Freepik changes its name to Magnific and bets on AI

The Malaga company has opted for a change of image to reaffirm its role as the “most complete creative AI platform in the world”, with the transition from fragmented tools to an integrated creative infrastructure, as indicated in a press release.

This new strategy encompasses a series of changes to the platform, which will group the generation of images, video, upscaling, audio and collaboration in a single production space: Magnific.

In this way, Magnific integrates better image and video models, industry-leading AI scaling technology, collaborative workspace, exclusive 3D tools and virtual scenarios, and a library of more than 250 million creative assets.

“The problem was never the product. People saw fragments: Freepik as an image bank, Magnific as a scaler. This is the first time that the complete system is visible as what it has been in recent years: a single platform,” explained the company’s executive director, Joaquín Cuenca.

“The Industrial Revolution created ‘blue collar’ jobs and the Digital Revolution created ‘white collar’ jobs,” said Cuenca. “Creatives are about to become more powerful than anyone expected. That’s the ‘no-collar’ economy. That of people who don’t wear shirt collars. And it’s already underway,” added the executive director.

Specifically, this new job group refers to those creative roles that use artificial intelligence in their jobs. Contrary to the belief that AI destroys jobs, Magnific argues that the AI ​​revolution is presented as an opportunity for the creative industry, not a threat.

In this context, the company will try to focus on this new stage in the ‘No-Collar’ economy, which places European AI as the engine of the next great global economic change.

Sixteen years after its founding, Magnific has established itself in the AI ​​sector to the point of having more than one million paying subscribers on its platform, and exceeding $200 million (€170.7 million) in annual recurring revenue.

Specifically, the ‘Business’ plan for smaller teams has exceeded 2,000 subscriptions since its launch in January, and is experiencing growth of 150 teams per week, according to company data.

Along these lines, the company has indicated that 72 percent of new creators are beginners, which presents a structural change in which high-quality content is easier to produce and entails a lower cost.

However, Magnific has also been present in campaigns by brands such as BBC, DeliveryHero, Puma, Guess, Alain Afflelou and Carl’s Jr, which have opted for the AI ​​tools offered by the company.