Shutterstock's AI Licensing Business Generates $104M in 2023, Partners with Meta, Google, Amazon, Apple

Jun 4, 2024, 12:40 PM

Shutterstock has reported significant growth in its AI data licensing business, generating $104 million in revenue in 2023. The company's CEO, Paul Hennessy, highlighted that this revenue was achieved through partnerships with major tech companies such as Meta, Google, Amazon, Apple, and OpenAI. Shutterstock's marketplace of images and videos is being used to train AI models, positioning the company as a key player in the AI data licensing market. Additionally, Shutterstock has recently signed a new deal with AI company Reka and expects to increase its annual revenue from AI licensing to $250 million by 2027. The company's stock ticker is $SSTK.