The new name includes what was previously split across Freepik (stock items), Magnific (AI upscaling), and several other products. One million paying subscribers. 250 business customers, including the BBC, Puma, and Amazon Prime Video. CEO Joaquín Cuenca has never taken foreign currency. The company is profitable.
FreepikAI creative platform founded by Málaga, announced on Tuesday that it is reproducing as Amazing, bringing together its full product stack under one name for the first time.
A rebrand is not a good thing. It shows the integration of what has been, on the outside, a confusing portfolio: Freepik as a stock asset library, Magnific as the top AI image found in May 2024, and several other AI tools operating under different brands.
The rebranding numbers are impressive for a company that has never raised foreign capital. Fortune confirmed that Magnific has reached $230 million in annual recurring revenue.
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The company has over a million paying subscribers, over 250 corporate clients, including the BBC, Puma, Carl’s Jr, DeliveryHero, Huel, R/GA, Damm, Job&Talent, and the Amazon Prime Video series House of David, and over four million images produced per day. Andreessen Horowitz named Magnific the top-performing AI web company in Europe by users, placing it ahead of its top-performing American competitors across the board based on actual platform usage.
Cuenca built this with zero venture capital. When Fortune asked if he would propose in the future, he said: “If we do it, it’s because we want to enhance the DNA of the company”not because of financial need.
Freepik was founded in 2010 in Málaga by Cuenca and his brother Alejandro. Cuenca previously founded Panoramio, a geotagged photo sharing platform that Google acquired in 2007, his first venture.
Freepik started as an in-house tool for finding high-quality photo resources and grew into a global stock platform used in over 200 countries. The pivot to AI manufacturing began in earnest with the acquisition of Magnificent in May 2024.
Magnific itself was founded in Murcia, Spain, by Javi López and Emilio Nicolás; 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 remained with the company following the acquisition.
Magnific’s integrated platform now includes a full creative stack: AI image and video production (including 4K with audio); Its first technology to increase and improve AI technology; a real-time collaborative workspace; Special 3D and virtual scene tools; AI assistant; Academy for team training; and an original library of 250 million creative assets. Remarkably, Magnific is model-agnostic: it allows users to choose from third-party AI video models including Google Veo 3.1 and ByteDance’s Seeddance 2.0, and integrates them with its own tools.
That orchestration layer, which allows businesses to choose the best model for each task rather than being locked into a single provider, is the same structure that has driven the adoption of multi-model AI platforms in enterprise software in general.
The framework of the “non-collar economy” used by Cuenca to explain the social standing of the platform is a more ambitious version of the rebrand’s implications. His argument, which he stated in Fortune and the official announcement of the name change, is that the industrial revolution created jobs and the digital revolution created white-collar jobs, and that AI is now creating a new class of creative work that does not require physical labor or the guarantees of institutional expertise.
72 percent of new creators who join the platform identify as beginners. The Business Plan launched for small groups in January 2026 exceeded 2,000 subscribers in six weeks and is growing by 150 new groups per week.
Cuenca says: “In the future we will make films the same way we write books, one person with an idea and the tools to do it.”
That’s a bold but not entirely implausible prediction, and it’s exactly the kind of market structure that attracts business attention.
The context of competition is important. Magnific competes directly with Midjourney, Runway, Leonardo, Adobe Firefly, and a host of well-established US AI creative platforms, none of which offer an integrated end-to-end creative stack, according to the company’s own positioning.
The advantage of Magnific is not a superior model, using the same borderline models as its competitors, but a unified workflow platform that reduces the friction of integrating multiple AI tools into production.
Its bootstrapped, for-profit nature means it has survived and grown throughout AI investment without relying on the capital cycle that has forced many of its VC-backed competitors.
The Magnificent Rebuild is the moment a company chooses to present that full platform image publicly for the first time, and compete for AI creative budgets under a single brand identity rather than a separate product catalog.
