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Shutterstock, Inc. (NYSE: SSTK) is a premier global creative platform, offering high-quality content to transformative brands, digital media, and marketing companies. The company operates an online marketplace for commercial digital images, videos, and music, providing a diverse range of media including photographs, illustrations, vector art images, and video footage. These assets cater to users producing video advertisements, commercial motion pictures, television programming, video games, and other video-based media.
Shutterstock's offerings are designed to enhance visual communications through websites, digital and print marketing materials, corporate communications, books, publications, and video content. The company licenses commercial digital imagery and also offers an online learning platform for digital professionals.
Based in the United States, Shutterstock generates a significant portion of its revenue from content offerings, with its largest market being domestic. The company's innovative approach includes partnerships with leading tech firms like NVIDIA, Meta, and OpenAI, developing cutting-edge AI tools for creators. Shutterstock's commitment to ethical and responsible AI advancements is evident through its involvement with the Content Authenticity Initiative (CAI).
Recent achievements include strategic collaborations with Luma Labs AI, RECON Labs, and Volinga AI to explore NeRF technology, enhancing Shutterstock's extensive 2D/3D asset database. Additionally, Shutterstock's acquisition of Giphy has bolstered its content offerings, adding significant value to its data and services segment.
Financially, Shutterstock has shown robust performance with increasing revenues and profitability. The company continues to innovate with the launch of creative AI-powered editing features, providing users with unprecedented capabilities to refine and perfect images from its vast library.
With a growing network of over two million creators, Shutterstock remains focused on empowering the creative process and supporting its artist community through ongoing royalties and a Contributor Fund. As it continues to expand its service offerings and market reach, Shutterstock is poised to remain a leader in the creative content industry.
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.
Shutterstock announced the appointment of Jaime Teevan, Microsoft's Chief Scientist and Technical Fellow, to its board of directors. Teevan brings extensive expertise in AI and ethical technology, having driven significant innovations at Microsoft, including the creation of Copilot for Microsoft 365 and the first personalized search algorithm for Bing. Teevan's addition aims to bolster Shutterstock's strategic growth in AI and machine learning, reinforcing its position as a leader in high-quality creative content and data services. Teevan's insights are expected to help Shutterstock navigate new AI opportunities and enhance its mission to power creativity responsibly.
Backstroke announces the launch of its generative AI messaging platform aimed at revolutionizing email, SMS, and mobile push marketing for B2C brands. With a $2M seed round led by High Alpha and Ground Game Ventures, Backstroke leverages a massive dataset from over 10,000 brands, tracking millions of messages to enhance marketing content. This technology aims to drive up to 64% more revenue per send compared to human copywriters. Early adopters include brands like Pearl iZUMi and Nathan Sports. Founded by R. J. Talyor and Allyson Talyor, Ph.D., Backstroke aims to simplify and personalize marketing tech. The company's launch event features Olympic swimmer Matt Biondi and will take place on June 21, 2024, in Indianapolis.
On June 12, 2024, Databricks and Shutterstock announced the launch of Shutterstock ImageAI, a new text-to-image Generative AI model designed for enterprise use. Built on Databricks Mosaic AI and trained exclusively on Shutterstock's image repository, ImageAI generates high-fidelity, commercially viable images tailored to specific business needs. This model addresses the challenges of using AI-generated images in enterprise settings by ensuring data governance and observability.
ImageAI offers trusted outputs, adaptability to unique business requirements, and secure integration into enterprise applications. Available now in private preview on Databricks Mosaic AI Model Serving and live on Shutterstock's website, ImageAI marks a significant advancement in AI-driven content creation.
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