Getty Images and Shutterstock, one of the Internet’s largest stock image providers, announced that they will merge to create a single visual content company with an enterprise value of approximately $3.7 billion.
The combined company Getty Images Holdings, Inc. shared for in the press releasestating that “the combined company will be well positioned to meet the evolving needs of the creative, media and advertising industries through combined investments in content creation, event coverage and product and technology innovation.” This means the new organization will have access to an even larger library of content. With more funding in one place, investments will be made in innovative content creation, event coverage and customer-facing technologies such as generative AI, 3D imaging and search.
Getty Images adds that the merger will bring new opportunities for content creators on the respective platforms. The company works with more than 576 thousand content creators and more than 340 content partners. Additionally, media resources are provided to cover more than 160 thousand news, sports and entertainment events each year.
Let us remind you that brands such as iStock and Unsplash are also part of Getty Images. The merger comes at a time when AI-powered rendering tools are on the rise. The company has also added an AI image generator powered by NVIDIA Edify and trained on its image library to the Getty Images and iStock websites. Shutterstock, on the other hand, has partnered with OpenAI to integrate rendering technology.
By the way, it is stated that the Shutterstock website will be open after the merger. Getty Images’ current CEO, Craig Peters, will continue as chairman of the combined organization and become a member of the board of directors.
Source: www.technopat.net
