The new name unifies what was previously fragmented into Freepik (stock assets), Magnific (AI enhancement), and several other products. One million paying subscribers. 250 enterprise clients including BBC, Puma and Amazon Prime Video. The general director Joaquín Cuenca has never accepted external investments. The company is profitable.
freepikthe creative AI platform founded in Malaga, announced on Tuesday that it will change its name to Magnificent, unifying its entire suite of products under one name for the first time.
The rebranding is not cosmetic. It reflects the consolidation of what had been, from the outside, a confusing portfolio: Freepik as a stock asset library, Magnific as an AI image scaler acquired in May 2024, and several other AI tools operating under separate brands.
The numbers behind the rebrand are surprising for a company that has never raised outside investment. Fortune confirmed that Magnific has reached $230 million in annualized recurring revenue.
The company has more than one million paying subscribers, more than 250 enterprise clients including BBC, Puma, Carl’s Jr, DeliveryHero, Huel, R/GA, Damm, Job&Talent and the Amazon Prime Video series House of David, and more than four million images generated per day. Andreessen Horowitz has named Magnific the top generative AI web company in Europe by users, placing it ahead of well-capitalized US competitors in a ranking based on actual platform usage.
Cuenca built this without venture capital. When asked by Fortune if it would increase in the future, he said: “If we do it, it is because we want to grow the DNA of the company”not out of financial need.
Freepik was founded in 2010 in Malaga by Cuenca and his brother Alejandro. Cuenca had previously co-founded Panoramio, a geotagged photo-sharing platform that Google acquired in 2007, his first outing.
Freepik started as an internal tool for finding quality graphic resources and grew to become a global stock asset platform used in over 200 countries. The shift toward generative AI began in earnest with the acquisition of Magnific in May 2024.
Magnific was founded in Murcia, Spain, by Javi López and Emilio Nicolás; It had gone viral within days of its launch, registering more than 30,000 users in 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 covers the entire creative stack: AI image and video generation (including 4K with audio); its original AI enhancement and expansion technology; a collaborative workspace in real time; exclusive virtual and 3D scene tools; an AI assistant; an Academy for team training; and the original library of over 250 million creative assets. Crucially, Magnific is model agnostic: it allows users to select from third-party video AI models, including Google’s Veo 3.1 and ByteDance’s Seeddance 2.0, and combines them with its own tools.
That orchestration layer, which allows companies to choose the best model for each task instead of relying on a single vendor, is the same architecture that has driven the adoption of multi-model AI platforms in enterprise software in general.
The “collarless economy” framework that Cuenca uses to describe the platform’s social positioning is the most ambitious version of the implications of the rebrand. Their argument, presented to Fortune and in the official announcement of the rebrand, 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 kind of creative work that requires neither physical labor nor institutional professional credentials.
72 percent of new creators joining the platform identify as beginners. The Business plan launched for smaller teams in January 2026 surpassed 2,000 signups in six weeks and is growing to 150 new teams per week.
Cuenca said: “In the future we will make movies the same way we write books, a person with a vision and the tools to execute it.”
It’s a bold prediction, but not entirely implausible, and it’s exactly the kind of market framework that attracts companies’ attention.
The competitive context matters. Magnific competes directly with Midjourney, Runway, Leonardo, Adobe Firefly, and a variety of well-capitalized American AI creative platforms, with none of them offering the same end-to-end integrated creative stack, according to the company’s own positioning.
Magnific’s advantage is not a superior model, but rather that it uses the same frontier models as its competitors, but rather a unified workflow platform that reduces the friction of combining multiple AI tools in production.
Its profitable, bootstrapped status means it has survived and grown throughout the AI investment boom without becoming dependent on the capital cycle that has limited many of its venture capital-backed competitors.
The rebrand to Magnific is the moment the company chooses to publicly present that full platform image for the first time and compete for enterprise AI creative budgets under a single brand identity rather than a fragmented product catalog.
