Shares of Shutterstock popped 10% Tuesday after the company announced an expanded, six-year partnership with ChatGPT-maker OpenAI.
Shutterstock, which offers stock images, videos and music, said in a release that it will provide OpenAI with “high-quality” training data by granting access to its video, image and music libraries. Shutterstock will continue to leverage OpenAI’s text-to-image generation and allow customers to use “synthetic editing capabilities” to alter any image in the Shutterstock library.
The companies will also work to bring generative AI to mobile users via Shutterstock’s Giphy GIF database. Shutterstock agreed to acquire Giphy from Meta in May.
Shutterstock began its strategic partnership with OpenAI in 2021. In October 2022, the company announced it would begin to bring OpenAI’s image generation capabilities to its customers.