Clip is restricted to certain countries - Australia is not one of them, so I can't view it.
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While it's hard to go frame by frame with an online video, it doesn't look like it's too complicated. My guess would be that there are a couple of smoke layers, each with something like Colorama over them to tint blue or pink. As the two clouds go on, the two actors (probably green screened though you could rotoscope them if you had to) have their opacity set to 0.
I'm sure there are a few more tweaks, but that's the way the effect looks to me. And if you don't have Action Essentials, you could probably use Fractal Noise to generate the clouds.
Anyway, if I were going to experiment duplicating this, that's where I would start. But bear in mind that I'm still using training wheels with this stuff myself.