SHUTTERSTOCK MADE $104 MILLION LICENSING ASSETS TO AI DEVS LAST YEAR

Summary from the TLDR Design newsletter

Shutterstock earned $104 million last year from licensing assets to AI developers. It has formed a new multi-year partnership with AI company Reka similar to its existing partnerships with tech giants like Meta and Alphabet. Shutterstock's extensive library of photos, videos, and audio assets makes it a valuable source of legally licensable content for AI training, positioning the company as a critical player in the generative AI industry. The company projects significant growth in this area, anticipating $138 million in revenue from AI licensing deals in 2024 and $250 million annually by 2027.