EyeEm Closure: End of an Era in Digital Imagery After Freepik Takeover

In a move reflecting the severe economic challenges facing the digital technology sector, the German agency EyeEm, specialising in photographic image sales and AI data, has announced its permanent closure due to insolvency. The announcement follows a strategic acquisition by the Spanish company Freepik, known for its free and paid image library, which purchased EyeEm’s assets for an undisclosed sum, ending the agency’s journey founded in Berlin in 2011.

EyeEm, which combined a platform for freelance photographers with image sales through partnerships with giants such as Getty Images and Amazon, faced mounting difficulties amid the rise of generative AI tools like Midjourney and DALL-E. These tools have reduced demand for traditional images, leading to a 40% drop in global digital image market revenues in 2024, according to Statista reports.

The global economic slowdown and inflationary pressures further tightened the noose on startups such as EyeEm, which had previously raised more than $35 million in funding.

For Freepik, the acquisition represents a shrewd expansion. Valued at $1 billion in 2023, the Spanish firm will integrate EyeEm’s data on visual trends and AI, strengthening its platform that serves millions of daily users.

Yet, the closure raises questions about the future of freelance photographers in the AI era, as thousands lose their primary source of income. This case serves as a reminder that innovation is essential for survival in a rapidly evolving digital market.