Getty Images recently announced the launch of Generative AI from iStock, a significant innovation poised to transform the landscape for small businesses, designers and marketers, according to the official website. Introduced at the Consumer Electronics Show (CES), this cutting-edge tool is designed to provide users with an affordable, legally secure and creative way to generate marketing and advertising visuals. Powered by NVIDIA Picasso, a platform for custom generative AI models, this tool is trained using high-quality content and proprietary data from Getty Images’ vast creative libraries. Its main feature is the guarantee to generate content that avoids known copyrighted elements, giving users legal peace of mind.
Getty Images is an American visual media company and a prominent provider of stock images, editorial photography, video and music to both the business and consumer markets. The company has a huge library of over 477 million assets and targets three main markets: creative professionals, media and corporate entities. Founded in 1995 by Mark Getty and Jonathan Klein in London, the company has undergone significant transformations, including a merger with PhotoDisc, Inc. in 1997 to form Getty Images. In 2008, it was acquired by the private equity firm Hellman & Friedman for $2.4 billion. However, in 2018 the company was reacquired by the Getty family. Getty Images announced its intention to become publicly traded again in December 2021, and in July 2022 went public on the New York Stock Exchange under the symbol GETY following a merger with CC Neuberger Principal Holdings II.
Generative AI from iStock offers seamless integration with iStock’s existing library of authentic and commercial-ready images, including exclusive photos, illustrations and videos. The tool allows users to generate and download licensed visualizations with legal indemnity at no additional cost, promoting a low barrier to entry for AI research in marketing efforts. In addition, it supports advanced generative AI functions through an API, enabling image modification in creative applications and plugins.
The impact of iStock’s Generative AI on the small business and marketing industry is significant. It opens new doors for hyper-personalization at scale, a crucial factor in today’s marketing landscape. According to McKinsey, generative AI (Gen AI) could revolutionize consumer marketing, enabling rapid deployment of personalized marketing campaigns, increased efficiency and improved customer insights. Gen AI is contributing to significant global gains in productivity, with the potential to add up to $4.4 trillion annually. Specifically, marketing productivity can increase by 5 to 15 percent of total marketing spend, approximately $463 billion annually.
Current applications of Gen AI in marketing provide immediate value by rapidly generating copy and imagery, personalizing campaigns and improving response to customer feedback. For example, craft retailer Michaels Stores used Gen AI to greatly increase the personalization of its email campaigns, resulting in significant increases in click-through rates. However, as with any breakthrough technology, it is critical to mitigate risks such as bias, data privacy violations, and copyright infringement by ensuring that Gen AI is used responsibly and ethically.
The design and marketing industries are witnessing a seismic shift due to the introduction of Generative AI. Traditional stock photography models are being challenged by the endless variety, cost-effectiveness, speed, and customization capabilities of generative AI. This technology enables the creation of highly realistic and diverse images on demand, addressing the limitations of traditional photo libraries such as limited variety and high cost.
However, challenges remain, such as ensuring the quality and relevance of generated images and addressing ethical issues related to AI-generated content. While generative AI can automate image creation, the human touch in photography, capturing unique moments and emotions, is still indispensable.
Image source: Shutterstock