Getty Images Holdings (NYSE:GETY) is making significant advancements in the visual content creation sector by enhancing its iStock platform. In the third quarter of 2023, GETY experienced substantial growth, acquiring over 88% new annual subscribers, surpassing 202,000. This surge in subscribers is particularly notable on platforms like iStock and Unsplash.
Getty Images, in collaboration with NVIDIA (NASDAQ:NVDA), has introduced generative AI by iStock. Leveraging the power of NVIDIA Picasso, this affordable and commercially secure generative AI tool enables users and businesses to seamlessly transform ideas into impactful visuals. The tool draws from Getty Images’ extensive creative libraries, providing users with confidence in the generated content while safeguarding against copyrighted elements.
Key features of generative AI by iStock include:
- Each licensed visual comes with iStock’s standard $10,000 legal coverage, ensuring peace of mind for businesses.
- Compatibility with iStock’s vast library of authentic and commercially-ready imagery.
- A cost-effective way to explore the possibilities of generative AI in various marketing efforts, including print, social media, and online promotions.
This move is part of Getty Images’ commitment to providing innovative solutions in visual content creation and distribution. The company aims to address fundamental customer needs with high-quality, commercially safe content creation and uncapped indemnification.
Getty Images has been expanding its portfolio and client base, including partnerships with BBC Studios. The collaboration with BBC Studios introduced an innovative platform that revolutionized the archive supply chain, providing customers with access to 57,000 additional programs from the BBC archives.
The company also secured the title of the Official Photo Distribution and Licensing Provider of the College Football Playoff, strengthening its position in collegiate football content creation. Additionally, Getty Images renewed its agreement as the Authorized Photographic Agency for the Rugby World Cup, emphasizing its commitment to delivering world-class sports content.
While Getty Images’ robust portfolio and expanding clientele are expected to drive top-line growth, challenges such as macroeconomic headwinds, ongoing pressures from Hollywood strikes, and challenges in the agency business remain concerns.
For 2023, GETY anticipates total revenues between $900 million and $910 million, indicating a decline of 1.8-2.8% from 2022 levels. The Zacks Consensus Estimate for revenues is $907.8 million, suggesting a 2% year-over-year drop.
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