Shutterstock shares pop as company expands partnership with OpenAI

Published Tue, Jul 11 202310:08 AM EDTUpdated Tue, Jul 11 20234:01 PM EDT

Ashley Capoot @in/ashley-capoot-02496b173/

Key Points

Shares of Shutterstock popped 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 its video, image and music libraries.
The companies will also work to bring generative AI to mobile users via Shutterstock's GIPHY platform, according to a release.

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Shutterstock chief technology officer James Chou (C) rings the opening bell at the New York Stock Exchange on February 14, 2014 in New York City.

D Dipasupil | Getty Images

Shares of Shutterstock closed up 9% Tuesday after the company announced an expanded, six-year partnership with ChatGPT-maker OpenAI.

Shutterstock, which offers stock images, videos and music, said in a release that it will provide OpenAI with "high-quality" training data by granting access to its video, image and music libraries. Shutterstock will continue to leverage OpenAI's text-to-image generation and allow customers to use "synthetic editing capabilities" to alter any image in the Shutterstock library.

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 began its strategic partnership with OpenAI in 2021. In October 2022, the company announced it would begin to bring OpenAI's image generation capabilities to its customers.