I think they're well positioned. The winners of the generative AI space will be players with lots of copyrighted content. Shutterstock was already top of mind,

I think they're well positioned. The winners of the generative AI space will be players with lots of copyrighted content. Shutterstock was already top of mind, and purchasing rights to all the images in Giphy strengthens their claim. There's two paths. Either copyright claims lock down training, and Shutterstock now licenses their training dataset to companies; or generative art trained on open images lose their novelty (think Comic Sans but for photos) and Shutterstock gains an upper hand by having an existing pipeline of novel images to train with.