Shutterstock, Inc. announced the launch of Shutterstock.AI, a new subsidiary that has acquired three AI platforms, Pattern89, Datasine, and Shotzr, for about $35 million. 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,” the company said.
In the near term, Shutterstock.AI will commercialize data assets within Shutterstock’s content library, which includes more than 400 million images, videos, music tracks, and 3D models, as well as partner with companies to grow their capabilities in computer vision and content insights to power the next generation of AI models.
“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,” said Stan Pavlovsky, Chief Executive Officer at Shutterstock. “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.”
Pattern89 provides industry-level and custom insights for predictive performance at scale. Datasine’s AI provides the insights and acumen for campaign decision-making, according to the statement. Shotzr uses human responsiveness to imagery, applying insights to any image for predictive analysis to ensure customers select the right image for social media and digital campaigns.
In other Shutterstock news, the company reported second-quarter income rose 19% to %189.9 million, with net income increasing 55% to $29.5 million.
“Revenue growth accelerated in the second quarter supported by robust demand across revenue channels, content types and product offerings,” says Pavlovsky. “Our subscription offerings are resonating strongly in the market and we are encouraged by the execution in our enterprise revenue channel.