Getty Images and Shutterstock announced a merger, valued at around US$3.7 billion, that will transform them into a giant in the image database market. The objective of this strategic alliance is to strengthen the content libraries of both companies, at a time when they face increasing competition from artificial intelligence (AI) tools.
Merger Getty Images and Shutterstock "will allow us to enrich content offerings"
Craig Peters, current CEO of Getty Images, will continue to lead the operations of the combined companies following the completion of the merger. In turn, the new board of directors will be made up of representatives from both companies, including Paul Hennessy, CEO of Shutterstock.
This union will allow us to enrich content offerings, expand event coverage and introduce new technologies to better serve our customers.
Underlined Peters, in statement official. Despite the merger, Shutterstock will continue to operate as an independent platform, as confirmed by Anne Flanagan, spokeswoman for Getty Images.
A changing market
The merger takes place in a context marked by the advancement of AI tools capable of generating images from text, developed by companies such as OpenAI, Google, Microsoft and Adobe. In response to this trend, Getty Images launched an image generator in 2023 based on its vast archive of licensed photographs.
This feature was also integrated into iStock, a subsidiary of Getty, and combined with Picsart, an online image editing platform, to create an imager focused on business security and accountability.
On the other hand, Shutterstock has been exploring strategic partnerships in the field of AI. The company closed an AI model training agreement with OpenAI and established collaborations with giants such as Meta, Google and Amazon, according to information from Reuters.
While the merger of two of the largest imaging companies may raise concerns regarding competitive practices, It is still uncertain how regulatory authorities will react.
This decision could trigger something more stringent, especially in markets sensitive to the concentration of monopolies.
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Source: pplware.sapo.pt
