- Shares of Shutterstock soared on Tuesday after the company announced an expanded six-year partnership with ChatGPT maker OpenAI.
- Shutterstock said it will provide OpenAI with “high quality” training data by granting access to OpenAI’s video, image and music libraries.
- According to the release, the two companies will also work to bring generative AI to mobile users via Shutterstock’s GIPHY platform.
Shutterstock Chief Technology Officer James Chou (C) rings the opening bell of the New York Stock Exchange on February 14, 2014 in New York City.
D DiPaspil | Getty Images
Shutterstock shares closed 9% higher on Tuesday after the company announced an expanded six-year partnership with ChatGPT maker OpenAI.
Shutterstock, a stock image, video and music provider, said in a release that it would provide “high quality” training data by granting access to OpenAI’s video, image and music libraries. Shutterstock will continue to leverage OpenAI’s text-to-image generation to allow customers to modify any image in his Shutterstock library using “synthetic editing capabilities.”
The companies will also work to bring generative AI to mobile users via Shutterstock’s Giphy GIF database. Shutterstock agreed to acquire Giphy from Meta in May.
Shutterstock has launched a strategic partnership with OpenAI in 2021. In October 2022, the company announced that it would begin offering his OpenAI image generation capabilities to customers.
