Jonathan Kitchen
- Shutterstock(NYSE:SSTKLast year, the company generated $104 million in revenue by using its vast library of images to train artificial intelligence models, according to Bloomberg.
- The latest company to take advantage of Shutterstock is startup Reka AI, which announced a deal today.
- Reka AI, Founder Former Google researcher (Google)(Google) and yuan (Mehta) to build large-scale language models for various artificial intelligence applications.
- During an earnings call last month, Shutterstock CEO Paul Hennessy said the company plans to hit $1.2B in revenue by 2027.
- “One of the key new products launched recently is generative AI subscriptions,” Hennessy said. “Customers can now purchase credits to generate and download AI images directly within our ecosystem.”
- He also said Shutterstock is well-positioned to train AI models because of its copyrighted material.
- He added: “There is a real incentive to accept the reality that copyrighted data contains better metadata, and retraining models based on scraped data can end up being very expensive, incurring additional CPU costs, and Brings potential legal and branding issues “Shutterstock is uniquely positioned to benefit from this trend of leveraging ethically sourced, permissioned data sets to train artificial intelligence. “
