Getty Images and Shutterstock announced a merger plan valued at approximately $3.7 billion. These two giants are collaborating to expand their libraries and offer more options to their customers against the increasing competition for artificial intelligence-supported visual creation. Upon completion of the merger, Getty Images CEO Craig Peters will assume leadership of the combined company, while the board of directors will consist of representatives from both companies. The effects of this important move on the industry are expected to be far-reaching in the long term.
According to statements made by Getty Images, this merger aims to both increase content diversity and offer more event coverage. In addition, companies plan to invest in technological innovations to better meet the changing needs of their customers. Shutterstock will continue to operate as an independent web platform after the merger. This will allow both brands to appeal to different customer bases while preserving their strengths.
The development of artificial intelligence technologies affects stock photography
The rapid development of artificial intelligence technologies is also greatly transforming the stock image industry. Text-to-image tools developed by technology giants such as OpenAI, Google and Adobe have facilitated visual content production processes. In 2023, Getty Images responded quickly to this trend by releasing an AI image generator trained on its large library of licensed images. Similarly, Shutterstock strengthened its work in the field of artificial intelligence by making agreements with companies such as OpenAI and Meta.
New tools offered by Getty Images on the iStock platform and collaborations with Picsart have led to the development of “commercially safe” artificial intelligence tools. The company continues to focus on such technologies to meet the needs of content creators and streamline licensing processes. On the other hand, Shutterstock’s investments in artificial intelligence education attract the attention of users, especially in the media and advertising sectors.
This merger decision could accelerate industry consolidation and be scrutinized especially by competition boards. However, it is thought that a regulatory environment that looks more positively towards mergers may facilitate this process. Both companies working together could enable further investments in areas such as 3D imaging, generative AI and content development. In this way, it is aimed to provide faster solutions to the evolving needs of creative industries.