Pika Labs has launched version 2 of its AI video model, following the success of v1.5, which has over 11 million users. Pika 2 features improved customization, allowing users to control video elements using their own images, enhancing creative capabilities. It aims to compete with OpenAI's Sora by offering better motion realism and advanced image recognition. The model promises to generate engaging content while accurately following complex prompts and maintaining detailed motion.