The following is a summary of the Getty Images Holdings, Inc. (GETY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Getty Images reported Q1 2024 revenue of $222.3 million, a decline of 5.7% year on year.

• The Adjusted EBITDA for the quarter was over $70.2 million, representing 7.9% decrease, which is 31.6% of total revenue.

• For the full year 2024, Getty Images forecasts a revenue of $928 million to $947 million, projecting a growth rate of 1.3% to 3.3% year on year.

Business Progress:

• Getty Images' recent acquisition of Motorsport Images has enriched their existing offerings and has further fortified the relationships with racing series like Formula E and teams like McLaren Racing.

• Renewals and new partnerships have been established with Bloomberg, the English Football Association, and Saudi Pro League amongst others.

• They have continued to expand their generative AI offerings in collaboration with NVIDIA.

• The launch of the company's program for historically black colleges and universities has helped in preserving rare archival photography.

• Getty Images will be the official photographic agency of the International Olympic Committee for the Paris Olympics and the official supplier for the UEFA Euro 2024 tournament.

• Getty Images experienced growth in the corporate sector in Q1 and plans to expand its services by integrating video into their e-commerce subscriptions, to upsell to their customers. They have also recently added illustrations to their services.

More details: Getty Images IR

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