Still from a far away observer. As matter gets close to the event horizon, its local clock as viewed from far away slows down to the point of freezing completely when it reaches the horizon (this you won't see from outside).

As this happens, what you see is a very hard dimming of the emited light and a very hard redshift because everything takes so long now (from the perspective of a far away observer) that the frequency of the light emitted and the luminous power emited basically go to zero (along with everything that has time in the denominator).