The Creative Gathering: Create By Getty Images
Getty Images Holdings (GETY) is making waves in the visual content creation industry with the unveiling of a dynamic event series, Create By Getty Images. This event serves as a beacon of opportunity for Getty Images and iStock videographers and photographers worldwide, offering them a platform to collaborate and craft high-quality content for global audiences under the guidance of Getty Images’ seasoned creatives.
Formerly known as iStockalypse, Create By Getty Images is set to unfold in Houston, TX, on May 18-19. The event aims to encapsulate the rich cultural tapestry of the city and its evolution into a center for sustainable technology startups. Focusing on themes like local life in Houston, sustainability, and technological innovation, the event endeavors to equip creators with the expertise required to cater to the visual demands of Getty Images and iStock’s global customer base.
Empowering Creativity: Encouraging Diversity and Flexibility
One of the core facets of the event is its encouragement of creators to propose and secure funding for their shoots, ensuring a diverse spectrum of content that authentically reflects Houston’s cultural diversity. Participants will have the liberty to organize additional shoots across various locales in Houston, enhancing the breadth and depth of the event’s content offerings.
Diversified Strategy Fuels Growth Trajectory
Getty Images’ strategic move aligns seamlessly with its overarching goal of supporting and empowering its international creator community while adapting to the evolving visual preferences of customers on a global scale. Noteworthy expansions in its portfolio have been instrumental in augmenting its offerings, with initiatives such as the introduction of Enhanced Search in March. This advanced feature harnesses AI and machine learning to facilitate expedited and more precise content discovery through natural language searches on Getty Images and iStock platforms.
In addition to in-house developments, Getty Images has bolstered its portfolio through key acquisitions, such as Motorsport Images, which enriched its treasure trove with over 29 million images and 8,900 hours of video footage, reinforcing its standing as a premier provider of visual content in the motorsport domain.
Furthermore, collaborations like the one with NVIDIA have led to the introduction of Generative AI by iStock, an affordable solution designed to bring creative ideas to life by leveraging NVIDIA Picasso and offering exclusive legal coverage of $10,000. This integration seamlessly interacts with iStock’s extensive library, catering to diverse marketing requirements.
Partnerships and Projections: Driving Toward Success
Getty Images’ recent collaboration with the United Football League (UFL) to serve as the Official Photographic Agency underscores its commitment to expanding its reach and strengthening its client base. This partnership promises high-quality imagery throughout the UFL’s 12-week season, amplifying Getty Images’ extensive portfolio of sports alliances globally.
Anticipating robust top-line growth, Getty Images projects total revenues in the range of $928 million to $947 million for 2024, indicating a growth rate of 1.3-3.3% compared to 2023 figures. The Zacks Consensus Estimate for revenues stands at $942.53 million, reflecting a year-over-year increase of 2.83%. However, the Zacks Consensus Estimate for earnings rests at 7 cents per share, down by a couple of pennies over the past 30 days.
Market Position and Outlook
Despite the current Zacks Rank #3 (Hold) assigned to Getty Images, the company’s shares have experienced a 21.3% decline year-to-date, contrasting with the 13.6% rise in the Zacks Computer & Technology sector. For investors seeking alternatives in the technology domain, stocks like Bill Holdings (BILL) and Bentley Systems (BSY), both carrying a Zacks Rank #1, present compelling opportunities.
Bill Holdings, with a year-to-date decline of 23.1%, boasts a long-term earnings growth rate projected at 23.64%. On the other hand, Bentley Systems, which has seen a 5.5% decrease in its shares year-to-date, anticipates a long-term earnings growth rate of 12%.