Getty Images (GETY) Boosts Portfolio With iStock Generative AI

From Nasdaq:

Getty Images Holdings, Inc. has seen a surge in subscribers for its iStock platform, acquiring over 88% new annual subscribers in the third quarter of 2023. The company recently introduced generative AI with NVIDIA, providing an affordable and commercially secure tool for impactful visuals. The tool leverages NVIDIA Picasso and features copyrighted elements and $10k legal coverage.

Furthering its commitment to innovation, Getty Images recently partnered with BBC Studios, offering access to 57,000 additional programs from the BBC archives. The company has also been named the Official Photo Distribution and Licensing Provider of the College Football Playoff, affirming its position as a premier visual content provider.

Despite the strong growth in new subscribers and an extended portfolio of offerings, concerns about macroeconomic headwinds and challenges in the agency business persist. The company expects total revenues for 2023 to decline by 1.8-2.8%, driven by ongoing pressures from the Hollywood strikes and agency business challenges.

Getty Images Holdings, Inc. currently carries a Zacks Rank #3 (Hold) and its shares have returned 6.3% in the past six months. However, for investors seeking better-ranked stocks in the broader technology sector, BlackLine and Camtek are both potential options. These stocks have returned 4.6% and 113.5%, respectively, in the past six months, and offer strong long-term earnings growth rates.

In line with its commitment to delivering innovative solutions in visual content creation and distribution, Getty Images Holdings, Inc. is taking noteworthy strides in expanding its clientele and offering new creative tools. Despite concerns about macroeconomic headwinds and the company’s total revenues for 2023, the company remains focused on its growth strategies, strengthening its position as a market leader in visual content creation and commercialization.



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