Shutterstock joins forces with LG AI Research to advance AI technology and revolutionize the creative journey

By developing responsibly crafted AI tools for designers and marketers, Shutterstock leads the charge in streamlining the creative process for everyone

Through its Contributor Fund, Shutterstock will continue to compensate artists for their contributions to the development of this new AI technology

NEW YORK, November 17, 2022 /PRNewswire/ — Building on its promise to empower 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 the AI-powered technology with LG AI Research. By combining Shutterstock’s world-class content and metadata with the R&D capabilities of LG AI Research, the companies will bring EXAONE, LG’s AI image generation model, EXAONE Atelier, a creative AI toolkit, and AI-powered image captioning for the global market. This is Shutterstock’s latest initiative to provide its partners, customers and contributors with ethically driven AI technology at all stages of their creative workflow, as it continues to collaborate with industry leaders to responsibly shape the future of Generative AI.

“LG AI Research worked closely with Shutterstock as a strategic and reliable partner to develop EXAONE, a supergiant artificial intelligence capable of generating creative visual images and captions based on a unique multimodal architecture and a huge number of images and texts, ” She said Dr. Kyunghoon Baeresearch chief LG AI. “Together with Shutterstock, LG AI Research is building EXAONE successful business cases and exploring new opportunities based on EXAONE Atelier, an AI toolkit designed to inspire designers and creators by leveraging generative AI. We look forward to partnering with all companies to make our world more creative, inspired by artificial intelligence and designed by humans.”

“Since our inception nearly 20 years ago, Shutterstock has been committed to empowering creativity by providing its users with the ingredients to fuel a flawless artistic experience,” he said. Paul Hennessymanaging director of Shutterstock. “Our partnership with LG AI Research continues to deliver on this mission by bringing AI tools to our customers that automate the non-creative parts of the process through AI image captioning and update the visions instantly through generative AI models. whether it’s a CMO or a freelance creative director, the AI-powered tools we’re building eliminate key pain points in the creative process for everyone and open up more room for creativity to flow.”

Expand our generative AI footprint
Shutterstock has chosen to partner with LG AI Research, a global pioneer in generative research who is equally invested in taking an ethical approach to creating AI technology. LG AI Research’s sophisticated AI model, which will be integrated into Shutterstock’s platform, is 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 using their IP is created and licensed by clients.

AI Image Captioning: A Game Changer for Your 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 feature, customers will be able to automatically add labels and descriptions to the content they upload and archive with Shutterstock, simplifying organization and finding the assets users need, when they need them.

A collaborative approach to industrial education
According to A survey conducted by Shutterstock, two-thirds of its customers and contributors are interested in learning about the company’s AI-generated content. 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 the IEEE/CVF Conference on Computer Vision and Pattern Recognition in Vancouver in June 2023and co-host events to drive global discussion on the development of new and ethical AI models.

Customers and contributors can expect to see features like these integrated into the Shutterstock platform in 2023.

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 complete acquisitions and integrate the businesses we have acquired or we may acquire in our existing operations, new or planned features, products or services, management strategies, our competitive position and the COVID-19 pandemic. You may identify forward-looking statements with words such as “may,” “will,” “would,” “should,” “could,” “expect,” “aim,” “anticipate,” “believe,” “estimate,” ” intends,’ ‘plans’, ‘foresees’, ‘plans’, ‘seeks’, ‘potential’, ‘opportunity’ and other similar expressions and the negations 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, but are not limited to, those discussed under “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, 2022as well as in other documents which the Company may file with the Securities and Exchange Commission from time to time. Because of these risks, uncertainties and factors, Shutterstock’s actual results may differ materially from any future results, performance or achievements discussed or implied by the forward-looking statements contained herein. Forward-looking statements contained in this press release are made only as of this date, and Shutterstock undertakes no obligation to update the information included in this press release or to revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Shutterstock, Inc. (NYSE: SSTK extension), is the leading global creative platform for transformative brands and media companies. Directly and through its group subsidiaries, the complete collection of Shutterstock includes high quality licensed photographs, carriers, illustrations, 3D models, video 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.

Based in CNY, Shutterstock has offices worldwide 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 largest video content marketplace in the worldTurboSquid, the world’s largest 3D content marketplace; PicMonkey, A leading online graphic design and image editing platform; compensate, a high-end image collection; Shutterstock studios, an end-to-end personalized creative shop; PremiumBeat, a curate royalty-free music library; Shutterstock Editorial, one of the leading sources of editorial images And video for the world media; Amper Musica Music platform based on artificial intelligence; And Bigstocka value-oriented stock media offering.

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Launched in December 2020 As an affiliate of South Korean conglomerate LG Group, LG AI Research aims to lead the next era of artificial intelligence (AI) to realize a promising future by providing optimal research environments and leveraging cutting-edge AI technologies.

LG AI Research has been making continuous efforts to develop the supergiant AI, EXAONE. EXAONE stands for “Expert AI for Everyone”, an expert artificial intelligence for everyone that LG aims for with various features. EXAONE differs from previous models as it is a multimodal supergiant AI model capable of processing both language and visual data. With the world’s largest learning data in use, this massive amount of learning data made it possible to easily create bi-directional images and text.

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SOURCE Shutterstock, Inc.

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