A Media Snippet accompanying this announcement is available by clicking on this link. NEW YORK, Sept. 20, 2024 (GLOBE NEWSWIRE) -- As text to image generative AI continues to gain momentum, the ability to craft effective prompts—concise, creative instructions for AI tools—is emerging as a key advantage for businesses looking to leverage AI for their visual content. While AI generated images have opened new possibilities to create unique visuals, the difference between good and great often comes down to the ...

NEW YORK, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Getty Images (NYSE: GETY), a preeminent global visual content creator and marketplace, today announced its award winning photographers, editors and operations staff will capture stunning imagery from the Paris 2024 Paralympic Games. As the Official Photographic Agency of the International Paralympic Committee (IPC), Getty Images will use innovative and proprietary technology to deliver thousands of images from the Opening Ceremony on August 28th to the Closing Cer ...

Core Insights - Getty Images reported a revenue of $229.1 million for Q2 2024, reflecting a year-over-year increase of 1.5% and a currency-neutral growth of 2.1% [3] - The company experienced a return to growth driven by increased annual subscribers and paid downloads across its platforms, including Getty Images, iStock, and Unsplash [2] - Annual subscription revenue grew by 5.2%, now representing 52.9% of total revenue, up from 51.1% in Q2 2023 [3] Financial Performance - Creative revenue decreased by 2.4% year-over-year to $137.9 million, while editorial revenue increased by 4.1% to $83.6 million [3] - Net income for Q2 2024 was $3.7 million, a significant improvement from a net loss of $4.3 million in Q2 2023 [3] - Adjusted EBITDA for the quarter was $68.8 million, down 5.4% year-over-year, with an adjusted EBITDA margin of 30.0% [3][28] Liquidity and Balance Sheet - The company reported net cash provided by operating activities of $68.0 million for Q2 2024, compared to $73.8 million in the prior year [4] - Free cash flow for the quarter was $31.1 million, an increase from $27.9 million in Q2 2023 [4] - As of June 30, 2024, the ending cash balance was $121.7 million, with total available liquidity of $271.7 million [4][35] Key Performance Indicators - The total number of purchasing customers decreased by 10.8% to 740,000, while active annual subscribers increased by 54.7% to 282,000 [6] - The company’s image collection grew by 7.7% to 553 million, and the video collection increased by 17.5% to 30 million [6] - The annual subscriber revenue retention rate fell to 89.4%, down from 98.5% [6] Business Highlights - Getty Images provided extensive coverage of the Paris 2024 Olympics, producing over 5 million images from various sports [7] - The company launched an updated generative AI model in partnership with NVIDIA, enhancing its AI capabilities [7] - A renewed partnership with Canva allows access to Getty's creative assets, further expanding its market reach [7] Financial Outlook - Updated guidance for full-year 2024 revenue is projected between $924 million and $943 million, reflecting a year-over-year growth of 0.9% to 2.9% [8] - Adjusted EBITDA for the full year is expected to be between $290 million and $294 million, indicating a decline of 3.8% to 2.5% year-over-year [8]

NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Getty Images Holdings, Inc. ("Getty Images") (NYSE:GETY) a preeminent global visual content creator and marketplace, announced that it has updated the timing of its second quarter 2024 earnings release. The Company now intends to release its results prior to the market open on Friday, August 9, 2024. As previously announced, the company will conduct a conference call on Monday, August 12, 2024 at 8:30 a.m. (Eastern Time) to discuss the company's results. The confe ...

Core Insights - Getty Images has renewed its partnership with Canva, enhancing access to millions of creative image and video assets for Canva's customers [1][2] - The renewed partnership will also support Canva's development of responsibly trained generative AI tools, as part of Canva's $200 million Content Fund [2][3] - Getty Images boasts over 572 million visual assets, providing unmatched depth, breadth, and quality in visual communications [3] Company Overview - Getty Images is a leading global visual content creator and marketplace, known for its extensive library of high-quality images and videos [1][3] - The company has been partnered with Canva since 2018, contributing millions of assets to Canva's content library [2] Partnership Details - The multi-year renewal of the partnership signifies a commitment to enhancing user access to high-quality visual content [1][3] - Both companies express excitement about the collaboration, emphasizing the importance of responsible AI development and the benefits it brings to creators [3]

Core Insights - Getty Images has launched its first-ever joint editorial photography internship program in collaboration with Canon U.S.A., aimed at nurturing the next generation of visual content creators [2][4]. Group 1: Internship Program Details - The internship program will allow three successful applicants to work alongside leading photographers and visual content experts in the fields of News, Sport, and Entertainment [2][3]. - Interns will receive hands-on experience in capturing editorial content, client relations, video editing, and visual storytelling using Canon's advanced camera equipment [5]. - The program is open to applicants aged 18 and older, with a particular encouragement for underrepresented groups in photography to apply [4][6]. Group 2: Benefits and Opportunities - Upon completion of the internship, participants will receive portfolio and media placement, a professional recommendation from Getty Images, and potential consideration for future staff positions [6]. - The program aims to enhance the quality of editorial coverage and storytelling by incorporating fresh perspectives from the interns [4].

A Media Snippet accompanying this announcement is available by clicking on this link. NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Getty Images (NYSE: GETY), a preeminent global visual content creator and marketplace, today announced its first-ever joint editorial photography internship program across News, Sport and Entertainment, with support from its imaging partner, Canon U.S.A., Inc. Three successful applicants based in the United States will have the opportunity to work alongside and learn from world l ...

Core Insights - Getty Images has launched an updated model for its generative AI services, significantly enhancing output speed and quality, with generation speeds reaching around 6 seconds for 4 images, doubling the performance of the previous model [4][5] - The updated model includes advanced features such as improved 4K upscaling, longer prompt capabilities (up to 250 words), and better alignment with user prompts, allowing for more detailed and accurate image generation [5][6] Model Enhancements - The updated model is based on the NVIDIA Edify architecture, part of NVIDIA Picasso, which focuses on generative AI for visual design [1] - Key improvements include faster generation times, enhanced detail in images, and expanded support for complex prompts, enabling users to create high-quality visuals more efficiently [4][5] AI Modification Capabilities - The company has introduced AI modification features that allow users to modify generated images and existing creative images, including adding or changing elements, extending the canvas, and removing backgrounds with a single click [2] - These features are currently available on iStock and will soon be available on Getty Images [2] Fine-Tuning Capabilities - Getty Images has released fine-tuning capabilities that enable enterprise customers to create tailored models using their brand assets, ensuring compliance with intellectual property rights [3] Industry Impact - The advancements in generative AI tools are designed to benefit a wide range of industries, providing professionals with powerful tools to enhance their creative workflows and experiment safely with AI [6] - The model is trained exclusively on Getty Images' creative library, ensuring indemnification for commercial use, which supports the company's commitment to responsible AI-generated imagery [9]

A Media Snippet accompanying this announcement is available by clicking on this link. NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- Getty Images (NYSE: GETY), a preeminent global visual content creator and marketplace, has announced the launch of an updated model for its commercially safe generative AI services and tools. The latest enhancement delivers generation speeds set to reach around 6 seconds for 4 images, doubling the performance of the previous model, with speeds at the forefront of the industry. Wi ...

Core Insights - The upcoming Paris 2024 Olympic Games present a significant opportunity for businesses to engage with a global audience of over a billion viewers, particularly through digital marketing strategies [1] Group 1: Challenges and Opportunities for Small Businesses - 40% of small business owners identify customer acquisition as a key challenge for profitability, emphasizing the importance of effective online engagement [6] - Visual content plays a crucial role in customer acquisition, with 70% of people feeling more connected to businesses that showcase diverse behaviors and personalities [2] Group 2: Marketing Strategies for the Olympics - Five key marketing strategies are recommended for small businesses to leverage during the Olympic Games, including the use of impactful visual content [7] - 82% of people globally draw inspiration from video content, yet only 11% of small and medium-sized businesses utilize it, indicating a significant opportunity for growth [7] Group 3: Importance of Visual Content - High-quality images and videos can enhance search engine optimization (SEO) and audience engagement on platforms like TikTok and Pinterest [3] - 87% of people value image authenticity, making professional photography a trusted source for content, while high-quality stock images offer a cost-effective alternative [8] Group 4: Utilizing Technology in Marketing - 42% of small and medium-sized businesses globally use AI-generated images for marketing, highlighting the growing importance of generative AI in creating visual content [4] - iStock's AI technology allows for modifications of stock imagery, providing businesses with the ability to tailor visuals to their specific needs [8]