Google has launched the Veo 3.1 Lite, a new video generation model priced at $0.05 per second for 720p resolution, making it the most affordable option in the Veo 3.1 series. The model supports text-to-video and image-to-video generation, offering resolutions of 720p and 1080p, with aspect ratios of 16:9 and 9:16. Video durations are available in 4, 6, or 8 seconds, and audio generation is included by default. In addition to the launch, Google announced a price reduction for the Veo 3.1 Fast model, effective April 7. The new pricing will be $0.10 per second for 720p, $0.12 for 1080p, and $0.30 for 4K. Veo 3.1 Lite is accessible through the Gemini API and Google AI Studio's paid tier.