Shutterstock Expands AI Horizons: New Partnership with Reka AI to Enhance Digital Asset Metadata
Portfolio Pulse from Shivani Kumaresan
Shutterstock Inc. (NYSE:SSTK) has partnered with Reka AI to enhance its digital asset metadata using multimodal language AI models. This partnership aims to improve the metadata of Shutterstock's extensive library of digital assets. The licensing business with AI firms generated $104 million in revenue last year, and Shutterstock anticipates this segment to generate $250 million in sales by 2027. The company's shares are currently trading lower by 2.13%.
June 04, 2024 | 4:51 pm
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NEUTRAL IMPACT
Adobe Inc. uses its image library to develop its AI model, Firefly. The partnership between Shutterstock and Reka AI could intensify competition in the AI-driven digital asset space.
Adobe's AI model, Firefly, competes in the same space as Shutterstock's AI initiatives. The partnership with Reka AI could intensify competition, but the direct impact on Adobe is less certain.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 30
NEUTRAL IMPACT
Getty Images Holdings Inc. has an agreement with AI video startup Runway. The partnership between Shutterstock and Reka AI could intensify competition in the AI-driven digital asset space.
Getty Images' agreement with Runway places it in competition with Shutterstock's AI initiatives. The partnership with Reka AI could intensify competition, but the direct impact on Getty Images is less certain.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
Apple Inc. is a key client of Shutterstock's training data. The partnership with Reka AI could enhance the quality of data provided to Apple, potentially benefiting its AI initiatives.
As a key client of Shutterstock's training data, Apple could see improved data quality from this partnership, potentially aiding its AI projects.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Amazon.com Inc. is a key client of Shutterstock's training data. The partnership with Reka AI could enhance the quality of data provided to Amazon, potentially benefiting its AI initiatives.
As a key client of Shutterstock's training data, Amazon could see improved data quality from this partnership, potentially aiding its AI projects.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Alphabet Inc. is a key client of Shutterstock's training data. The partnership with Reka AI could enhance the quality of data provided to Alphabet, potentially benefiting its AI initiatives.
As a key client of Shutterstock's training data, Alphabet could see improved data quality from this partnership, potentially aiding its AI projects.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Meta Platforms Inc. is a key client of Shutterstock's training data. The partnership with Reka AI could enhance the quality of data provided to Meta, potentially benefiting its AI initiatives.
As a key client of Shutterstock's training data, Meta Platforms could see improved data quality from this partnership, potentially aiding its AI projects.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Shutterstock's partnership with Reka AI aims to enhance its digital asset metadata, potentially boosting its AI licensing revenue. Despite this positive development, SSTK shares are currently trading lower by 2.13%.
The partnership with Reka AI is a strategic move to enhance Shutterstock's digital asset metadata, which could lead to increased revenue from AI licensing. However, the immediate market reaction has been negative, with shares trading lower by 2.13%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100