Getty Images Announces SPAC Deal and Discusses NFT’s Growth Plans: What Investors Need to Know

Content Creator and Image Marketplace Getty Images announcement a SPAC agreement with CC Neuberger Principal Holdings II (NYSE:PRPB) on Friday, valuing the company at $4.8 billion. The company’s growth plans include pursuing opportunities in the non-fungible token space.

What happened: Getty Images plans to use its copyrighted images and intellectual property for an NFT opportunity.

NFTs are an area that Getty Images has ‘not yet fully exploited’, CEO Craig Peters Recount Bloomberg Friday.

“You think of NFTs as the monetization of culture,” Peters said. “The passions for sports, fashion, fame, music, all those things – I think it’s a real opportunity for us, and one that we haven’t really touched the surface of yet.”

Related Link: How to Buy NBA Top Shots NFT

Why it matters: Getty Images provides images to Dapper Laboratories, the company behind the famous NBA Top Shot NFTs.

Getty has offers with the NBA, FIFA, MLB, NASCAR, CBS, NBC Universal, Bloomberg, BBC, Sky News and the Olympics among its more than 50 premium partners. Exclusive images and partners could represent a huge opportunity for NFTs.

Getty Images has over 749,000 customers and 70% of its revenue comes from exclusive content.

Along with growth through NFTs, Getty Images also plans to highlight its data to show which images get the most views for customers.

Revenue was $810 million for Getty Images in 2020. The company expects revenue to reach $910 million in fiscal 2021 and $967 million in fiscal 2022.

Price action: PRPB shares were flat Friday at $9.88.

Photo: Courtesy of Unsplash

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