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Key Takeaway
Freepik, a Spain-based platform, has acquired EyeEm, the Berlin-based photo marketplace, with the aim of integrating EyeEm’s extensive photo library into its platform. This acquisition will enhance Freepik’s photography offerings and allow the company to monetize the content effectively. Resolving the financial disputes with photographers and creatives is a top priority to maintain credibility within the photography community. The acquisition marks a significant milestone for Freepik’s growth strategy and positions the company as a successful player in the industry.
The Acquisition and Plans for Integration
EyeEm, the Berlin-based photo marketplace that was once considered a potential rival to Instagram in Europe, has undergone a change in ownership. The platform has been acquired by Freepik, a Spain-based company that provides images, graphics, and media for designers and online creatives. Freepik, which is partly owned by EQT, plans to integrate EyeEm’s extensive library of 160 million images and its community of nearly 150,000 photographers into its own platform. It remains unclear whether the EyeEm branding will be phased out in the future.
Enhancing Freepik’s Photography Offerings
Freepik’s CEO, Joaquin Cuenca Abela, expressed his excitement about the acquisition, stating that EyeEm’s library and community would significantly improve Freepik’s photography offerings. With 72 million vectors, videos, illustrations, and images, Freepik aims to enhance its content and monetize it more effectively than EyeEm and Talenthouse did in the past. The company also wishes to explore the integration of artificial intelligence (AI) into its platform to complement traditional photographs.
Resolving Financial Issues and Building Credibility
Alongside integrating EyeEm’s assets, one of Freepik’s top priorities is resolving the financial disputes with photographers and creatives who were no longer receiving payment due to previous financial problems. Successfully addressing this issue is crucial for maintaining credibility within the photography community. Talenthouse, the previous owner of EyeEm, also faced financial struggles and placed EyeEm into bankruptcy protection in Germany.
EyeEm and Freepik: European Internet History
EyeEm, founded in 2011, emerged as a promising startup during a period when the European tech scene was gaining momentum. However, it faced stiff competition from established players in stock photos and photo sharing, such as Instagram. Freepik, on the other hand, was founded in 2010 and followed a different trajectory. The company has been profitable since its early days, and it currently boasts around 100 million users. The acquisition of EyeEm marks a significant milestone in Freepik’s growth strategy, aligning it with Adobe and positioning it as a lean and successful player in the industry.
