Getty Images, the parent company of iStock, Unsplash, etc. is currently in talks to strike a merger deal with rival company- Shutterstock, Giphy’s parent, in a bid to unite two of the biggest U.S. providers of licensed visual content.
This development comes in the wake of AI tools like Midjourney, DALL-E 2, etc. enabling users to generate unique images quickly and cheaply, leading to a decline in the popularity of stock image websites like Getty Images and Shutterstock.
Founded in 1995, Getty Images is currently struggling to retain its customers and replace the lost ones and the same can be understood by having a look at the company’s declining YoY profits for its creative and editorial products, two of its largest revenue segments, annually.
Currently, Getty Images exclusively partners with over 70 content partners like AFP, Walt Disney, and BBC Studios, who use the platform for content management and licensing and organisations like FIFA, Formula One, and the NBA who utilise Getty to distribute event content and manage commercial rights with exclusive access.
The New York-based Shutterstock, on the other hand, is a global platform for licensing a diverse collection of 3D models, videos, music, photographs, vectors, and illustrations. It also runs a search-able platform that allows contributors to upload their content in exchange for royalty payments based on download activity.
