{"id":22,"date":"2026-01-03T09:27:13","date_gmt":"2026-01-03T09:27:13","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketriskus\/?p=22"},"modified":"2026-01-03T09:27:13","modified_gmt":"2026-01-03T09:27:13","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-gety-getty-images-holdings-inc-q3-fy2025-earnings-call-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketriskus\/22","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #GETY | Getty Images Holdings, Inc. Q3 FY2025 Earnings Call Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #GETY | Getty Images Holdings, Inc. Q3 FY2025 Earnings Call Analysis\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/pWKnkeI16ww?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" data-start-index=\"0\">5 Surprising Truths from Getty Images&#8217; Latest Earnings Call That Reveal the Future of Creative Content<\/span><\/h1>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"102\"><span class=\"ng-star-inserted\" data-start-index=\"102\">To most of us, Getty Images is the internet&#8217;s ubiquitous photo library\u2014a vast and familiar digital archive we encounter daily in news articles, advertisements, and presentations. It&#8217;s a solid, predictable business in a mature industry. Or is it?<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"347\"><span class=\"ng-star-inserted\" data-start-index=\"347\">A deep dive into the company&#8217;s Q3 2025 earnings call reveals a far more complex and fascinating story. Behind the financial figures, Getty Images is a company on the front lines of the biggest transformations shaping our world: the rise of generative AI, seismic shifts in the advertising and media industries, and high-stakes corporate legal battles. It\u2019s a bellwether for the entire creative economy.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"749\"><span class=\"ng-star-inserted\" data-start-index=\"749\">Here are the five most impactful and counter-intuitive takeaways from their report, each offering a glimpse into the future of creative content.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"893\"><b class=\"ng-star-inserted\" data-start-index=\"893\">1. They Scored a Landmark Win Against AI\u2014And It Protects All Creators<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"962\"><span class=\"ng-star-inserted\" data-start-index=\"962\">In a development with industry-wide implications, Getty Images received a favorable judgment in its U.K. litigation against the AI company Stability AI. The court&#8217;s ruling was clear: including Getty&#8217;s trademarks in AI-generated outputs constitutes infringement. Crucially, the court placed the legal responsibility for this infringement squarely on the AI company, Stability AI, not on the end user who prompted the image.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1384\"><span class=\"ng-star-inserted\" data-start-index=\"1384\">This sets a significant legal precedent that strengthens the position of all rights holders. By rejecting the idea that AI firms are merely neutral tools, the ruling challenges the &#8220;safe harbor&#8221; defense many tech companies rely on globally. It establishes a model of platform liability that could influence future litigation in other jurisdictions, including the U.S., making it harder for AI developers to claim they are not responsible for the infringing outputs their models produce.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1870\"><span class=\"ng-star-inserted\" data-start-index=\"1870\">As CEO Craig Peters stated on the call:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1909\"><span class=\"ng-star-inserted\" data-start-index=\"1909\">This is a win for rights holders everywhere.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1953\"><b class=\"ng-star-inserted\" data-start-index=\"1953\">2. They&#8217;re Not Just Suing AI\u2014They&#8217;re Selling To It<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2003\"><span class=\"ng-star-inserted\" data-start-index=\"2003\">While Getty is fighting to protect its intellectual property in court, it&#8217;s simultaneously pursuing a sophisticated commercial strategy that embraces AI. This surprising &#8220;frenemy&#8221; approach reveals a company adapting to, rather than just resisting, technological disruption.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2276\"><span class=\"ng-star-inserted\" data-start-index=\"2276\">First, Getty is striking major licensing deals with AI companies. They recently signed a multi-year agreement with the AI search company Perplexity. The deal ensures Getty&#8217;s library is used to provide authentic, high-quality content within Perplexity&#8217;s search experience and includes commitments for both image credits and linkbacks.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2609\"><span class=\"ng-star-inserted\" data-start-index=\"2609\">Second, they are leveraging their global network of photographers for a new &#8220;custom content&#8221; business, creating bespoke visual datasets to train corporate AI models. This two-pronged strategy\u2014fierce legal protection combined with new commercial partnerships\u2014shows a nuanced approach to profiting from the AI revolution while mitigating its risks.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2955\"><b class=\"ng-star-inserted\" data-start-index=\"2955\">3. A Key Customer Segment is in a 22% Freefall<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3001\"><span class=\"ng-star-inserted\" data-start-index=\"3001\">Beyond the headlines about AI, Getty&#8217;s financials reveal a stark data point for the broader economy. Revenue from its agency customers\u2014the advertising and creative agencies that have long been a core market\u2014declined a massive 22% year-over-year.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3246\"><span class=\"ng-star-inserted\" data-start-index=\"3246\">At first glance, this looks like a catastrophic warning sign. However, the story is more complex. Executives attributed the drop to two factors: &#8220;ongoing macro uncertainty,&#8221; suggesting a real economic slowdown, but also a tough comparison against Q3 2024, when spending was artificially inflated by major global events like the Paris Olympics. This dual impact makes the data point a sophisticated bellwether, reflecting not just potential economic headwinds but also the inherent volatility of event-driven revenue cycles.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3769\"><b class=\"ng-star-inserted\" data-start-index=\"3769\">4. The Hollywood Strike&#8217;s Economic Ghost Lingers<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3817\"><span class=\"ng-star-inserted\" data-start-index=\"3817\">The major Hollywood labor disputes of 2023 may be over, but their economic impact is far from finished. Getty&#8217;s results show that its &#8220;broadcast and production business has yet to return to its pre-Hollywood strike performance level.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4051\"><span class=\"ng-star-inserted\" data-start-index=\"4051\">The company\u2019s CFO provided specifics, confirming that the overall media customer segment was down about 3% in the third quarter of 2025, and that the &#8220;broadcast and production&#8221; sub-segments were the explicit drivers of this decline. This lingering weakness reveals the long-tail economic disruption caused by major labor actions. For industries reliant on a constant flow of new productions, recovery is not a switch that can be flipped overnight; the hangover can last for many quarters.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4539\"><b class=\"ng-star-inserted\" data-start-index=\"4539\">5. A Plan to Merge with Its Top Rival is on Ice Until 2026<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4597\"><span class=\"ng-star-inserted\" data-start-index=\"4597\">Getty&#8217;s ambitious plan to merge with its primary competitor, Shutterstock, has hit a major regulatory roadblock. The U.K.&#8217;s Competition and Markets Authority (CMA) has referred the deal to a more intensive &#8220;phase two review.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4822\"><span class=\"ng-star-inserted\" data-start-index=\"4822\">This development has significantly delayed the timeline, pushing any potential closing date for the mega-merger into 2026. Getty&#8217;s management expressed disappointment with the decision, maintaining that the deal is primarily about delivering &#8220;cost synergies&#8221; and that it will not harm competition, customers, or its network of content suppliers. For now, the creation of a single, dominant player in the stock media landscape remains stuck in regulatory limbo.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"5282\"><span class=\"ng-star-inserted\" data-start-index=\"5282\">A Bellwether for the Creative Economy<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5319\"><span class=\"ng-star-inserted\" data-start-index=\"5319\">Taken together, these five points paint a picture of a company at a critical crossroads. Getty&#8217;s journey\u2014navigating legal battles over AI, forging new partnerships with tech giants, and weathering economic storms in its core markets\u2014is a powerful reflection of the broader challenges and transformations facing the entire creative world.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5656\"><span class=\"ng-star-inserted\" data-start-index=\"5656\">As Getty simultaneously battles and partners with artificial intelligence, its journey raises a crucial question for the entire creative industry: How do you protect the value of human creativity while harnessing the power of the machines designed to replicate it?<\/span><\/div>\n<div data-start-index=\"5656\"><\/div>\n<div data-start-index=\"5656\"><\/div>\n<div data-start-index=\"5656\">\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" style=\"color: #0000ff;\" data-start-index=\"0\">Getty Images (GETY) Q3 FY2025 Earnings Briefing<\/span><\/h1>\n<h2 class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"47\"><span class=\"ng-star-inserted\" data-start-index=\"47\">Executive Summary<\/span><\/h2>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"64\"><span class=\"ng-star-inserted\" data-start-index=\"64\">Getty Images reported flat year-over-year revenue of $240 million for Q3 2025, with an adjusted EBITDA of $78.7 million, a 2.4% decrease. The financial results reflect a divergence in performance across business segments: robust growth in subscriptions, particularly Premium Access, and new AI licensing opportunities were offset by significant declines in the agency customer segment and unfavorable comparisons in the editorial business against a strong 2024 event calendar that included the Paris Olympics. Key strategic developments include a delay in the proposed Shutterstock merger, now pushed into 2026 following a phase two review by the UK&#8217;s Competition and Markets Authority (CMA), and a significant legal victory against Stability AI in the UK, which affirmed that AI model providers are liable for trademark infringement in generated outputs. The company narrowed its full-year 2025 guidance slightly downward, citing macroeconomic headwinds, the editorial calendar comparison, and lingering impacts from the 2024 Hollywood strikes.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"1109\"><span class=\"ng-star-inserted\" data-start-index=\"1109\">Q3 FY2025 Financial Performance Summary<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1148\"><span class=\"ng-star-inserted\" data-start-index=\"1148\">Getty Images&#8217; third-quarter performance was characterized by top-line stability but a slight contraction in profitability, influenced by a challenging year-over-year comparison and persistent headwinds in specific customer segments.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"1380\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1380\"><span class=\"ng-star-inserted\" data-start-index=\"1380\">Metric<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1386\"><span class=\"ng-star-inserted\" data-start-index=\"1386\">Q3 2025 Result<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1400\"><span class=\"ng-star-inserted\" data-start-index=\"1400\">YoY Change (Reported)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1421\"><span class=\"ng-star-inserted\" data-start-index=\"1421\">YoY Change (Currency-Neutral)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1450\"><b class=\"ng-star-inserted\" data-start-index=\"1450\">Total Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1463\"><span class=\"ng-star-inserted\" data-start-index=\"1463\">$240.0 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1471\"><span class=\"ng-star-inserted\" data-start-index=\"1471\">Flat ( -0.2% )<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1485\"><span class=\"ng-star-inserted\" data-start-index=\"1485\">-2.0%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1490\"><b class=\"ng-star-inserted\" data-start-index=\"1490\">Adjusted EBITDA<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1505\"><span class=\"ng-star-inserted\" data-start-index=\"1505\">$78.7 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1512\"><span class=\"ng-star-inserted\" data-start-index=\"1512\">-2.4%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1517\"><span class=\"ng-star-inserted\" data-start-index=\"1517\">-4.4%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1522\"><b class=\"ng-star-inserted\" data-start-index=\"1522\">Adjusted EBITDA Margin<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1544\"><span class=\"ng-star-inserted\" data-start-index=\"1544\">32.8%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1549\"><span class=\"ng-star-inserted\" data-start-index=\"1549\">(from 33.5% in Q3&#8217;24)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1570\"><span class=\"ng-star-inserted\" data-start-index=\"1570\">N\/A<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1573\"><b class=\"ng-star-inserted\" data-start-index=\"1573\">Adj. EBITDA less CapEx<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1595\"><span class=\"ng-star-inserted\" data-start-index=\"1595\">$64.0 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1602\"><span class=\"ng-star-inserted\" data-start-index=\"1602\">-6.1%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1607\"><span class=\"ng-star-inserted\" data-start-index=\"1607\">-8.1%<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1612\"><b class=\"ng-star-inserted\" data-start-index=\"1612\">Key Performance Drivers &amp; Headwinds:<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1648\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1648\">Primary Headwind:<\/b><span class=\"ng-star-inserted\" data-start-index=\"1665\">\u00a0The results faced a difficult comparison to Q3 2024, which benefited from a strong editorial event calendar including the Paris Olympics and a U.S. election cycle. This disproportionately impacted the Editorial and Agency segments.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1897\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1897\">Growth Engine:<\/b><span class=\"ng-star-inserted\" data-start-index=\"1911\">\u00a0The subscription business remains a key strength, with annual subscription revenue growing 11.2% year-over-year and now accounting for 58.4% of total revenue.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2070\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2070\">Profitability Impact:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2091\">\u00a0Adjusted EBITDA margin contracted to 32.8% from 33.5% in the prior year. Excluding one-time costs for SOX compliance acceleration (<\/span><span class=\"ng-star-inserted\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord\">3<\/span><span class=\"mord mathnormal\">M<\/span><span class=\"mclose\">)<\/span><span class=\"mord mathnormal\">an<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord mathnormal\">St<\/span><span class=\"mord mathnormal\">abi<\/span><span class=\"mord mathnormal\">l<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">y<\/span><span class=\"mord mathnormal\">A<\/span><span class=\"mord mathnormal\">I<\/span><span class=\"mord mathnormal\">l<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">g<\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mopen\">(<\/span><\/span><\/span><\/span><\/span><span class=\"ng-star-inserted\" data-start-index=\"2256\">1M), the margin would have been 34.5%.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2294\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2294\">Geographic Performance:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2317\">\u00a0On a currency-neutral basis, the Americas grew 0.8%, while EMEA declined by 4.0% and APAC declined by 10.8%, primarily due to weaknesses in the agency business in those regions.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"2495\"><span class=\"ng-star-inserted\" data-start-index=\"2495\">Detailed Segment &amp; Revenue Analysis<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2530\"><span class=\"ng-star-inserted\" data-start-index=\"2530\">Creative Revenue<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2546\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2546\">Q3 Revenue:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2557\">\u00a0$144.9 million, an increase of 8.4% YoY (6.4% currency-neutral).<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2622\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2622\">Performance Drivers:<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2642\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2642\">Premium Access (PA) Normalization:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2676\">\u00a0A significant portion of the growth is attributable to the normalization of PA revenue allocations. In Q3 2024, high consumption of editorial content for the Olympics skewed revenue allocation away from Creative. In Q3 2025, download patterns returned to historical levels, benefiting the Creative segment on a comparative basis. This normalization accounted for approximately half of the currency-neutral growth.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3090\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3090\">Upfront Revenue Recognition:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3118\">\u00a0A large, multi-year agreement signed in the quarter included significant upfront revenue recognition, contributing just under half of the segment&#8217;s growth.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3274\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3274\">Other Growth Areas:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3293\">\u00a0The company also saw gains in Video, Unsplash Plus, and custom content offerings.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3375\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3375\">Key Headwind:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3388\">\u00a0The agency business, which sits entirely within the Creative segment, continued its decline, falling 22% year-over-year due to ongoing macroeconomic uncertainty and the tough comparison to event-driven activity in Q3 2024.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"3611\"><span class=\"ng-star-inserted\" data-start-index=\"3611\">Editorial Revenue<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3628\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3628\">Q3 Revenue:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3639\">\u00a0$89.3 million, a decrease of 3.7% YoY (5.6% currency-neutral).<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3702\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3702\">Performance Drivers:<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3722\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3722\">Tough Comparisons:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3740\">\u00a0The decline was driven primarily by double-digit decreases in the News and Sports categories, which faced exceptionally strong comparisons to Q3 2024&#8217;s robust event calendar.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3915\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3915\">Offsetting Growth:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3933\">\u00a0Declines were partially mitigated by growth in the Entertainment and Archive categories.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"4022\"><span class=\"ng-star-inserted\" data-start-index=\"4022\">Subscription &amp; Key Performance Indicators (LTM)<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4069\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4069\">Annual Subscription Revenue:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4097\">\u00a0Grew to 58.4% of total revenue, up from 52.4% in the prior-year period. This represents 11.2% YoY growth (9.3% currency-neutral). Growth was led by Premium Access, which grew 17% (15% currency-neutral) and now represents over one-third of total company revenue.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4359\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4359\">Active Annual Subscribers:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4385\">\u00a0Reached 304,000, a modest increase of 1.7% YoY (6,000 net new subscribers). Growth was driven by the Unsplash Plus offering, partially offset by declines at iStock following the discontinuation of its free trial acquisition program in June 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4631\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4631\">Annual Subscription Revenue Retention Rate:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4674\">\u00a0Stood at 90.3%, a decrease from 92.2% in the comparable 2024 period. The decline reflects the absence of major 2024 events that had boosted \u00e0 la carte spending from subscribers.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4852\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4852\">Content Usage:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4866\">\u00a0Paid downloads were slightly down at 93 million in the LTM period, while the video attachment rate remained flat at 16.4%.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"4989\"><span class=\"ng-star-inserted\" data-start-index=\"4989\">Strategic Developments and Corporate Updates<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"5033\"><span class=\"ng-star-inserted\" data-start-index=\"5033\">Shutterstock Merger Status<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5059\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5059\">Regulatory Delay:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5076\">\u00a0The UK&#8217;s Competition and Markets Authority (CMA) has referred the proposed merger with Shutterstock to a more in-depth &#8220;phase two review.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5215\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5215\">Company Position:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5232\">\u00a0Getty Images expressed disappointment, stating its belief that the transaction does not harm competition and that its primary goal is achieving cost synergies. The company noted it had &#8220;offered comprehensive remedies to avoid a phase two review.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5479\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5479\">Revised Timeline:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5496\">\u00a0Both parties remain &#8220;100% committed&#8221; to the transaction, but the regulatory process has pushed the expected closing date into 2026.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"5628\"><span class=\"ng-star-inserted\" data-start-index=\"5628\">Artificial Intelligence (AI) Strategy &amp; Monetization<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5680\"><span class=\"ng-star-inserted\" data-start-index=\"5680\">Getty Images is pursuing a multi-pronged AI strategy focused on licensing and new revenue streams:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5778\"><span class=\"ng-star-inserted\">1.\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5778\">Content for AI Experiences:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5805\">\u00a0The company is signing deals to license its content for integration into AI large language models (LLMs) and search experiences. A key example from the quarter is a multi-year agreement with Perplexity that includes commitments for image credits and linkbacks.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6066\"><span class=\"ng-star-inserted\">2.\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6066\">Custom AI Training Content:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6093\">\u00a0The Custom Content business is being leveraged to create specific, high-quality training datasets for businesses, utilizing Getty&#8217;s global contributor network.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6253\"><span class=\"ng-star-inserted\">3.\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6253\">Data Licensing:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6268\">\u00a0The company continues to generate revenue from licensing its data for training third-party AI models, though revenue in Q3 was down from 2024 due to the accelerated nature of revenue recognition on previous deals. Full-year revenue from these deals is still expected to be 2%-3% of total revenue.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6565\"><span class=\"ng-star-inserted\">4.\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6565\">Internal Efficiency:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6585\">\u00a0AI is also being deployed internally across various business functions to drive operational efficiency.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"6689\"><span class=\"ng-star-inserted\" data-start-index=\"6689\">Stability AI Litigation Outcome<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6720\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6720\">Favorable Ruling:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6737\">\u00a0Getty Images received a favorable judgment in its UK litigation against Stability AI.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6823\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6823\">Key Finding:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6835\">\u00a0The court ruled in Getty&#8217;s favor on its trademark infringement claim, confirming that the inclusion of Getty Images&#8217; trademarks in AI-generated outputs constitutes infringement.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7013\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7013\">Liability Precedent:<\/b><span class=\"ng-star-inserted\" data-start-index=\"7033\">\u00a0Crucially, the ruling established that the responsibility for infringing outputs rests with the AI model provider (Stability AI) rather than the end user, a decision described as a &#8220;win for rights holders everywhere.&#8221;<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"7251\"><span class=\"ng-star-inserted\" data-start-index=\"7251\">Customer Segment Health<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7274\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7274\">Agency (-22% decline in Q3):<\/b><span class=\"ng-star-inserted\" data-start-index=\"7302\">\u00a0This segment remains the primary pressure point on the Creative business, with performance continuing to be soft due to macro uncertainty.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7441\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7441\">Corporate (~60% of revenue):<\/b><span class=\"ng-star-inserted\" data-start-index=\"7469\">\u00a0While experiencing a slight decline in Q3, this segment remains a broad area of growth. It encompasses both SMBs and enterprise customers, with enterprise retention rates remaining very healthy at &#8220;close to 100%.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7683\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7683\">Media (-3% decline in Q3):<\/b><span class=\"ng-star-inserted\" data-start-index=\"7709\">\u00a0The decline in this segment is concentrated in the broadcast and production sub-segments, which have not yet returned to pre-Hollywood strike performance levels.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"7871\"><span class=\"ng-star-inserted\" data-start-index=\"7871\">Financial Outlook and Guidance (Full Year 2025)<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7918\"><span class=\"ng-star-inserted\" data-start-index=\"7918\">Getty Images has updated its full-year guidance, narrowing the ranges to reflect year-to-date performance and ongoing market conditions.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"8054\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8054\"><span class=\"ng-star-inserted\" data-start-index=\"8054\">Metric<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8060\"><span class=\"ng-star-inserted\" data-start-index=\"8060\">Updated FY2025 Guidance<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8083\"><span class=\"ng-star-inserted\" data-start-index=\"8083\">Implied YoY Change (Reported)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8112\"><span class=\"ng-star-inserted\" data-start-index=\"8112\">Implied YoY Change (Currency-Neutral)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8149\"><b class=\"ng-star-inserted\" data-start-index=\"8149\">Total Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8162\"><span class=\"ng-star-inserted\" data-start-index=\"8162\">$942 M \u2013 $951 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8177\"><span class=\"ng-star-inserted\" data-start-index=\"8177\">+0.3% to +1.2%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8191\"><span class=\"ng-star-inserted\" data-start-index=\"8191\">-0.5% to +0.5%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8205\"><b class=\"ng-star-inserted\" data-start-index=\"8205\">Adjusted EBITDA<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8220\"><span class=\"ng-star-inserted\" data-start-index=\"8220\">$291 M \u2013 $293 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8235\"><span class=\"ng-star-inserted\" data-start-index=\"8235\">-3.0% to -2.3%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8249\"><span class=\"ng-star-inserted\" data-start-index=\"8249\">-4.1% to -3.3%<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8263\"><b class=\"ng-star-inserted\" data-start-index=\"8263\">Key Guidance Assumptions:<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8288\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8288\">Foreign Exchange:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8305\">\u00a0Guidance assumes a full-year positive impact from FX of approximately $6.5 million for revenue and $3.5 million for adjusted EBITDA.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8438\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8438\">Operational Headwinds:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8460\">\u00a0The outlook accounts for the negative impact of comparing against the 2024 editorial event calendar and the continued lag in the recovery of production levels post-Hollywood strikes.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8643\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8643\">One-Time Costs:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8658\">\u00a0Guidance includes approximately $8 million in non-recurring SG&amp;A expenses for SOX acceleration efforts. Merger-related costs are excluded.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8797\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8797\">Cost Management:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8813\">\u00a0The adjusted EBITDA guidance reflects the benefits of the company&#8217;s &#8220;disciplined approach to managing costs.&#8221;<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"8923\"><span class=\"ng-star-inserted\" data-start-index=\"8923\">Costs, Capital Structure, and Financing<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8962\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8962\">Operating Expenses:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8981\">\u00a0Selling, General &amp; Administrative (SG&amp;A) expenses were $101 million, with the increase driven by $3 million in fees for SOX compliance acceleration and $1 million for the Stability AI litigation.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9177\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9177\">Capital Structure:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9195\">\u00a0As of September 30, 2025, total debt outstanding was $1.38 billion. Net leverage was 4.3x, a slight increase from 4.2x in Q3 2024, primarily due to the impact of a weaker dollar on the company&#8217;s euro-denominated debt.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9413\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9413\">Recent Financing Activities:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9441\">\u00a0In anticipation of the Shutterstock merger, the company executed several key transactions:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9532\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9532\">Note Extension:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9547\">\u00a0Exchanged $294.7 million of 9.75% notes due 2027 for new 14% notes due in 2028.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9627\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9627\">Merger Financing:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9644\">\u00a0Issued $628.4 million of new 10.5% senior notes due 2030 to fund the cash portion of the merger, refinance Shutterstock debt, and cover fees. The proceeds are currently held in escrow and carry a net interest cost of approximately $3.5 million per month.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9899\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9899\">Interest Expense:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9916\">\u00a0Estimated cash interest expense for 2025 is $127 million.<\/span><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>5 Surprising Truths from Getty Images&#8217; Latest Earnings Call That Reveal the Future of Creative Content To most of us, Getty Images is the internet&#8217;s ubiquitous photo library\u2014a vast and familiar digital archive we encounter daily in news articles, advertisements,&#8230; <\/p>\n","protected":false},"author":1,"featured_media":23,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[5],"class_list":["post-22","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earningscallanalysis","tag-gety"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/22","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/comments?post=22"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/22\/revisions"}],"predecessor-version":[{"id":26,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/22\/revisions\/26"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/media\/23"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/media?parent=22"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/categories?post=22"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/tags?post=22"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}