The biggest risk for a successful company is believing that what made it successful will keep working forever.
It took Freepik 12 years to grow from scratch into a large, successful business.
It was a remarkable journey. We had millions of users and were competing with the biggest players in the stock content industry.
Around 4 years ago, when Dall-e 2 was released, I was with
@cuenca at a founders event in Malaga and he told me he couldn’t sleep for days thinking about how this was going to change our industry. It was going to redefine how creative content is produced, distributed, and consumed.
Many in our user community hated AI-generated content. Our competitors were suing AI model providers. And our business was doing incredibly well.
Still, we went all in on AI. We decided to transform Freepik into an AI-native company.
Freepik became
@magnific. And in less than three years, we grew the business 10x.
Shutterstock, once one of the giants of stock content, has seen its market capitalization collapse from over $4 billion in 2021 to approximately $170 million today. Getty Images, another iconic name in our industry, filed for Chapter 11 bankruptcy protection last week.
For decades, the creative industry was built around distributing existing content. Now, increasingly, it’s about generating entirely new content. That represents a fundamental shift in where value is created.
And when that happens, being an established market leader can become a disadvantage if you’re too attached to the business model that got you there.
We didn’t reinvent Freepik because it was failing. We reinvented it precisely because it was successful, and we wanted to make sure it stayed that way. Today, Magnific is a very different company from the one we were three years ago. And I suspect we’ll be a very different company three years from now.
Your past success is an asset. Until you start treating it as something you need to protect.