1. OpenAI introduces 'GPT-4o mini', a cost-effective language model priced at $0.15 per 1 million input tokens and $0.60 per 1 million output tokens, significantly cheaper than previous models and 60% cheaper than GPT-3.5 Turbo; 2. The model is designed for applications requiring low cost and low latency, such as chaining or parallelizing model calls, handling large amounts of context, and real-time text responses for customer interactions; 3. The current API supports text and vision, with plans to include video and audio input/output in the future, offering a 128K token context window and up to 16K output tokens per request, and knowledge up to October 2023. The model demonstrates improved cost-efficiency for non-English text processing with a shared, upgraded tokenizer with GPT-4o. It achieves high scores on various benchmarks, outperforming competitors like 'Gemini Flash' and 'Claude Haiku'.