Getty Images Explores Merger With Shutterstock
According to Bloomberg (paywalled), Getty Images is exploring a merger with its rival Shutterstock. Following the news, Getty's shares were up 20.3% in afternoon trading, while shares of Shutterstock were up 7.7%. Reuters reports: The development comes at a time when Getty Images has struggled to retain customers and replace the lost customers. Its creative and editorial products, two of its largest revenue segments, declined year-over-year in 2023, according to its annual report. The decline in the popularity of stock image websites has coincided with the rise of AI tools like Midjourney and DALL-E 2, which can generate unique images quickly and cheaply. Seattle, Washington-based Getty is considering how to structure a deal that would unite two of the biggest U.S. providers of licensed visual content, the report said. [...] Deliberations are ongoing and Getty could choose not to pursue a deal, the report added.

Read more of this story at Slashdot.