Getty Images and Shutterstock, two of the biggest players in the stock photo world, are joining forces. The new company will keep the name Getty Images Holdings, Inc., and the $3.7 billion merger promises to bring exciting changes for photographers and users of stock photo websites alike.
For contributors, this merger could open doors to a much larger audience and more opportunities to showcase their work. Combining the strengths of both companies means photographers and other content creators will have their work featured across a broader range of platforms, industries, and customer bases.
“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,” said Craig Peters, CEO of Getty Images.
“We expect the merger to produce value for the customers and stockholders of both companies by capitalizing on attractive growth opportunities to drive combined revenues, accelerating product innovation, realizing significant cost synergies and improving cash flow,” added Paul Hennessy, Shutterstock CEO. “We look forward to working closely with the Getty Images management team to complete the transaction and drive the next chapter of growth.”
What’s in it for users?
Photographers can look forward to improved tools and resources. The merger is expected to bring advancements in search technologies, 3D imagery, and generative AI, all aimed at making their content more discoverable and versatile.
For businesses, marketers, and creatives who rely on stock photo platforms, the merger means access to an expanded library of high-quality content. Getty and Shutterstock are combining their vast collections of images, videos, music, and more to offer a deeper and more diverse pool of resources.
Users can also expect more innovative features to enhance their experience, such as smarter search capabilities, better event coverage, and cutting-edge AI-powered tools.
The two companies have described more details about the merger in the official announcement, and you can find it here.
[via The Verge]
