Shutterstock shares pop as company expands partnership with OpenAI

Shares of Shutterstock popped 8% Tuesday aft the institution announced an expanded, six-year concern with ChatGPT-maker OpenAI.

Shutterstock, which offers banal images, videos and music, said successful a release that it volition supply OpenAI with "high-quality" grooming information by granting entree to its video, representation and euphony libraries. Shutterstock volition proceed to leverage OpenAI's text-to-image procreation and let customers to usage "synthetic editing capabilities" to change immoderate representation successful the Shutterstock library.

The companies volition besides enactment to bring generative AI to mobile users via Shutterstock's Giphy GIF database. Shutterstock agreed to acquire Giphy from Meta successful May.

Shutterstock began its strategical concern with OpenAI successful 2021. In October of 2022, the institution announced it would statesman to bring OpenAI's representation procreation capabilities to its customers.