Latest Business News
Shutterstock Expands Partnership with OpenAI
Shutterstock and OpenAI Collaborate to Provide High-Quality Training Data
Shares of Shutterstock rose 8% following the news of its extended partnership with OpenAI, the developer of ChatGPT. In this six-year agreement, Shutterstock will grant OpenAI access to its vast library of videos, images, and music, providing high-quality training data. Furthermore, Shutterstock customers will now have access to synthetic editing capabilities, allowing them to alter any image in the Shutterstock library using OpenAI's text-to-image generation technology.
Bringing Generative AI to Mobile Users
One of the exciting outcomes of this partnership is the plan to integrate generative AI into mobile use through Shutterstock's Giphy GIF database. This move comes after Shutterstock acquired Giphy from Meta in May, in a deal worth $53 million. By combining OpenAI's expertise with Giphy's extensive collection of GIFs, mobile users will soon enjoy enhanced generative AI capabilities.
A Successful Collaboration
The collaboration between Shutterstock and OpenAI began in 2021 and has seen significant progress. In October 2022, the companies announced the introduction of OpenAI's image generation capabilities to Shutterstock's customers. Now, with this expanded partnership, the possibilities for innovation and creativity have grown even further.
Unlocking New Creative Possibilities
The extended partnership between Shutterstock and OpenAI is set to unleash new creative possibilities. By leveraging OpenAI's cutting-edge technology and tapping into Shutterstock's extensive library, users will have access to a wide range of tools and resources to enhance their creative projects. This collaboration marks an exciting step towards pushing the boundaries of what is possible in the world of digital content creation.
The Impact of Shutterstock's Partnership with OpenAI on New Businesses
The expanded partnership between Shutterstock and OpenAI has the potential to significantly impact new businesses operating in the digital content creation space. Here's a "hot take" on how this collaboration may influence emerging companies:
Access to High-Quality Training Data
With Shutterstock granting OpenAI access to its vast library of videos, images, and music, new businesses can benefit from utilizing this high-quality training data. By leveraging OpenAI's advanced algorithms trained on Shutterstock's extensive content, startups can enhance their own AI models, improving the accuracy and quality of their generated content.
Enhanced Generative AI Capabilities for Mobile
Mobile use is a dominant force in today's digital landscape, and the integration of OpenAI's generative AI technology with Shutterstock's Giphy GIF database presents exciting opportunities for new businesses. This integration can enable startups to provide users with more powerful and interactive generative AI experiences on mobile devices, increasing user engagement and opening up new avenues for creativity.
Innovation and Creative Possibilities
The extended collaboration between Shutterstock and OpenAI signifies a commitment to pushing the boundaries of what is possible in digital content creation. For new businesses, this partnership offers access to cutting-edge technology and a vast resource of tools and resources. By leveraging Shutterstock's library and OpenAI's expertise, startups can unlock new creative possibilities, giving them a competitive edge in the market.
Overall, the expanded partnership between Shutterstock and OpenAI creates an ecosystem that empowers new businesses to harness the potential of AI and push the boundaries of creativity. By leveraging these collaborative technologies and resources, emerging companies can differentiate themselves, deliver high-quality content, and thrive in the evolving digital landscape.
Article First Published at: https://www.cnbc.com/2023/07/11/shutterstock-stock-up-on-openai-deal.html