Two major players in the global market for commercial photos, videos, and stock images, Getty Images and Shutterstock, are considering a merge worth approximately $3.7 billion. Both companies are navigating challenges posed by the advent of artificial intelligence technologies that are transforming their marketplace.
Getty, known for distributing photographic and video content worldwide to news organizations and corporations, is considering a merge with competitor Shutterstock. This union promises an impressive collection of 450 million images from their stock photo library. The collaboration would likely cover many high-profile events such as red carpets and film festival premieres.
Should the agreement be finalized, the unified business will be overseen by Craig Peters and will be known as Getty Images Holdings, Inc., continuing to trade on the New York Stock Exchange under the symbol GETY.
Today’s announcement is thrilling and groundbreaking for our organizations, opening up numerous chances to fortify our financial base and invest in the future – such as improving our content, widening event coverage, and introducing innovative technologies to better cater to our customers,” Peters said. “Given the swift increase in the need for captivating visual content across various sectors, there has never been a more suitable moment for our two ventures to merge. By uniting our compatible strengths, we can more effectively tackle customer requirements while providing outstanding value to our collaborators, contributors, and shareholders.
More to come.
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2025-01-07 17:24