It is now filing for bankruptcy as part of a restructuring deal and going private.

Getty was one of the world's biggest stock photo companies. It charged businesses and media for photos and videos from its huge library.

In 2022, it went public at a $4.8 billion valuation.

Then AI image generators arrived. They make the same images in seconds, and Getty's stock photo sites, Agency and iStock, came under pressure.

Getty went to court. It sued Stability AI, the maker of Stable Diffusion, over its images being used to train the AI. A UK High Court judge largely ruled against it.

Its planned merger with its rival Shutterstock then collapsed, leaving Getty alone with heavy debt and growing competition from AI.

By August, Getty pulled its financial guidance. Its debt was $2.1 billion, and its market value is now just $20.74 million.

Now the Getty family and Koch Equity Development will own 100% of what is left.

Getty spent decades making billions by selling images.

AI made it possible to create similar images in seconds. And now a company once worth $4.8 billion has lost almost its entire value.

This is how fast AI can destroy an established business.