司法实践对AI生成内容的权责纠纷已经进行了一定的积累。2019年4月"菲某律所诉某度公司案"中，北 京互联网法院在判决中强调文字作品由自然人创作完成是构成《著作权法》上作品的必要条件，若涉案 分析报告系软件使用者仅提交关键词而一键生成的，则生成内容并非传递使用者思想的独创性表达，不 能构成《著作权法》意义上的作品。 短视频行业在数智技术的推动下迅猛发展，侵权现象也呈现出明显的上升趋势和复杂化特点。 随着生成式人工智能（AIGC）的应用普及，文本、图像、音乐、人物形象等均可借由AI快捷生成。在 便利视频创作的同时，AIGC也对传统版权规制带来了不小的挑战。如何判定AI生成的视频是否享有知 识产权、如何认定AIGC使用者对视频作品的独创性贡献等，是新技术发展与应用中引发剧烈讨论的一 系列焦点问题。 2023年首例AI生成图片著作侵权案李某某诉刘某某案中，北京互联网法院则在判决中指出人工智能生 成图片只要能体现出人的独创性智力投入，就应当被认定为作品，受到《著作权法》保护。而2025年4 月苏州市中级人民法院对"丰某某诉朱某某案"为我国首例AI文生图不构成作品案，判决认定简单的提示 词+AI生成不构成作品。如何解读 ...

Regulatory Compliance - The European Union released a code of practice to aid companies in adhering to the AI Act [1] - The AI Act includes copyright protections for creators [1] - The AI Act mandates transparency requirements for advanced AI models [1]

Financial Data and Key Metrics Changes - First quarter revenue for 2025 was $224.1 million, representing growth of 0.8% or 2.6% on a currency neutral basis [4][11] - Adjusted EBITDA was $70.1 million for the quarter, down 0.1% or up 2.2% on a currency neutral basis [4][16] - Annual subscription revenue accounted for 57.2% of total revenue, up from 54.7% in Q1 of the previous year [12] - Free cash flow was negative $0.3 million, down from $7.1 million in Q1 2024 [18] Business Line Data and Key Metrics Changes - Subscription revenue grew by 5.4% or 7.2% on a currency neutral basis, driven primarily by growth in premium access [12] - Paid downloads decreased slightly to $93 million, while video attachment rate increased to 16.7% from 14% [13] - Editorial revenue increased by 4% year on year to $82.6 million, while creative revenue decreased by 4.8% year on year to $132.2 million [13][14] - Other revenue increased to $9.3 million, driven by new multiyear creative content deals [15] Market Data and Key Metrics Changes - Currency neutral revenue growth of 6.4% in The Americas, while EMEA was down 3% and APAC was down less than 1% [15] - The company experienced a mid single-digit decline in its media business, primarily due to the impact of the LA fires [14] Company Strategy and Development Direction - The company is committed to investing in core assets and evolving its offerings to deepen relevance for customers [10] - The annual subscription business represents more than half of total revenue, positioning the company to adapt to potential macroeconomic uncertainties [9] - The company is focused on expanding its customer base, annual subscription business, and geographic footprint [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged early FX pressures and tariff-driven uncertainty impacting customer investments [5][11] - The company expects to navigate challenging environments by remaining flexible and financially disciplined [9] - Guidance for full year 2025 anticipates revenue of $931 million to $968 million, reflecting a decrease of 0.9% to an increase of 3.1% year over year [21] Other Important Information - The proposed merger with Shutterstock is under regulatory review, with expectations for closure in the second half of 2025 [8][9] - The company completed refinancing of its term loan structure, extending maturity to February 2030 [19] Q&A Session Summary Question: Can you elaborate on the subscription mix shift to corporate and the demand perspective? - Management noted a continued trend of building internal corporate marketing groups, which drives subscription growth [28] Question: Are the impacts from LA fires, FX pressures, and broader macro uncertainties resolved? - Management confirmed that while some impacts are expected to continue, they have baked these uncertainties into their guidance [33] Question: What is the expected acceleration in currency neutral guidance and data licensing revenue? - Management indicated no significant changes in data licensing revenue expectations and noted growth opportunities in subscription and video [44] Question: Can you provide an update on the company's Gen AI offering and client adoption? - Management reported consistent adoption of Gen AI offerings, with revenue still in the single-digit millions but growing steadily [54] Question: How has client spending been affected by tariff uncertainty since Liberation Day? - Management observed a decline in agency business, attributing it to macro uncertainties rather than direct tariff impacts [58]