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How Shutterstock integrated gen AI into its digital stock library

Dec 13, 2024 - businessinsider.com
Shutterstock has integrated generative AI into its stock-content library, generating $104 million in revenue in 2023, with projections to reach $250 million by 2027. The company, led by VP of Innovation Dade Orgeron, has transitioned from a traditional stock-content provider to offering AI-driven services, focusing on user-friendly interfaces for image generation. Shutterstock.AI allows users to create images with text prompts, using a combination of internal and external AI models trained exclusively on Shutterstock's legally owned data. The company has also established a contributor fund to compensate creators whose work was used in model training.

Shutterstock has formed partnerships with major tech companies like Meta, Amazon, Apple, OpenAI, and Nvidia to enhance its AI capabilities. The company plans to expand AI into video and 3D offerings, with a generative 3D API in beta and plans for an AI video-generation service. Enterprise interest in Shutterstock's AI services is growing as companies recognize the competitive advantages of AI. Shutterstock values its partnerships with Silicon Valley giants as a measure of success and a means to develop new services and license data for AI training.

Key takeaways:

  • Shutterstock integrated generative AI into its platform, generating $104 million in revenue from AI licensing agreements in 2023.
  • The company has established partnerships with major tech companies like Meta, Amazon, Apple, OpenAI, and Nvidia to enhance its AI capabilities.
  • Shutterstock.AI focuses on user-friendly AI image generation, using a combination of internally trained models and external solutions.
  • Shutterstock plans to expand its AI offerings into video and 3D content, with a generative 3D API in beta and video generation services in development.
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