Shutterstock Expands Long-standing Relationship with Meta
Shutterstock (NYSE: SSTK) has announced an expanded partnership with Meta, focusing on advancing AI technology. This collaboration aims to utilize Shutterstock's vast content library to support Meta's ongoing AI initiatives. Paul Hennessy, CEO of Shutterstock, emphasized the potential of AI to enhance creativity and highlighted the company's dedication to ethical and artist-centric advancements. This partnership is part of Shutterstock's broader strategic goal to lead in technology and innovation while ensuring fair compensation for content contributors.
- Expanded relationship with Meta enhances AI investment.
- Shutterstock's content library supports Meta's machine learning capabilities.
- Commitment to ethical AI development and fair contributor compensation.
- None.
Shutterstock to provide content for Meta's continued investment in AI
NEW YORK, Jan. 12, 2023 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK), the leading global creative platform for transformative brands and media companies, will help fuel Meta's continued investment in AI. The expanded relationship reflects the commitment both companies have to being at the forefront of AI innovation, as well as the power of Shutterstock's expansive content library.
"AI has the potential to drive an explosion of creativity," said Paul Hennessy, Chief Executive Officer at Shutterstock. "Shutterstock is expanding our long-standing relationship with Meta, which follows our partnerships with OpenAI and LG AI Research announced last year, to reinforce our mission to invest in technology that brings creative ideas to life faster. We want to automate the busywork required to complete creative projects and help creators understand how their work is resonating. Our content will remain at the heart of these advancements both on and off our platform, and we will continue to shape the future of generative AI in a way that is ethical and artist-centric."
With its industry-leading library of high-quality content, its focus on bringing new creative offerings to market, and its expertise in creating a scaled ecosystem that compensates and connects contributors to creators, Shutterstock is the ideal partner for industry leaders investing in creating new experiences powered by AI. By tapping into Shutterstock's collection of millions of images, videos and music, Meta plans to use these datasets to develop, train and evaluate its machine learning capabilities.
This expanded relationship with Meta is a part of Shutterstock's greater strategic vision to be at the center of technology, design, content and innovation. Shutterstock is one of the first companies to pay artists for their contributions to training machine learning models, and it has proven to be a trusted partner to those entering the space by ensuring the responsible creation and licensing of content with a transparent IP transfer.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding guidance, industry prospects, future business, future results of operations or financial condition, future dividends, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies, our competitive position and the COVID-19 pandemic. You can identify forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "aim," "anticipate," "believe," "estimate," "intend," "plan," "predict," "project," "seek," "potential," "opportunities" and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements contained herein. Such risks and uncertainties include, among others, those discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as well as in other documents that the Company may file from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, Shutterstock's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. The forward-looking statements contained in this press release are made only as of this date and Shutterstock assumes no obligation to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
ABOUT SHUTTERSTOCK
Shutterstock, Inc. (NYSE: SSTK), is the leading global creative platform for transformative brands and media companies. Directly and through its group subsidiaries, Shutterstock's comprehensive collection includes high-quality licensed photographs, vectors, illustrations, 3D models, videos and music. Working with its growing community of over 2 million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 424 million images and more than 27 million video clips available.
Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The Company also owns Splash News, the world's leading entertainment news agency for newsrooms and media companies worldwide, Pond5, the world's largest video-first content marketplace, TurboSquid, the world's largest 3D content marketplace; PicMonkey, a leading online graphic design and image editing platform; Offset, a high-end image collection; Shutterstock Studios, an end-to-end custom creative shop; PremiumBeat, a curated royalty-free music library; Shutterstock Editorial, a premier source of editorial images and videos for the world's media; and Bigstock, a value-oriented stock media offering.
For more information, please visit www.shutterstock.com and follow Shutterstock on Twitter and on Facebook.
View original content to download multimedia:https://www.prnewswire.com/news-releases/shutterstock-expands-long-standing-relationship-with-meta-301719769.html
SOURCE Shutterstock, Inc.
FAQ
What is the recent partnership between Shutterstock and Meta?
How does Shutterstock's partnership with Meta benefit AI development?
What is the significance of Shutterstock's relationship with Meta?
When was the partnership between Shutterstock and Meta announced?
What is the stock symbol for Shutterstock?
