Descript was the first thing I thought of. Since it does audio and video, I am not sure this can be called a competitor. Descript has such a head start with features I don't think Adobe will be able to catch up.

I wonder if they made Descript an offer before starting this project. Although, the base problem of editing audio or video with text isn't that difficult. They probably thought it could easily be cloned. The devil is in the details however, and the rabbit hole runs deep.