Freepik becomes Magnific, folding its AI tools into a profitable platform with $230M in revenue

Spain's Freepik has renamed itself Magnific, turning the rebrand into a statement about the scale of its business. The company has merged its stock library, generative tools and enterprise products under one brand, keeping what sets it apart from competitors: it remains profitable and grew without outside investment.

Why change the name

Until now, Freepik looked from the outside like a set of separate products. The Freepik brand itself was associated primarily with stock images and graphic resources, Magnific with AI upscaling, which the company acquired when it bought the startup of the same name in May 2024, and other tools lived under their own names. The new brand is meant to present the company to the market not as a catalog of scattered services, but as a single creative platform for the full content production cycle.

For the Málaga-based company, this is an important stage in its evolution. Freepik was founded in 2010 by brothers Joaquín and Alejandro Cuenca, and since then the service has grown from a graphics search tool into a global platform for designers, marketers, studios and content teams. Magnific now steps out with this positioning openly: with annual recurring revenue of $230M, more than 1M paying subscribers, over 250 enterprise clients and more than 4M images generated on the platform every day.

What Magnific brings together

Under the new name, the company combines almost its entire creative stack in one interface. It covers not only image generation but also video, quality enhancement, collaboration and tools for teams that want to build a predictable production process around AI instead of jumping between a dozen separate services.

• Image generation based on several models
• Video generation, including 4K and sound
• Magnific's signature upscaling and quality enhancement
• A real-time shared workspace for teams
• An AI assistant, team training and a library of hundreds of millions of assets

The platform's core idea is not to lock users into a single model. Magnific bets on an orchestration layer: it lets users pick the right engine for a given task and combine third-party models with its own tools. This matters especially for enterprise customers, because in real work there is rarely one universal model equally good at concept art, video and scaling campaigns across markets.

A bet on a new kind of creator

CEO Joaquín Cuenca describes what is happening as a shift to a "no-collar economy," one where the main productive force is neither physical labor nor a formal office role, but the ability to quickly conceive and assemble creative output with AI. The company says 72% of new creators on the platform identify as beginners, which shows how far the barrier to entry has dropped.

"In the future, we will make films the way we write books: one person

with a vision and the tools to realize it."

Against this backdrop, the rebrand is also an attempt to take a stronger position in the enterprise segment. Magnific already works with clients such as BBC, Puma and Amazon Prime Video, and the business plan for small teams launched in January adds about 150 new teams a week, according to the company. In a market that includes Midjourney, Runway, Leonardo and Adobe Firefly, the company competes less with a single model than with an assembled workflow. Another argument in its favor: Magnific does not depend on venture capital and got through the AI boom without having to adapt to the next investment cycle.

What this means

The AI creative market is moving quickly from standalone tools to platforms that pull the whole process into one place: generation, refinement, collaboration and enterprise management. Magnific is trying to claim exactly that infrastructure layer. If the strategy works, a European player could get a chance to compete with American platforms not on brand noise, but on the convenience of the real working cycle.