioned Throughput to reserve usage quotas in advance.
The new pricing for Gemini 1.5 Flash will take effect on August 12th.
Source: Google Cloud Blog
TLDR: Google slashes the price of Gemini 1.5 Flash by 80%, making it more cost-effective for various multimedia tasks. The new pricing includes options for upfront reservation of usage quotas for high volumes at a reduced cost.
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