Heaptalk, Jakarta — Getty Images, a visual content creator and marketplace, has taken a significant step by merging with Shutterstock, a creative content marketplace, to create a premier visual content company.
The combined entity, Getty Images Holding (GETY), is estimated to have an enterprise value of approximately $3.7 billion. The company will provide customers with a content library with depth and breadth. It also aims to offer a better guarantee of inclusive and representative content. The stronger financial profile of the merged entity is expected to create increased capacity for product investment and innovation in a fast-evolving and highly competitive environment.
Craig Peters, Getty Images CEO, said this step will unlock opportunities to strengthen the company’s financial foundation and invest in the future, including enhancing content offerings, expanding event coverage, and delivering new technologies to serve customers better.
Expanding creative content library
“With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together. By combining our complementary strengths, we can better address customer opportunities while delivering exceptional value to our partners, contributors, and stockholders,” said Peter in a written statement.
Paul Hennessy, Shutterstock CEO, expressed his excitement about the opportunities to expand the company’s creative content library and enhance product offerings to meet diverse customer needs. Furthermore, the merger is expected to produce value for both companies’ customers and stockholders.
“Capitalize on attractive growth opportunities to drive combined revenues, accelerate product innovation, realize significant cost synergies, and improve cash flow. We look forward to working closely with the Getty Images management team to complete the transaction and drive the next chapter of growth,” Hennessy concluded.
