In a move set to reshape the stock asset market, Getty Images and Shutterstock, the world’s two largest stock photo companies, have announced their plans to merge in a deal valued at $3.7 billion. If approved by regulators, the merger will result in Getty Images Holdings, with Getty’s shareholders owning approximately 54.7% and Shutterstock’s shareholders holding 45.3%.
The merger aims to create significant cost savings, expected to range between $150 million and $200 million within the first three years. The companies also plan to increase investments in technologies, particularly generative AI, to further drive growth in the visual content industry.
The deal unites two major players in the stock asset market. Getty Images boasts a library of over 80 million images, with a far larger total collection. The company also owns the iStock and Unsplash photo libraries. Shutterstock’s portfolio is even more extensive, including the Pond5 video library, PremiumBeat audio library, the TurboSquid 3D model library, and the Envato multi-format library. As of September 2024, Shutterstock hosts over 530 million assets on its platform alone.
“We believe that with the rapid rise in demand for compelling visual content across industries, there has never been a better time for us to come together,” said Getty Images CEO Craig Peters.
Despite positive reactions from investors—shares of both companies rose following the announcement—the merger has sparked concerns among some artists.
The combined company will also focus heavily on expanding generative AI capabilities. Both Getty Images and Shutterstock have already introduced AI image-generation services trained on their content. Shutterstock is additionally launching a text-to-3D service, which is currently available in beta for developers. Shutterstock licenses its assets to OpenAI for training data and has partnerships with major tech giants including Amazon, Apple, Google, and Meta.
This merger signals a new chapter in the evolution of digital content libraries, as both companies aim to leverage advanced technologies to stay competitive in an increasingly digital and Vfx world.
