Two global visual content copyright giants, Getty Images and Shutterstock, announced on Tuesday that they have reached a final merger agreement. After the merger, Getty Images' shareholders will hold 54.7% of the new company's shares, while Shutterstock's shareholders will hold the remaining 45.3%.
According to the forecast for 2024, the annual revenue of the merged new company will reach 1.979-1.993 billion US dollars. This merger aims to form a deeper and broader library of static images, videos, music, and other media content to meet the growing market demand. At the same time, the merged company will have stronger financial strength and be able to support greater investments in cutting-edge technologies and innovations, such as search and AI technology.
This merger is an important strategic move for both companies. By merging, they will be able to better cope with market competition, enhance brand influence, and provide customers with better quality services. For the entire visual content copyright industry, this merger will also bring new development opportunities and challenges.