Shutterstock announced the launch of Shutterstock.AI, a newly formed subsidiary with insights and data at the heart of its mission. Additionally, the newly established Shutterstock.AI has acquired 3 leading AI companies, Pattern89, Datasine, and Shotzr.
With these three acquisitions, Shutterstock.AI will continue to rapidly develop its own predictive performance capabilities to help creatives and customers accomplish their goals by making more data-informed content decisions.
In the near term, Shutterstock.AI will commercialize data assets within Shutterstock’s immense content library, which includes over 400 million images, videos, music tracks, and 3D models, as well as partner with innovative companies to grow their capabilities in computer vision and content insights to power the next generation of AI models.
Stan Pavlovsky, Chief Executive Officer Shutterstock“With these three acquisitions, Shutterstock.AI will help our customers globally solve the biggest creative challenge they have — discovering and selecting the right content that is relevant, and that resonates with audiences. We want our customers to create with confidence,”
“To complement this, Shutterstock.AI will also help new customer segments accelerate the development of artificial intelligence, by unlocking the power of the data associated with our vast content library. From autonomous vehicles, to content moderation, to AI powered process automation, Shutterstock.AI’s high quality data and services will enable companies to develop the next generation of technologies.”
Shutterstock.AI sees the future of creativity through the lens of performance, as the engine that will transform customers’ ideas into accomplishments. With the acquisition of these three creative AI companies, and the creation of Shutterstock.AI, Shutterstock is redefining what creativity means, and helping solve our customers’ problems by expertly navigating the availability of content. Looking ahead, Shutterstock.AI will develop predictive creative AI models, leveraging cutting edge technology to help customers make more informed content choices, providing more confidence about the performance of what they produce.
The aggregate cash consideration paid for Pattern89, Datasine, and Shotzr was approximately $35 million. Shutterstock will provide additional detail during its second quarter earnings call on July 27th, 2021.