Saturday, June 3, 2023

AI could put an end to the stock image industry

According to an Arizton analysis, the global stock photos and videos market was valued at USD 4.68 billion in 2021 and is predicted to reach USD 7 billion by 2027, rising at a CAGR of 6.95 percent over the forecast period.

The main advantage of stock photographs for users is that they are less expensive than a photo shoot. Shutterstock alone has roughly 200 million royalty-free stock images, vector graphics, and drawings in its database. Furthermore, its library contains 10 million licensed video clips and music recordings.

Despite the fact that the stock picture industry is expected to develop in the next years, the question of ‘how well does stock photographs meet one’s requirements’ arises.

Recently, an increasing number of firms have begun to offer customized products and services. For example, a company marketing customized items to women in Northeastern India may be unable to find a representative image in the libraries of microstock providers. When it comes to branding, color, faith, ethnicity, gender spectrum, and age are all crucial factors to consider.

Furthermore, the aesthetic aspect is critical to brand development. What happens if the appropriate stock image is not available? In such instances, a corporation may end up employing a photograph that does not correspond to the brand’s image. Certainly not a great position.

“Generative AI models are also a lot easier to deal with. When I edited my university’s student newspaper, I had to try and get a photograph of a person in a wheelchair being attacked by a swan – massively difficult unless you were there. With Imagen or DALL.E (sans filters), you can do it,” Jack Clark, co-founder of Anthropic, said.

DALL.E 2 was a game-changer in the world of text-to-image generators. The gadget pushed the boundaries of human imagination, creating a scene in seconds. Google announced its own AI algorithm for text-to-image conversion earlier this year. The model was evaluated and compared to a number of other text-to-image models, including DALL.E 2. Imagen easily outperformed its competitors.

“Imagine when image generation is integrated into Microsoft Office. It’ll be like the clip art era all over again, but with all these ‘unique’ illustrations. “When everyone, regardless of taste, can make drawings for their documents, they will,” stated Julian Togelius, Associate Professor at NYU.