The new name unifies what was previously fragmented across Freepik (stock assets), Magnific (AI upscaling), and several other products. One million paying subscribers. 250 enterprise customers, including BBC, Puma, and Amazon Prime Video. CEO Joaqu\u00edn Cuenca has never taken outside investment. The company is profitable.<\/em><\/p>\n Freepik<\/span>, the M\u00e1laga-founded AI creative platform, announced on Tuesday that it is rebranding as <\/span>Magnific,<\/span><\/a> unifying its full product stack under a single name for the first time.<\/span><\/p>\n The rebrand 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 upscaler acquired in May 2024, and several other AI tools operating under separate brands. <\/span><\/p>\n The numbers behind the rebrand are striking for a company that has never raised outside investment. Fortune confirmed that Magnific has reached $230 million in annualised recurring revenue. <\/span><\/p>\n TNW City Coworking space – Where your best work happ<\/a>ens<\/p>\n A workspace designed for growth, collaboration, and endless networking opportunities in the heart of tech.<\/p>\n<\/div>\n<\/div>\n The company has more than one million paying subscribers, more than 250 enterprise customers, including the BBC, Puma, Carl\u2019s Jr, DeliveryHero, Huel, R\/GA, Damm, Job&Talent, and Amazon Prime Video\u2019s series<\/a> 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-capitalised American competitors across a ranking based on actual platform usage. <\/span><\/p>\n Cuenca built this on zero venture capital. When Fortune asked whether he would raise in the future, he said: \u201cIf we do it, it\u2019s because we want to grow the DNA of the company\u201d<\/em>, not because of financial necessity.<\/span><\/p>\n Freepik was founded in 2010 in M\u00e1laga by Cuenca and his brother Alejandro. Cuenca had previously co-founded Panoramio, a geotagged photo-sharing platform that Google acquired in 2007, his first exit. <\/span><\/p>\n Freepik began as an internal tool to find quality graphic resources and grew into a global stock asset platform used in more than 200 countries. The pivot to generative AI began in earnest with the acquisition of Magnific in May 2024. <\/span><\/p>\n Magnific was itself founded in Murcia, Spain, by Javi L\u00f3pez and Emilio Nicol\u00e1s; it had gone viral within days of its launch, signing up more than 30,000 users within 24 hours and reaching 725,000 registered users without paid advertising. Both founders remain with the company following the acquisition.<\/span><\/p>\n The unified Magnific platform now covers the full creative stack: AI image and video generation (including 4K with audio); its original AI upscaling and enhancement technology<\/a>; a real-time collaborative workspace; exclusive 3D and virtual scene tools; an AI assistant; an Academy for team training; and the original library of 250 million-plus creative assets. Critically, Magnific is model-agnostic: it lets users select from third-party video AI models including Google\u2019s Veo 3.1 and ByteDance\u2019s Seeddance 2.0, and combines them with its own tools. <\/span><\/p>\n That orchestration layer, letting enterprises pick the best model for each task rather than being locked to a single provider, is the same architecture that has driven adoption of multi-model AI platforms in enterprise software general<\/a>ly.<\/span><\/p>\n The \u201cno-collar economy\u201d framing that Cuenca uses to describe the platform\u2019s societal positioning is the most ambitious version of the rebrand\u2019s implications. His argument, made to Fortune and in the 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 work that requires neither physical labour nor institutional professional credentials. <\/span><\/p>\n 72 per cent of new creators joining the platform identify as beginners. The Business plan launched for smaller teams in January 2026 surpassed 2,000 subscriptions in six weeks and is growing at 150 new teams per week. <\/span><\/p>\n Cuenca has said: \u201cIn the future we will make movies in the same way we write books, one person with a vision and the tools to execute it.\u201d<\/em> <\/span><\/p>\n That is a bold prediction but not an entirely implausible one, and it is exactly the kind of market framing that attracts enterprise attention.<\/span><\/p>\n The competitive context matters. Magnific is competing directly with Midjourney, Runway, Leonardo, Adobe Firefly, and a range of well-capitalised US AI creative platforms, without any of them offering the same integrated end-to-end creative stack, according to the company\u2019s own positioning. <\/span><\/p>\n Magnific\u2019s advantage is not a superior model, it uses the same frontier models as its competitors, but a unified workflow platform that reduces the friction of combining multiple AI tools in production. <\/span><\/p>\n Its bootstrapped, profitable status means it has survived and grown through the entire AI investment boom without becoming dependent on the capital cycle that has constrained many of its VC-backed competitors. <\/span><\/p>\n The rebrand to Magnific is the moment the company chooses to present that full platform picture publicly for the first time, and to compete for enterprise AI creative budgets under a single brand identity rather than a fragmented product catalogue.<\/span><\/p>\n<\/p><\/div>\n If you liked the article, do not forget to share it with your friends. 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