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Getty Images Plans $3.7B Merger With Rival Shutterstock | The giant commercial photo and video providers are grappling with the emergence of artificial intelligence tools that have flooded the internet with AI-created images.
The giant commercial photo and video providers are grappling with the emergence of artificial intelligence tools that have flooded the internet with AI-created images.
Getty, which provides wire service photography and video to news outlets and businesses globally, including most red carpets and film festival premieres, plans a merger with rival Shutterstock that touts a stock image library of 450 million photos. “Today’s announcement is exciting and transformational for our companies, unlocking multiple opportunities to strengthen our financial foundation and invest in the future — including enhancing our content offerings, expanding event coverage, and delivering new technologies to better serve our customers,” stated Peters. Multiple artificial intelligence companies — think OpenAI’s DALL-E — have rolled out text-to-image tools that have allowed users to create custom images in seconds that could be used as stock imagery online, a development that threatens the business model of Getty and Shutterstock in that category.
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