SHUTTERSTOCK, INC. - SSTK STOCK NEWS

Shutterstock (NYSE: SSTK) has appointed Matt Furlong as Chief Marketplace Officer, effective January 13, 2025. Furlong will lead the company's Marketplace division and join the executive leadership team, overseeing individual user products and solutions across ecommerce platforms.

In his new role, Furlong will be responsible for shaping the strategy, operations, and growth of the Marketplace division, including alignment across Shutterstock's creative content brands such as PremiumBeat, Pond5, and TurboSquid. He will also manage the Global Customer Success team.

Furlong previously served as CEO of GameStop for two years, focusing on customer experience and business transformation. His prior experience includes leadership roles at Amazon, where he served as Country Manager for Amazon Australia, and a 12-year tenure at P&G.

Lightricks has partnered with Shutterstock (NYSE: SSTK) to license and utilize Shutterstock's video library for training its open-source video generation model, LTX Video (LTXV). The collaboration marks Shutterstock's first implementation of a new 'research license' approach, designed to lower barriers for open-source model training.

The partnership enables Lightricks to access high-quality HD and 4K video assets from Shutterstock's extensive library of over one billion royalty-free assets. This research license model offers a cost-effective path for companies to build and refine AI tools using premium, licensed data during the research and development stage, before committing to a full commercial license.

This announcement follows Lightricks' release of LTXV 0.9 to the open-source community in November 2024, with plans to enhance model quality through Shutterstock's premium video data.

GIPHY, a Shutterstock (NYSE: SSTK) subsidiary and leading GIF library, announces a partnership with TikTok to integrate AI-powered GIF recommendations into TikTok's direct messaging platform. The integration will provide TikTok users with seamless access to GIPHY's vast library for enhanced chat expression. The feature is expected to roll out in Q4 or early Q1, leveraging TikTok's recommendation engine to algorithmically suggest relevant GIFs from GIPHY's collection. This collaboration aims to strengthen TikTok's messaging experience and foster more creative communication among its user base.

Shutterstock (SSTK) reported record Q3 2024 results with revenue of $250.6 million, up 7% year-over-year. Net income was $17.6 million ($0.50 per share), compared to $28.4 million ($0.79 per share) in Q3 2023. Content revenue increased 14% to $203.7 million, while Data, Distribution, and Services revenue decreased 14% to $46.9 million.

The company completed its $250 million acquisition of Envato in July 2024. Based on strong performance, Shutterstock raised its 2024 guidance to revenue of $935-940 million and adjusted EBITDA of $247-250 million. The company also announced CFO Jarrod Yahes's departure and the appointment of Rik Powell as the new CFO.

Shutterstock, Inc. (NYSE: SSTK), a leading global creative platform, has announced it will report its third quarter 2024 business and financial results on Tuesday, October 29, 2024, before the market opens. The company will host a conference call at 8:30 a.m. ET to discuss the results. Investors and interested parties can access the live webcast of the call through the Company's website at https://investor.shutterstock.com or via a direct link provided.

The webcast is listen-only, and a replay will be available on the same day at approximately 10:30 a.m. ET on the Company's website. This announcement provides an opportunity for stakeholders to gain insights into Shutterstock's performance and future outlook.

Shutterstock reported Q2 2024 financial results, with revenue of $220.1 million, up 5% year-over-year. Net income decreased to $3.6 million from $50.0 million in Q2 2023, primarily due to a one-time gain in the previous year. Adjusted EBITDA increased 3% to $62.1 million. The company completed its acquisition of Envato for $250 million. Content revenue declined 9% to $170.0 million, while Data, Distribution, and Services revenue grew 129% to $50.1 million. Shutterstock updated its 2024 guidance, projecting revenue growth of 6-7% year-over-year. The company declared a quarterly dividend of $0.30 per share.

Shutterstock (NYSE: SSTK) has launched its generative 3D API, offering enterprises a fast and ethical way to produce realistic 3D models using AI. The API, built on NVIDIA Edify architecture, was trained exclusively on Shutterstock's ethically-sourced content. Key features include:

- Text-to-3D and image-to-3D generation
- 360 HDRi generator API for creating natural environments
- Outputs in GLB, USDz, and OBJ formats with PBR materials
- TRUST safeguards for ethical compliance and brand safety
- Intuitive documentation for easy integration

The API is now available for enterprise customers, with generative credit packs starting at $25. Early beta testers like HP, Trigger XR, and WPP will showcase applications at SIGGRAPH 2024.

Shutterstock (NYSE: SSTK) has completed its acquisition of Envato, a leader in digital creative assets and templates. This strategic move significantly expands Shutterstock's offering and market reach. Key highlights include:

- Addition of Envato Elements, a leading unlimited multi-asset subscription offering
- Expansion into faster-growing audiences like freelancers, hobbyists, and small businesses
- 650,000 new subscribers, more than doubling Shutterstock's subscriber base to 1.15 million
- Increased Content revenue from various digital assets
- Bolstered content library with millions of new assets
- Diversification into new content types including code, web themes, and templates

The acquisition coincides with Envato's new visual brand identity launch, marking a significant milestone in the company's evolution.

Shutterstock, Inc. (NYSE: SSTK), a leading global creative platform, has announced that it will release its second quarter 2024 financial results on Tuesday, August 6, 2024, before the market opens. The company will host a conference call at 8:30 a.m. ET to discuss the results. Investors and interested parties can access the live webcast of the call through Shutterstock's investor relations website or via a direct link provided.

The webcast will be listen-only, and a replay will be available on the company's website at approximately 10:30 a.m. ET on the same day. This announcement provides an opportunity for stakeholders to gain insights into Shutterstock's financial performance and business developments for the second quarter of 2024.