Apple signs multi-million dollar deal with Shutterstock to train AI models

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Apple has signed an agreement with stock photo provider Shutterstock for between $25-50 million. The deal will allow the corporation to licence millions of images to train its artificial intelligence models.

Here's What We Know

According to sources familiar with the details of the deal, Apple, along with Meta, Google and Amazon, have entered into licensing agreements with Shutterstock in recent months. This will allow them to access hundreds of millions of images, videos and music files from Shutterstock's library.

While the exact terms of Apple's agreement were not disclosed, Shutterstock CFO Jarrod Yahes confirmed that the initial agreements with the tech company ranged from $25-50 million each, with most of them later being expanded.

The growing demand for data to train artificial intelligence has led to a vibrant marketplace where companies are buying content from a variety of sources. Experts note that prices can vary widely depending on the type and volume of content purchased.

Apple's deal with Shutterstock highlights the critical role of data in the development of advanced AI systems. Access to vast and diverse databases is key for tech companies competing to create the most advanced AI models.

The willingness of major players to pay tens of millions of dollars for AI training data also reflects the huge economic potential of this technology. The market for AI-based solutions is estimated to grow exponentially in the coming years.

Source: VentureBeat