By developing responsibly made AI tools built
with designers and marketers in mind, Shutterstock leads the charge
in streamlining the creative process for all
Through its Contributor Fund, Shutterstock
will continue to compensate artists for their contributions to the
development of this new AI technology
NEW
YORK, Nov. 17, 2022 /CNW/ -- Building on its
promise to enable its users to produce their best work with
incredible content and innovative tools, Shutterstock, Inc.
(NYSE: SSTK), today announced its long-term partnership to
advance AI-powered technology with LG AI Research. By combining
Shutterstock's metadata and world-class content with LG AI
Research's R&D capabilities, the companies will bring EXAONE,
LG's AI image generation model, EXAONE Atelier, a creative AI
toolkit, and AI-based image captioning to the global market.
This is Shutterstock's latest initiative to provide its partners,
customers and contributors with ethically driven AI technology
across all stages of the creative workflow, as it continues to
collaborate with industry leaders to responsibly shape the future
of generative AI.
"LG AI Research has been working closely with Shutterstock as
its most trusted and strategic partner to develop EXAONE, a
super-giant AI that can generate creative visual images and
captions based on unique multi-modal architecture and a huge number
of images and texts," said Dr. Kyunghoon
Bae, Chief of LG AI Research. "Together with
Shutterstock, LG AI Research is building successful commercial
cases of EXAONE and exploring brand new opportunities based on
EXAONE Atelier, a creative AI toolkit that is designed to inspire
designers and creators by leveraging generative AI. We are ready to
collaborate with all businesses to make our world more creative —
inspired by AI and designed by humans."
"Since our inception almost 20 years ago, Shutterstock has been
committed to supercharging creativity by providing its users with
the ingredients to power a flawless artistic experience," said
Paul Hennessy, Chief Executive
Officer at Shutterstock. "Our partnership with LG AI Research
continues to deliver on that mission by bringing AI tools to our
customers that automate the non-creative parts of the process
through AI image captioning and actualize visions instantly through
generative AI models. Whether it be for a CMO or a freelance
Creative Director, the AI-powered tools we're building eliminate
key pain points of the creative process for all and open up more
space for creativity to flow."
Expanding Our Generative AI Footprint
Shutterstock has
chosen to partner with LG AI Research, a global pioneer in
generative research that is equally invested in taking an ethical
approach to create AI technology. LG AI Research's sophisticated AI
model, which will be integrated into Shutterstock's platform, is
being trained with millions of high-resolution images and metadata
from Shutterstock and will convert text-based prompts into images.
Contributors whose works were used to train the model will be
compensated via Shutterstock's Contributor Fund and will also be
compensated whenever new generative content that uses their IP is
created and licensed by customers.
AI Image Captioning: A Game-Changer for the Creative
Workflow
LG AI Research's EXAONE technology can also convert
images into high-quality descriptions and keywords to describe and
label content, which can help customers find assets faster. By
integrating this AI captioning capability, customers will be able
to automatically add labels and descriptions to content that they
upload and store with Shutterstock — making it easy to stay
organized and find the assets users need, when they need them.
A Collaborative Approach Toward Industry
Education
According to a survey conducted by
Shutterstock, two thirds of its customers and contributors are
interested in learning about AI-generated content from the company.
To meet this growing interest and share best practices and
learnings with the industry, Shutterstock and LG AI Research will
participate in industry presentations, including at the IEEE/CVF
Conference on Computer Vision and Pattern Recognition in
Vancouver in June 2023, and co-host events to lead the global
discussion on new and ethical AI model development.
Customers and contributors can expect to see features like these
integrated into Shutterstock's platform in 2023.
FORWARD-LOOKING STATEMENTS
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking. Examples of
forward-looking statements include, but are not limited to,
statements regarding guidance, industry prospects, future business,
future results of operations or financial condition, future
dividends, our ability to consummate acquisitions and integrate the
businesses we have acquired or may acquire into our existing
operations, new or planned features, products or services,
management strategies, our competitive position and the COVID-19
pandemic. You can identify forward-looking statements by words such
as "may," "will," "would," "should," "could," "expect," "aim,"
"anticipate," "believe," "estimate," "intend," "plan," "predict,"
"project," "seek," "potential," "opportunities" and other similar
expressions and the negatives of such expressions. However, not all
forward-looking statements contain these words. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that could cause our actual results to differ
materially from those expressed or implied by the forward-looking
statements contained herein. Such risks and uncertainties include,
among others, those discussed under the caption "Risk Factors" in
our most recent Annual Report on Form 10-K and our Quarterly Report
on Form 10-Q for the quarter ended June 30,
2022, as well as in other documents that the Company may
file from time to time with the Securities and Exchange Commission.
As a result of such risks, uncertainties and factors,
Shutterstock's actual results may differ materially from any future
results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. The forward-looking
statements contained in this press release are made only as of this
date and Shutterstock assumes no obligation to update the
information included in this press release or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as required by law.
ABOUT SHUTTERSTOCK
Shutterstock, Inc. (NYSE: SSTK), is
the leading global creative platform for transformative brands and
media companies. Directly and through its group subsidiaries,
Shutterstock's comprehensive collection includes high-quality
licensed photographs, vectors, illustrations, 3D models, videos and
music. Working with its growing community of over 2 million
contributors, Shutterstock adds hundreds of thousands of images
each week, and currently has more than 424 million images and more
than 27 million video clips available.
Headquartered in New York City,
Shutterstock has offices around the world and customers in more
than 150 countries. The Company also owns Splash News, the world's
leading entertainment news agency for newsrooms and media companies
worldwide, Pond5, the world's largest video-first content
marketplace, TurboSquid, the world's largest 3D content
marketplace; PicMonkey, a leading online graphic design and
image editing platform; Offset, a high-end image collection;
Shutterstock Studios, an end-to-end custom creative shop;
PremiumBeat, a curated royalty-free music library; Shutterstock
Editorial, a premier source of editorial images and videos for the
world's media; Amper Music, an
AI-driven music platform; and Bigstock, a value-oriented stock
media offering.
For more information, please visit www.shutterstock.com and
follow Shutterstock on Twitter and on Facebook.
ABOUT LG AI RESEARCH
Launched in December 2020 as an affiliate of South Korean
conglomerate LG Group, LG AI Research aims to lead the next epoch
of artificial intelligence (AI) to realize a promising future by
providing optimal research environments and leveraging
state-of-the-art AI technologies.
LG AI Research has made continuous efforts to develop the
super-giant AI, EXAONE. EXAONE stands for "Expert AI for Everyone,"
an expert AI for everyone that LG aims for with various features.
EXAONE is differentiated from previous models since it is a
multi-modal super-giant AI model that can process both language and
visual data. With the world's largest learning data being used,
this huge amount of data learning enabled easily creating images
and texts bidirectionally.
For more information, visit www.lgresearch.ai.
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SOURCE Shutterstock, Inc.