Getty Images Holdings, Inc. reported a revenue of $939.3 million for the fiscal year ending December 31, 2024, reflecting a 2.5% increase from $916.6 million in the previous year. The company achieved a net income of $39.5 million, a significant improvement compared to a net income of $19.6 million in 2023, marking a 101.6% increase. This growth in profitability was attributed to a reduction in litigation costs and a favorable foreign exchange impact, which contributed to a net foreign exchange gain of $36.1 million, compared to a loss of $23.8 million in the prior year.
In terms of operational metrics, Getty Images reported a decrease in total purchasing customers to 717,000 from 799,000 in 2023, primarily due to a strategic shift towards annual subscription products. However, the total active annual subscribers increased to 314,000, up from 236,000 in the previous year, indicating a successful transition to subscription-based revenue models. The company also noted a 7% growth in its image collection, reaching 572 million assets, and a 17% increase in its video collection, totaling 32 million videos.
Strategically, Getty Images has focused on enhancing its product offerings, including the launch of Generative AI services in partnership with NVIDIA, aimed at providing commercially safe AI-generated content. The company has also made significant investments in its technology platform and customer relationship management tools, which are expected to drive future growth. Additionally, Getty Images announced a merger agreement with Shutterstock, which is anticipated to close in 2025, further expanding its market presence and operational capabilities.
Looking ahead, Getty Images aims to capitalize on the growing demand for visual content, particularly in the corporate market and through its subscription offerings, which now account for over half of its total revenue. The company plans to continue its geographic expansion and enhance its product adoption rates, particularly in video content, which has shown increasing customer engagement. Despite the challenges posed by market competition and economic conditions, Getty Images remains optimistic about its growth trajectory and the potential benefits of the upcoming merger with Shutterstock.
About Getty Images Holdings, Inc.
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