""We are creating a new economy," says Cuenca, who is the CEO. "It's not that we are getting users from any particular competitor, it's that people are finding that they can do a new thing that was not possible before.""
"Freepik began offering tools that combined AI image-generating models with editing tools. Last year, he pivoted even further and pushed the company into AI video generation."
Joaquín Cuenca Abela, a Spanish entrepreneur, demonstrates that success in the AI market is achievable outside Silicon Valley. He co-founded Freepik in Málaga, which became a leading platform for stock images. With the rise of generative AI, Cuenca pivoted Freepik towards AI tools, including video generation, resulting in $230 million in annual revenue. The company is rebranding to Magnific to reflect its evolution and the new opportunities it offers users, emphasizing the creation of a new economy rather than competing with existing players.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]