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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