Getty Images and Shutterstock to Merge

Stock Footage

by Heath McKnightToday

Getty Images and Shutterstock, two powerhouses in the stock photos and footage industry, have announced plans to merge in a multi-billion dollar deal. What does that mean for content creators who use stock media, and contributors to both companies?

Nearly 30 years old, Getty Images was founded by Mark Getty and Jonathan Klein. By 1997, the stock media company took off when it merged with PhotoDisc. Over the years, Getty has acquired other media libraries, including iStock, and archived to become one of the largest in the world. In 2020, it focused on royalty-free images instead of rights-exclusive images. Getty is also known for their events coverage, such as awards shows and more.

Meanwhile, Shutterstock was founded in 2003 to provide stock images, video, music, and even editing tools. It currently has a library of over 500 million stock media. The company acquired Pond5 in 2022. Content creators likely recall the company offered subscriptions before adding licensing to individual media.

Getty and Shutterstock merger details

Once the $3.7 billion merger is approved and is completed, the new company will be called Getty Images Holdings, Inc., and will continue to be traded on the U.S. Stock Exchange as GETY. The two companies said there will be “cost synergies” annually of $150 million to $200 million per year, within three years of the merger closing.

The company said in a statement that, “Getty Images and Shutterstock will offer a content library with greater depth and breadth for the benefit of customers, expanded opportunities for its contributor community.” 

Getty’s CEO also added the merger will help with “enhancing our content offerings, expanding event coverage, and delivering new technologies to better serve our customers.”

So why did two of the largest stock media companies decide to merge? There has been an increase in competition over the years, with companies like Storyblocks and others offering royalty-free media at more competitive prices. To be fair, the overall quality (composition, etc.), varied compared to Getty and Shutterstock, but if a director or editor could get a quality piece of footage for less than the two giants, they’ll do so.

Additionally, Adobe Stock is a convenient way to add media to a project while working in various apps, such as Premiere Pro. Adobe acquired Fotolia several years ago as a way to make it even easier for content creators to access millions of types of Media. Adobe Firefly is their generative AI tool, which can be used to create apps and combine with Adobe Stock media. Canva also provides stock media, plus there is also the rise of generative AI.

What does it mean for filmmakers, content creators and contributors?

Storyblocks’ CEO TJ Leonard pointed out one potential big issue (via Forbes): By focusing only on saving money on costs (“cost synergies”), the new Getty Images “cannot devote to the customer.” He also said smaller companies, such as his own, can do well by focusing more on their customers’ needs and provide quality stock media.

Could the merger also affect overall pricing of the stock media? Quite possibly, since the new Getty will be so massive with its extensive library, tools, and event coverage. That will also give smaller companies an opportunity to eat into Getty’s market share. 

Finally, there are many contributors to Getty Images and Shutterstock around the world, particularly Getty. The two companies said contributors will see more opportunities, but didn’t offer details. Storyblocks’ Leonard worries that one platform vs. diversification between two could affect royalty earnings, especially if the fee structure changes in anyway.

What are your thoughts on the Getty Images and Shutterstock merger? If you use stock media, how might it affect you? If you’re a contributor to either or both companies, do you think it will help or hurt earnings? Let us know in the comments below!