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Shutterstock Joins Hands with Meta to Boost Generative AI Plans

Shutterstock recently announced its collaboration with Meta in an attempt to foster innovations in generative AI. This partnership, according to Shutterstock, highlights both companies’ dedication to being at the forefront of AI innovation, as well as the potential of Shutterstock’s  Shutterstock’s expansive content library. 

Shutterstock claims that its growing collaboration with Meta is part of a larger strategic objective to be at the core of technology, design, content, and innovation. It also claims to be one of the first companies to compensate artists for their work in developing machine learning models, and that by assuring ethical content production and licensing through a transparent IP transfer, it has “proved to be a trusted partner” to those joining the market.

Paul Hennessy, CEO of Shutterstock, thinks AI could encourage more creativity. In addition to its alliance with OpenAI and LG AI Research, which was announced last year, he said the company intends to deepen its long-standing relationship with Meta.

Read Also: Meta acquires 3D smart glass maker Luxexcel

The latest Meta and Shutterstock collab will focus on three core goals:

  • Introduce innovative products to the market
  • Expand the Shutterstock ecosystem, which currently pays contributors and links them to artists.
  • Meta will leverage Shutterstock’s collection of millions of videos, photos, and music to create, train, and analyze its machine-learning skills. In exchange, Meta will allow Shutterstock to use its generative AI models, such as Make A Scene, Make A Video, AudioGen, and others.

Shutterstock has been acquiring many competitors over the past couple of years to expand its content library and have a dominating influnce in the generative AI industry. Over the past two years, it has acquired the leading video-focused stock agency Pond5, the 3D rendering stock agency TurboSquid, the online image editing and design platform PicMonkey, and the celebrity news agency Splash News. In October of last year, the company also added the DALL-E generative AI technology to its platform.

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Preetipadma K
Preetipadma K
Preeti is an Artificial Intelligence aficionado and a geek at heart. When she is not busy reading about the latest tech stories, she will be binge-watching Netflix or F1 races!

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