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Getty Images Holdings, Inc. (NYSE: GETY) is a global leader in visual content creation and distribution. The company provides comprehensive visual content solutions through its brands Getty Images, iStock, and Unsplash. With a mission to enhance engagement through top-tier creative and editorial visual content, Getty Images serves customers in nearly every country across the globe.
Founded on nearly three decades of visual consultancy, Getty Images has evolved to integrate cutting-edge technology, including artificial intelligence and machine learning, into its platform. This advancement enhances their search functionality, image editing, and integrated APIs, making them the go-to source for diverse and inclusive content.
The company operates in various regions including the Americas, Europe, the Middle East, Africa, and Asia-Pacific, with the bulk of its revenue generated from the Americas. They cover more than 160,000 news, sports, and entertainment events yearly, providing unmatched breadth and depth of coverage.
Getty Images recently announced a multi-year partnership with the United Football League (UFL) to deliver exclusive high-quality imagery from every game. They are also the official photographer or photographic partner to 125 of the world's leading sports governing bodies, leagues, and clubs, including FIFA, NBA, and the International Olympic Committee.
Moreover, Getty Images continues to innovate in capturing major global events. For instance, they will deploy a team of 140 photographers and editors to cover the Olympic Games Paris 2024, using new technologies to capture unique angles and real-time images for a global audience.
Their commitment to authenticity extends to the adoption of generative AI technologies, allowing customers to create commercially safe visuals. With over 557,000 contributors and 320 content partners, Getty Images maintains one of the largest privately-owned photographic archives, providing a rich historical context for modern visual storytelling.
In recent financial developments, Getty Images has shown resilience and adaptability, focusing on key performance indicators to drive shareholder return and customer satisfaction.
Getty Images (NYSE: GETY) reported Q2 2024 financial results, showing revenue growth of 1.5% (2.1% currency-neutral) to $229.1 million. Editorial revenue increased by 4.1%, while Creative revenue decreased by 2.4%. The company achieved Net Income of $3.7 million, compared to a Net Loss of $4.3 million in Q2'23. Adjusted EBITDA was $68.8 million, down 5.4% year-over-year, with a margin of 30.0%.
Key highlights include:
- Annual Subscription Revenue grew to 52.9% of total revenue
- Free cash flow of $31.1 million
- Total available liquidity of $271.7 million
- 54.7% increase in active annual subscribers
Getty Images updated its 2024 guidance, projecting revenue between $924 million to $943 million and Adjusted EBITDA between $290 million to $294 million.
Getty Images Holdings, Inc. (NYSE: GETY), a leading global visual content creator and marketplace, has updated the timing of its second quarter 2024 earnings release. The company will now release its results before the market opens on Friday, August 9, 2024. The previously announced conference call to discuss the results remains scheduled for Monday, August 12, 2024, at 8:30 a.m. Eastern Time.
Investors can access the call by dialing 1-800-245-3047 (US) or 1-203-518-9765 (international) with the conference ID GETTYQ2. An audio replay will be available for two weeks after the call. A simultaneous webcast will be accessible on the company's Investor Relations website, with a replay available shortly after the call.
Getty Images (NYSE: GETY) has renewed its partnership with Canva, extending their collaboration that began in 2018. This multi-year renewal will continue to provide Canva's customers with access to millions of Getty Images' creative assets, including images and videos. The partnership has been expanded to support Canva's development of responsibly trained generative AI tools, as part of Canva's $200 million Content Fund.
The renewal highlights Getty Images' ability to provide a wide range of high-quality content to meet diverse customer needs. Both companies expressed excitement about the partnership, emphasizing the importance of responsible AI development and empowering users with commercially safe creative tools. Getty Images, a leader in visual communications, boasts over 572 million visual assets, offering unmatched depth, breadth, and quality in the industry.
Getty Images (NYSE: GETY) has launched its first-ever joint editorial photography internship program across News, Sport, and Entertainment, supported by Canon U.S.A., Inc. The program offers three paid internships in Los Angeles, New York, and Washington D.C., aimed at aspiring photographers aged 18 or older. Interns will work alongside world-leading photographers, use Canon's advanced equipment, and gain hands-on experience in various aspects of editorial photography.
The program focuses on fostering emerging talent and diversifying perspectives in visual storytelling. Successful interns will receive guaranteed portfolio placement, professional recommendations, and potential future opportunities with Getty Images. Applications are open, with final candidates to be announced in late August 2024. The initiative underscores Getty Images' commitment to shaping the next generation of visual content creators and strengthening its position as a trusted industry source.
Getty Images (NYSE: GETY) has launched an updated model for its commercially safe generative AI services, offering significantly enhanced creative potential and efficiency. Key features include:
1. Industry-leading generation speed: Around 6 seconds for 4 images, doubling previous performance.
2. Advanced 4K generation detail: Enhanced image fidelity and upscaling.
3. Expanded support for detailed prompts: Up to 250 words, resulting in more accurate image outputs.
4. Advanced camera controls: Greater control over shot type and depth of field.
5. AI modification capabilities: Add/change elements, extend canvas, or remove backgrounds.
The update aims to provide customers with powerful tools to enhance creative workflows while ensuring commercial safety and legal protections.
iStock, a leading e-commerce platform for premium visual content, has released five marketing strategies for small businesses to leverage during the Paris 2024 Olympic Games. These strategies aim to help SMBs and SMEs overcome customer acquisition challenges and stand out in a saturated advertising environment. The recommendations include:
1. Using authentic visuals to foster connections
2. Leveraging video content for inspiration
3. Enhancing SEO with imagery
4. Investing in high-quality, trend-setting images
5. Harnessing the power of generative AI
iStock's VisualGPS research reveals that 40% of small business owners struggle with acquiring new customers, emphasizing the importance of impactful online engagement. The company suggests using relatable visuals, professional stock imagery, and AI-generated content to create compelling marketing campaigns during the Olympics.
Getty Images Holdings, Inc. (NYSE: GETY), a leading global visual content creator and marketplace, has announced its plans to release second quarter 2024 financial results after market close on Friday, August 9, 2024. The company will host a conference call to discuss these results on Monday, August 12, 2024, at 8:30 a.m. Eastern Time.
Interested parties can access the call via phone or webcast. The conference call dial-in numbers are 1-800-245-3047 (US) and 1-203-518-9765 (international), with the conference ID: GETTYQ2. An audio replay will be available for two weeks after the call. The webcast will be accessible through the Investor Relations section of Getty Images' website and will also be available for replay following the call.
Rakower Law PLLC has initiated five new lawsuits against Getty Images Holdings, Inc. (NYSE: GETY) on behalf of public warrant holders. These suits allege that Getty Images wrongly prevented warrant exercise on August 22, 2022, falsely claiming an SEC Form S-2 resale registration statement was required. This follows a previous case where Rakower Law won over $51 million in damages for plaintiffs. The new cases include Lapp v. Getty Images Holdings, Inc., Funicular Funds, LP v. Getty Images Holdings, Inc., and MPF Broadway Convexity Fund I, LP, et ano v. Getty Images Holdings, Inc. Rakower Law encourages affected warrant holders to contact them.
Getty Images (NYSE: GETY) is set to host a generative AI prompt challenge at the Cannes Lions festival on June 20, 2024, in collaboration with NVIDIA. The event will feature contestants from Getty Images, NVIDIA, and TikTok competing to generate the best AI-created image, with the audience voting for the winner. This interactive showdown aims to highlight the capabilities of Getty Images' generative AI tool, built using NVIDIA's Edify model architecture and trained on Getty Images' exclusive creative content. The event will showcase the fusion of human creativity and advanced AI technology, providing attendees with a unique, real-time demonstration of AI-driven image generation.
Getty Images (NYSE: GETY) has been appointed as the official photographic agency for UEFA EURO 2024, held in Germany from June 14 to July 14, 2024.
A team of over 50 photographers will cover the event across ten cities, capturing everything from team portraits to on-field action and fan atmospheres.
This exclusive access includes pitch-side and behind-the-scenes shots, providing high-quality content for customers, UEFA partners, and fans worldwide.
Getty Images' long-standing relationship with UEFA, along with their expertise in sports photography, positions them uniquely to deliver impactful imagery for the tournament.
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