The following is a summary of the Getty Images Holdings, Inc. (GETY) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Getty Images reported Q2 revenue of $229.1 million, up year-on-year by 1.5% and 2.1% on a currency-neutral basis.

• Adjusted EBITDA for the quarter was $68.8 million, down 5.4% on a reported basis and 4.7% currency-neutral, with a margin of 30%.

• Free cash flow increased to $31.1 million from $27.9 million in Q2 2023.

Business Progress:

• Expanded the Getty Images iStock and Unsplash brands with significant growth in paid downloads centered on exclusive content.

• Launched an updated model of commercially safe Generative AI services in partnership with NVIDIA, enhancing visual quality and speed.

• Strengthened the foundation for future growth with a specific focus on annual subscriptions, which now compose 52.9% of total revenue.

Opportunities:

• Strategic partnerships with major brands and ongoing innovation in AI technology provide opportunities for enhanced service offerings and revenue growth.

• Expansion of editorial revenue spurred by coverage of major events such as the Summer Olympics and global political election cycles.

Risks:

• Continued softness in agency and production customer segments, impacting video and creative revenue streams.

• Potential slow recovery from post-Hollywood strike impacts could delay expected accelerations in H2 2024.

More details: Getty Images IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.