Shutterstock, the popular platform for stock images, videos, and music, experienced an 8% increase in its shares on Tuesday following an exciting announcement. The company revealed that it has expanded its partnership with OpenAI, the creator of ChatGPT, for a period of six years.
The extended collaboration involves Shutterstock granting OpenAI access to its vast collection of high-quality training data, which includes videos, images, and music. In return, Shutterstock will continue to leverage OpenAI’s text-to-image generation capabilities. Moreover, customers will now have the ability to modify any image in Shutterstock’s library through the use of synthetic editing capabilities.
In addition to these updates, the two companies are also working together to bring generative AI to mobile users, utilizing Shutterstock’s acquisition of Giphy from Meta in May. By leveraging Shutterstock’s Giphy GIF database, users will have access to generative AI features on their mobile devices.
It is worth noting that Shutterstock and OpenAI initially formed their strategic partnership in 2021, and the bond between the two companies has grown stronger over time. In October of 2022, Shutterstock made an exciting announcement that it would begin offering OpenAI’s image generation capabilities to its customers.
By expanding its partnership with OpenAI, Shutterstock aims to continue offering innovative solutions to its users. This latest development showcases the company’s commitment to providing customers with cutting-edge technology and creative tools.
In conclusion, Shutterstock’s shares experienced a significant boost following the announcement of its extended partnership with OpenAI. With access to Shutterstock’s extensive library of high-quality media, OpenAI will be able to further enhance its AI capabilities. Simultaneously, Shutterstock customers will enjoy the added benefit of synthetic editing options and mobile generative AI features. As the partnership between Shutterstock and OpenAI deepens, it is expected that both companies will continue to bring advancements and value to their respective industries.
