Chris Suh on generative AI
From (NYSE:SSTK) Q2 2023 Shutterstock, Inc. Earnings Conference Call August 1, 2023 8:30 AM ET · · EDataExchange
“Despite customers experimenting and creating generative AI images in large quantities, they are not downloading such images and substituting them for original content in marketing campaigns in any meaningful way at this point in time.”
On , Chris Suh, Vice President of Corporate Development and Investor Relations at SHUTTERSTOCK INC, spoke about generative AI during (NYSE:SSTK) Q2 2023 Shutterstock, Inc. Earnings Conference Call August 1, 2023 8:30 AM ET on EDataExchange.
About Chris Suh
On Shutterstock’s Q2 2023 earnings call, Chris Suh discussed the company’s recent performance and strategic moves. He noted that the company signed “industry-shaping AI data partnerships” and acquired Giphy to focus on “moment marketing and conversational content.” Suh stated that Shutterstock would begin breaking out revenue from its data engine, which includes partnerships with OpenAI, LG, Meta, Nvidia, and a new five-year content and data partnership with Google. He reported that the data engine grew from $4 million in 2021 to $20 million in 2022 and $34 million year-to-date in 2023. Suh also addressed generative AI trendshare, saying that while customers are experimenting with generative AI images, they are not “substituting them for original content in marketing campaigns in any meaningful way.” He highlighted the rollout of a generative AI indemnification offering for enterprise clients, citing research that 93% of enterprise customers consider indemnification important. On financial results, Suh reported that enterprise channel revenue grew 22% in Q2, driven by the data engine, while e-commerce declined 12% due to weakness in new customer acquisition. He also noted the closure of the Giphy acquisition for $53 million in net cash, a new $100 million share buyback program, and the repurchase of 80,000 shares for $4 million.