In, what appears as a desperate and bold move, Getty Images and Shutterstock announced a merger, Getty Images getting the bigger package at evidently, the control.
Looking at the development of both their stock prices, it is obviously a chance for their shareholders to sell high before it all goes to hell.
Here is the official notice sent by email to all Getty contributors:
"Dear Creator/Contributor,
As Getty Images approaches our 30th anniversary, we are excited to share the news that Getty Images and Shutterstock have announced an agreement to merge. The company will operate under Getty Images Holdings, Inc. The official press announcement can be found here.
It’s important to note that it will take time for the transaction to close. The merger is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Getty Images and Shutterstock stockholders. As a result, the merger is not closed, and each company will continue to operate independently in the interim, and it will be business as usual with respect to your relationship with Getty Images.
We are undertaking this merger in large part because we expect it to provide expanded reach for your content, support for new asset types and formats and enhanced support and tools to manage your work.
We believe in creativity. We believe in the power of imagery. We believe pre‑shot solutions represent an efficient and powerful tool for our customers. We believe in the opportunity of AI, but the need to compensate creators for the use of their work. These beliefs will not change with the transaction.
Over the coming months, as we move to close, we are committed to sharing updates.
We thank you for sharing your talent, content and trust with Getty Images and we look forward to providing expanded opportunities and capabilities going forward.
Best wishes,
Craig Peters
CEO, Getty Images"
Of course, the official announcement is too vague but it is clear that both companies suffer drops in revenue since AI image generation services have been made publicly available.
Just to note that these two companies are the top two biggest entities in this type of business.
So, as we know there are two sides of every business move - one beautiful and one true.
Personally, that's bad news for me as some of my income comes from stock photography.
I deleted my iStock account (that's Getty brand) a couple of years ago when I started to get commissions of $0.01-$0.03 and that was just ridiculous.
However, Getty has not been accepting any AI generated stuff while Shutterstock does accept them. I was considering starting to upload my pictures again but with this move it is clear that AI is back in the big business as despite stating they want to pay their contributors it's actually saving their own asses by putting anything and everything on sale.
Shutterstock is also no-go for me as they cut the minimum contributor payment from $0.25 to $0.10. It was a clear message their company "values" are more important than people, working for them. I haven't uploaded a single picture since.
Adobe and Alamy, the agencies I presently use will also suffer as some customers will switch to the new-old "Getty" as their stock database will become bigger after the merge.
It's not R.I.P. yet but it seems it's getting there unless all stock agencies decide to clear their databases from AI generated shit. Of course, they cannot do that as this will decrease instantly their sales. So the end is there, it's not if but when.
Stock price charts curtesy of finance.yahoo.com
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All the photographs, digital art and text in my posts, unless specified otherwise, are my own property and created by me.
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Here is an uncomplete list of some of my equipment I use on a regular basis:
| Cameras | Canon EOS 5D Mark III |
|---|---|
| Canon EOS M5 | |
| Canon EOS 550D | |
| Lenses | Canon EF 16-35mm f/2.8L II USM |
| Canon EF 135mm f/2L USM | |
| Canon EF 100-400mm f/4.5-5.6L IS II USM | |
| Canon EF 50mm f/1.4 USM | |
| Canon EF-M 15-45mm f/3.5-6.3 IS STM | |
| Canon EF-M 22mm f/2 STM | |
| Tokina 11-16mm f/2.8 | |
| 7artisans 35mm f/1.2 | |
| Strobes | Dynaphos Speedster |
| Flashes | Metz |
| Tripods and Mono-pods | Manfrotto |
| Benro |
The divider I use in my posts I have created in Adobe Express.
