"It would be silly for me to say that we didn't see generative AI as a potential threat," Orgeron said. He recalled attending CES in 2023 and said that many creative professionals there were unaware of generative AI and the impact it could have on the industry. However, the move toward generative AI was preceded by earlier acquisitions. Paul Hennessy, the CEO of Shutterstock, said in June the company earned $104 million in annual revenue from AI licensing agreements in 2023. While it doesn't offer an AI video-generation service yet, Orgeron said Shutterstock plans to launch a service soon.

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