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The share price of Shutterstock increased 9% yesterday as the business announced they agreed on an expanded, six-year partnership with ChatGPT-maker OpenAI.
The company, providing stock images, videos, and music, states it will provide OpenAI with "high-quality" training data by offering access to its video, image, and music libraries. What is more, Shutterstock will continue using OpenAI’s text-to-image generation and allow using "synthetic editing capabilities" to alter any image found in their library.
The companies also announced they plan to bring generative AI to mobile users via Shutterstock’s Giphy GIF database. In case you missed the news, Shutterstock bought Giphy from Meta in May.
Last week, Shutterstock revealed its plans to provide full indemnification to Enterprise customers for the license and use of generative AI images on its platform. They said their goal is to safeguard these customers against any potential claims arising from their usage of such images.
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