The new name unites what was previously split between Freepik (stock assets), Magnific (AI enhancement) and several other products. One million paying subscribers. 250 corporate clients including the BBC, Puma and Amazon Prime Video. CEO Joaquín Cuenca has never taken outside investments. The company is profitable.
FreepikMalaga-founded AI creative platform announced on Tuesday that it is rebranding. wonderful, for the first time combined a complete product stack under a single name.
The rebrand is not cosmetic. This reflects the consolidation of a confusing portfolio from abroad: Freepik as a stock asset library, Magnific as an AI imaging upgrade acquired in May 2024, and a number of other AI tools operating under separate brands.
The numbers behind the rebrand are surprising for a company that has never attracted outside investment. Fortune confirmed that Magnific’s annual recurring revenue has reached $230 million.
The company has over one million paying subscribers, over 250 enterprise clients including the BBC, Puma, Carl’s Jr, DeliveryHero, Huel, R/GA, Damm, Job&Talent and Amazon Prime Video’s House of David series, and generates over four million views per day. Andreessen Horowitz named Magnific the best generative AI web company in Europe by users, placing it ahead of its well-capitalized American rivals in a ranking based on actual platform usage.
Cuenca built it on zero venture capital. When asked if Fortune would expand in the future, he said: “If we do it, it’s because we want to develop the DNA of the company”not because of financial necessity.
Freepik was founded in Malaga in 2010 by Cuenca and his brother Alejandro. Cuenca previously co-founded Panoramio, Google’s geotagged photo-sharing platform that debuted in 2007.
Freepik started as an in-house tool for finding quality graphics resources and has grown into a global stock assets platform used in over 200 countries. The transition to generative AI began in earnest with the acquisition of Magnific in May 2024.
Magnific itself was founded by Javi López and Emilio Nicolás in Murcia, Spain; It went viral within days of its launch, registering over 30,000 users within 24 hours and reaching 725,000 registered users without paid advertising. Both founders remain with the company after the acquisition.
The unified Magnific platform now encompasses the full creative stack: AI image and video generation (including 4K with audio); its original AI enhancement and enhancement technology; a real-time collaborative workspace; exclusive 3D and virtual scene tools; AI assistant; Academy for team training; and an original library of over 250 million creative assets. Critically, Magnific is model-agnostic: it allows users to choose from third-party video AI models, including Google’s Veo 3.1 and ByteDance’s Seeddance 2.0, and integrates them with its own tools.
This orchestration layer, which allows enterprises to choose the best model for each task rather than being locked into a single provider, is the same architecture that drives the adoption of multi-model AI platforms in enterprise software in general.
The “no-collar economy” framework Cuenca uses to describe the platform’s social position is the most ambitious version of the rebrand’s implications. His argument to Fortune, which he made in his official rebrand announcement, is that the industrial revolution created blue-collar jobs and the digital revolution created white-collar jobs, and that AI is now creating a new class of creative jobs that require neither manual labor nor institutional professional credentials.
72 percent of new creators joining the platform identify as beginners. Launched in January 2026 for small teams, the Business plan surpassed 2,000 subscriptions in six weeks and is growing by 150 new teams per week.
Cuenca said: “In the future, we’ll make movies like we write books, a person with a vision and the tools to make it happen.”
This is a bold prediction, but not entirely impossible, and it is precisely the market structure that attracts the attention of the enterprise.
Competitive context is important. Magnific competes directly with Midjourney, Runway, Leonardo, Adobe Firefly and a number of well-capitalized US AI creative platforms, none of which offer the same integrated end-to-end creative stack as the company positions.
Magnific’s advantage is not a superior model, it uses the same frontier models as its competitors, but it is a unified workflow platform that reduces the friction of integrating multiple AI tools in production.
Its startup, profitable status means it has survived and grown through the entire AI investment boom without depending on the capital cycle that limits many of its VC-backed competitors.
Magnific’s rebranding marks the first time the company has chosen to take its full platform image public and compete for enterprise AI creative budgets under a unified brand identity rather than a fragmented product catalog.
