Introduction

Getty Images recently announced the launch of Generative AI by iStock, a significant innovation poised to transform the landscape for small businesses, designers, and marketers, according to the official website. This cutting-edge tool, unveiled at the Consumer Electronics Show (CES), is designed to provide users with an affordable, legally safe, and creative way to generate marketing and advertising visuals.

About Getty Images

Getty Images is an American visual media company and a prominent supplier of stock images, editorial photography, video, and music for both business and consumer markets. The company has a vast library of over 477 million assets and targets three primary markets: creative professionals, media, and corporate entities. Founded in 1995 by Mark Getty and Jonathan Klein in London, the company underwent 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, it went public on the New York Stock Exchange under the symbol GETY following a merger with CC Neuberger Principal Holdings II.

Features of Generative AI by iStock

Generative AI by iStock offers seamless integration with iStock’s existing library of authentic and commercial-ready imagery, including exclusive photos, illustrations, and videos. The tool enables users to generate and download licensed visuals with legal indemnification at no extra cost, fostering a low barrier to entry for exploring AI in marketing efforts. Furthermore, it supports advanced generative AI features through APIs, allowing for the modification of images in creative applications and plugins.

The Impact on Small Businesses and the Marketing Industry

The impact of Generative AI by iStock on small businesses and the marketing industry is significant. It opens new doors for hyperpersonalization at scale, a crucial factor in today’s marketing landscape. According to McKinsey, generative AI (Gen AI) can revolutionize consumer marketing, enabling the rapid rollout of personalized marketing campaigns, increased efficiency, and enhanced customer insights. Gen AI contributes to significant global productivity gains, with the potential to add up to $4.4 trillion annually. Specifically, marketing productivity could increase by 5 to 15 percent of total marketing spend, approximately $463 billion annually.

Current Applications and Challenges

Current applications of Gen AI in marketing are delivering immediate value by generating copy and images swiftly, personalizing campaigns, and enhancing customer feedback response. For instance, crafts retailer Michaels Stores utilized Gen AI to significantly increase the personalization of their email campaigns, leading to a notable rise in click-through rates. However, as with any disruptive technology, it is crucial to mitigate risks like biases, data privacy violations, and copyright infringement, ensuring that Gen AI is used responsibly and ethically.

The Future of Design and Marketing

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 infinite variety, cost efficiency, speed, and customization capabilities of generative AI. This technology allows the creation of highly realistic and diverse images on-demand, addressing the limitations of traditional stock photo libraries, such as limited variety and high costs. However, challenges remain, such as ensuring the quality and relevance of generated images and addressing ethical concerns related to AI-generated content. While generative AI can automate image creation, the human touch in photography, capturing unique moments and emotions, is still irreplaceable.