Getty Shares Rise 120% After It Announces New OpenAI Deal

Source Domain: www.forbes.com

Here’s a summary of the article focusing on the major points in an unordered list:

Deal Announcement: Getty Images announced a “display agreement” with OpenAI. Getty’s licensed images will appear in “OpenAI search and discovery experiences within ChatGPT.”
Integration Purpose: The partnership aims for ChatGPT to use Getty’s images for generating visual responses. It is unclear if these images can be altered or used to train generative AI models.
Market Reaction: Getty Images’ shares experienced a significant surge in premarket trading on Monday, moving more than 150%.
Financial Details: No financial terms have been disclosed by either Getty Images or OpenAI.
Previous Lawsuits: Getty Images had previously sued Stability AI in January 2023 for what it alleged was copyright infringement, indicating a cautious approach to AI usage of its images.
Coverage Uncertainty: It’s unclear whether all photo submissions to Getty are covered by the deal or if photographers have options to opt out.
Positive Stance on AI: Despite taking legal action against other AI companies, Getty believes AI can stimulate creative endeavors and has licensed its images for AI training purposes to some innovators.