AI Just Wiped Out Another Entire Industry & No One Saw It Coming!

James Kaufman, World News Report Today. AI just wiped out another entire industry and no one saw it coming. Getty Images files for Chapter 11 bankruptcy. Shutterstock, Adobe, and others up next. AI takes over. Getty Images, photo, video, and illustration licensing business to news outlets, advertisers, and businesses faces a quick death from AI. Chatbots let users create visual content that are a fraction of the cost of licensing, and Getty shares have collapsed since ChatGPT's launch in late 2020, coinciding with a surge in AI news coverage and the growing adoption of chatbots for professional and personal use. Getty Images was trading for $0.08 when the story was first written Friday, but I just checked the stock price and it's fallen to $0.04, so most people do see what is right in front of their face, but obviously not Getty because they're filing for restructuring bankruptcy. Check this chart out and we can see AI's growth as Getty's stock crashes. It's crashed here to $0.08, but now, again, it's at $0.04. And, well, they say that 8,919 stories a day are being illustrated with chatbots or large language models like ChatGPT and Anthropic. These are just some of the top language models as of 2026 that are taking over. OpenAI, Claude, Gemini, Open, DeepSeek, and Grok. Here's the entire basic industry of image licensing. Getty Images, who owns iStock by Getty Images, and Shutterstock, along with Adobe Stock. They're all headed to zero via AI. I guess I forgot. But Alamy, no more need for this business or business model. And of course, it's going to affect all the other companies, just like it has Getty. They, well, of course, used to rent and license photos. Those days are long gone, but they don't realize it just yet. It's hard to believe that Getty plans to file Chapter 11 restructuring instead of throwing in the towel. And the investors who gave them the commitments for up to $533 million in new equity must really want to lose a lot of money. Imagine the thousands, if not tens of thousands, of full-time jobs that are being lost just within these four companies. AI is killing the American dream and the American economy. By the time anyone admits it, it will be too late to reverse, unless it already is too late. Getty Images has noted that the holders representing 83.5% of Getty's unsecured bonds have agreed to retire $270 million of outstanding senior unsecured notes, reducing the company's debt burden. This is amazing to me. They're just going to end up losing everything, every dime. And they'd probably know it if they just got to see this chart. But how does the old saying go? You can't squeeze juice out of a turnip. Even more crazy is that the investors holding about 89% of the secured bonds and secured loans have agreed to lower interest obligations and extended secured debt maturities. they will end up losing all of their secured money the stock is at four cents yes this new deal will keep Getty alive but really for how long the entities who own the secured bonds and loans must love pain as i mentioned the same thing is happening at shutterstock who's feeling the pain from AI-generated images and videos, which could replace stock content purchases and pressure licensing prices or just eliminate them altogether in the near term. Not to mention Adobe Stock and Alamy, who are all facing AI carnage. Their entire industry will shut down and thousands, if not tens of thousands, of their jobs will be or already have been lost in just this one industry over just a few years. AI is going to be great for America. I can see that more clearly now than ever, folks. Please give us a thumbs up and please share so everyone realizes how AI is going to work for you. God bless.