Iconic stock photo company Getty Images has reportedly begun the process for bankruptcy protection amidst steep revenue drops, said to be due to competition from Artificial Intelligence (AI).

According to reports, the company filed for Chapter 11 protection “as part of a restructuring plan to take the flailing stock photo provider private.” Listing assets and liabilities ranging from US$ 1 billion to $10 billion as per the New York Post.

The news comes following previous reports of plans to file in Delaware after its nearly four-billion-dollar merger with rival Shutterstock collapsed due to British antitrust restrictions, the New York Post reports.

Despite being the go-to supplier of photos and video for news agencies for over 30 years, A major reported key factor behind Getty’s filing has been the rise of competition from AI image generators, in addition to growing accrued debt.

Getty Images will continue normal operations in the meantime, with no impact on contributors, partners, customers, employees or vendors, the company said.