123RF

123RF, a branch of Inmagine Group, is a stock photos agency founded in 2005 which sells royalty-free images and stock photography. The company also has an expansive collection of vector graphics, icons, fonts, videos, and audio files.

123RF
TypePrivate
IndustryStock photography, stock footage, stock music
Founded3 April 2005 (2005-04-03)
FounderAndy Sitt, Stephanie Sitt
FateActive
Headquarters
Selangor, Malaysia
Number of employees
350 (2015)
ParentInmagine Group
Website123rf.com

History

In 2000, 123RF founder Andy Sitt left his job at a British company that sold stock images in CDs while showing customers printed catalogs. Andy launched his e-commerce business by setting up Inmagine, selling premium large-format photo prints. Working together with co-founder and current CEO Stephanie Sitt,[1] Inmagine Group is one of the few technology companies to have bootstrapped globally from Asia.

From the beginning, Inmagine produced proprietary content which required in-house photographers, graphic designers, professional models, makeup artists, and a sales team to cater to demand.

In 2005, Inmagine set up 123RF, which offers royalty-free stock images, videos, and audio clips. Unlike the previous business model, 123RF allows photographers around the world to sell their work on the platform under a crowdsourcing model.[2]

In 2011, Inmagine established a global presence with 44 regional offices worldwide.[3] Offices were founded in North and Latin America, Europe, Asia, Africa, the Middle East, and Australasia.[4]

In 2019, Inmagine consolidated and streamlined its offerings into three main products: 123RF, Pixlr, and Designs.ai. The launching of Pixlr Market (now Stock by Pixlr) and Pixlr Editor commences.[5]

In 2020, the company launched its first artificial intelligence platform, Inmagine Brain.[6] In November 2020, the company confirmed that it had been subject to a data breach, with 8.3 million customer records available for sale on the dark web.[7]

Through 123RF, Inmagine created a visual guide in 2021 to predict image search trends.[8]

In June 2022, the company launched its free images section where audiences can download images for free, but with only a limited amount of daily downloads.[9]

Acquisitions

In March 2017, 123RF acquired TheHungryJPEG, a UK-registered font and graphics marketplace and its sister company Craftbundles for an undisclosed sum.[10][11]

In April 2017, 123RF acquired Pixlr, an online web-based image editor from Autodesk for an undisclosed sum.[12]

In November 2017, 123RF acquired Vectr, a web-based vector editor and Story & Heart, a video education platform.[13]

References
  1. Tan, Tee May (2017-10-11). "5 Of The Most Common Startup Pain Points—Solved By This M'sian Startup Worth US$220 Mil". Vulcan Post. Retrieved 2017-11-19.
  2. "How Malaysian husband and wife bootstrapped one of the world's top stock image players". Tech in Asia.
  3. Administrator, Systems. "Inmagine - About". Inmagine. Retrieved 2022-07-05.
  4. Administrator, Systems. "Inmagine - Contact". Inmagine. Retrieved 2022-07-05.
  5. "This company makes content production easier with AI: Q&A with Designs.ai CEO Warren Leow". KrASIA. 2020-11-17. Retrieved 2022-07-05.
  6. Editorial (2022-05-01). "Inmagine Evolved From A Digital Stock Photo Library To A Complete Creative Ecosystem Driven By Creativity, Technology, And Entrepreneurship". Tech Company News. Retrieved 2022-07-05.
  7. "Popular stock photo service hit by data breach, 8.3M records for sale". BleepingComputer. Retrieved 2020-11-16.
  8. "123RF's visual guide to image search trends and colours in 2021". www.marketing-interactive.com. Retrieved 2022-07-05.
  9. "Free Stock Photos and Images - Download free images for free!". 123RF Stock Photos. Retrieved 2022-07-05.
  10. "Malaysian stock photo startup 123RF acquires TheHungry.JPEG to grow design resources globally". e27..
  11. "123RF acquires design marketplace TheHungryJPEG". www.dealstreetasia.com. Retrieved 2017-08-03.
  12. "123RF acquires Pixlr, looking towards securing 50M monthly active users". e27.
  13. "Malaysia: Digital stock media firm Inmagine Group buys two US companies". www.dealstreetasia.com. Retrieved 2017-11-19.
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