Getty Images Holdings is considering a merger with competitor Shutterstock, Bloomberg News reports, citing sources familiar with the situation. Shares of both companies rose 20.3% and 7.7%, respectively, following this news.
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Sales of creative and editorial products, Getty Images’ two largest revenue segments, declined in 2023 compared to the previous year, according to the annual report. Getty shares have lost 58.9% of their value over the past year, according to LSEG data.
The decline in popularity of stock photography sites can be seen as a direct result of the emergence of AI-based tools such as Midjourney and DALL-E 2, which can create unique images quickly and cheaply.
The Getty holding company (in addition to Getty Images, it owns iStock and Unsplash), based in Seattle (Washington), is considering the possibility of closing a deal that will unite the two largest providers of licensed visual content in the United States (and in the world).
Getty Images has more than 70 exclusive suppliers such as AFP, Walt Disney and BBC Studios, and organizations such as FIFA, Formula 1 and the NBA use Getty on a non-exclusive but regular basis to distribute event content whose creators can control the commercial rights.
Shutterstock’s headquarters are located in New York. It is a global platform with an extensive collection of 3D models, videos, music, photographs, vectors and illustrations, as well as a sub-brand Giphy, which it acquired in 2023.
Companies are still only considering the prospect of a merger; each has the right to reject a potential agreement at any time.
Author:
Ekaterina Alipova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
