Getty Images, a company specializing in image licensing, has announced plans to file for bankruptcy and intends to become a private company following a restructuring process. Previously, Getty Images had planned to merge with Shutterstock, but those plans did not materialize.
Getty Images is reportedly burdened with significant debt, and the rise of artificial intelligence has not helped the company's growth—particularly as many parties are now turning to AI-generated images rather than licensing stock photos. Notably, Getty is also the owner of the Unsplash service.
For the time being, Getty has stated that its services and operations will continue as usual. The company reportedly holds debt totaling approximately $2.1 billion, while its valuation stands at only around $20.47 million.
