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

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

NEW YORK, Nov. 17, 2022 /PRNewswire/ -- Following on from 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 AI-powered technology with LG AI Research. Combining the world-class content and metadata of Shutterstock 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 to the global market. , and AI-based image captions. This is the latest initiative from Shutterstock to provide its partners, clients and collaborators with ethically driven AI technology at all stages of the creative workflow, as it continues to collaborate with industry leaders to responsibly shape the future. of generative AI.

"LG AI Research has long been working together with Shutterstock as its most trusted and strategic partner to develop EXAONE, a super-giant AI that can generate creative visual images and subtitles based on a unique multimodal architecture and a large number of images and texts," explained the Dr. Kyunghoon Bae, Head of LG AI Research. "Together with Shutterstock, LG AI Research is building successful EXAONE business cases and exploring new opportunities based on EXAONE Atelier, a creative AI toolkit that is designed to inspire designers and creators by leveraging generative AI. We look forward to collaborating with all companies to make our world more creative, inspired by AI 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 for a seamless art experience," said Paul Hennessy, CEO of Shutterstock. "Our partnership with LG AI Research continues to fulfill that mission by providing our clients with AI tools that automate the non-creative parts of the process through AI image captioning and update views on the fly using generative AI models. Whether it's for a marketing manager or freelance creative director, the AI-powered tools we're creating remove major pain points from the creative process for everyone and open up more space for creativity to flow."

Expanding our generative AI footprintShutterstock has chosen to partner with LG AI Research, a global pioneer in generative research that equally strives to take an ethical approach to creating AI technology. LG AI Research's sophisticated AI model, which will be integrated into the Shutterstock platform, is being trained on millions of high-resolution images and metadata from Shutterstock and will convert text-based prompts into images. Contributors whose works have been used to train the model will receive compensation through the Shutterstock Contributor Fund and will also be compensated each time clients create and license new generative content using their intellectual property.

AI Image Captioning: A Game Changer for Creative WorkflowLG AI Research's EXAONE technology can also convert images into high-quality descriptions and keywords to describe and tag content, which can help customers find assets faster. By integrating this AI captioning capability, clients will be able to automatically add tags and descriptions to the content they upload and store with Shutterstock, making it easier for users to organize and find the assets they need, when they need them.

Collaborative approach to the formation of the industryAccording to a link, two thirds of its clients and collaborators are interested in learning about the content generated by the company's AI. To respond to this growing interest and share best practices and learnings with the industry, Shutterstock and LG AI Research will participate in industry presentations, such as the IEEE/CVF Conference on Computer Vision and Pattern Recognition to be held in Vancouver in June. 2023, and will co-host events to lead the global debate on the development of new and ethical AI models.

Customers and contributors will be able to learn about features like these integrated into the Shutterstock platform in 2023.

FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are forward-looking in nature. Examples of forward-looking statements include, but are not limited to, statements regarding guidance, industry prospects, future business, results of operations or financial condition, future dividends, our ability to carry make acquisitions and integrate the businesses we have acquired or may acquire into our current operations, new or planned features, products or services, management strategies, our competitive position and the COVID-19 pandemic. You can identify forward-looking statements by words such as "may," "will," "should," "could," "expects," "intends," "anticipates," "believes," "estimates," "intends," "plans," ", "predicts", "projects", "seeks", "potential", "opportunities" and other similar expressions, as well as the negatives of said 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, among others, those discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in our Quarterly Report on Form 10-Q for the quarter ended June 30. 2022, as well as in other documents that the Company may file from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, Shutterstock's actual results may differ materially from any future results, performance or achievements discussed in or implied by any forward-looking statements contained herein. Forward-looking statements contained in this press release are made only as of this date, and Shutterstock does not undertake any obligation to update the information contained 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.

ABOUT SHUTTERSTOCKShutterstock, Inc. (NYSE: SSTK), is the leading global creative platform for transformative media companies and brands. Directly and through its group subsidiaries, Shutterstock's extensive collection includes high-quality licensed photos, vectors, illustrations, 3D models, videos, and music. Working with its growing community of more than 2 million contributors, Shutterstock adds hundreds of thousands of images every week, and currently has more than 424 million images and more than 27 million video clips available.

Headquartered in New York, Shutterstock has offices around the world and clients in more than 150 countries. The company also owns Splash News, the leading entertainment news agency for newsrooms and media companies around the world; Pond5, the largest marketplace for video content, TurboSquid, link; PicMonkey, a link; Offset, a collection of high-end images; Shutterstock Studios, a one-stop creative store; PremiumBeat, a royalty-free music library; Shutterstock Editorial, a leading source of editorial images and video for global media; Amper Music, a link; and Bigstock, a value-oriented storage media offering.

For more information, visit www.shutterstock.com and follow Shutterstock on Twitter and Facebook.

ABOUT LG AI RESEARCH Launched in December 2020 as a subsidiary 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 AI technologies more advanced.

LG AI Research has made continuous efforts to develop the super giant AI, EXAONE. EXAONE stands for "Expert AI for Everyone", an expert AI for everyone that LG aspires to with various features. EXAONE differs from previous models in that it is a multimodal supergiant AI model that can process both linguistic and visual data. This huge amount of learning data makes it easy to create images and text bidirectionally.

For more information visit the website www.lgresearch.ai.

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