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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.
Shutterstock (NYSE: SSTK) announced the acquisition of PicMonkey for $110 million in cash, enhancing its creative solutions and expanding its market. This acquisition aims to provide users, regardless of skill level, with accessible design tools for various applications. With expected contributions of approximately 3% to annual revenues and adding over 200,000 new subscribers, the deal positions Shutterstock to tap into an $8 billion creative software market. The acquisition aligns with Shutterstock's strategy to democratize content creation and enhance the customer experience across its platforms.
Shutterstock, Inc. (NYSE: SSTK) has launched a new service called Rights and Clearance, aimed at assisting customers in obtaining third-party permissions for promotional use across various platforms. This service is part of Shutterstock's larger offering, which includes over 380 million assets, and provides a streamlined approach to content clearance and licensing. The Rights and Clearance service extends Shutterstock's Asset Assurance™, which launched in 2020, ensuring necessary indemnification for its users. This initiative aims to enhance customer confidence and operational efficiency in creative endeavors.
PropertyGuru Group announces the appointment of Rachna Bhasin as an Independent Non-Executive Director, enhancing its governance with 50% independence on its board. Bhasin's extensive experience in technology and public company boards, including SSTK and RHP, is expected to support PropertyGuru's digital transformation and growth strategies. This move aligns with its plans for a public listing on the NYSE through a merger with BTNB. CEO Hari V. Krishnan expressed confidence in Bhasin's contributions to the company’s mission in Southeast Asia's property market.
Shutterstock (NYSE: SSTK) announced a new API integration with OpenText on Aug. 12, 2021, allowing direct access to over 380 million high-quality images through OpenText Media Management. This partnership aims to enhance productivity for brands and media companies, especially in a hybrid work environment. Key features include seamless licensing, an extensive library search capability, and automated license tracking. The integration is designed to support customers in managing digital assets efficiently and ensuring compliance.
Shutterstock (NYSE: SSTK) has announced the launch of Shutterstock.AI's data on AWS Data Exchange, facilitating access to extensive datasets for training computer vision models. This partnership aims to support various industries, enhancing capabilities in areas like ecommerce and autonomous vehicles. Customers can leverage 400 million visual assets and quality metadata for improved efficiency in model training. The collaboration with AWS is expected to broaden market reach, allowing Shutterstock to cater to diverse machine learning applications.
Shutterstock (SSTK) has launched Shutterstock.AI, a new subsidiary aimed at enhancing creative solutions through data insights. The subsidiary has acquired three AI platforms: Pattern89, Datasine, and Shotzr for approximately $35 million. These acquisitions will bolster Shutterstock.AI's predictive performance capabilities, assisting clients in making data-informed content decisions. With access to over 400 million content assets, Shutterstock aims to empower businesses in creative processes and technology development across various sectors, including AI, marketing, and social media.
Shutterstock reported a strong financial performance for Q2 2021, with revenues of $189.9 million, a 19% increase from the previous year. Net income rose 55% to $29.5 million while diluted EPS increased by 49% to $0.79. Subscriber count grew 44% to 321,000, with subscriber revenue increasing 25% to $78.1 million. The acquisition of AI platforms for $35 million aims to enhance Shutterstock's predictive capabilities. Revised guidance for 2021 projects revenue of $740 million to $750 million, up from previous estimates.
Shutterstock (NYSE: SSTK) will announce its Q2 2021 business and financial results on July 27, 2021, before the market opens. A conference call to discuss these results is scheduled for 8:30 a.m. ET. Investors can join the call by dialing (844) 634-1442 in the U.S. or (615) 247-0239 internationally, using conference ID# 5195865. The call will also be available via a live audio webcast on Shutterstock's website. A replay will be accessible until August 3, 2021.
Shutterstock (NYSE: SSTK) announced an exclusive partnership with celebrity photographer Miles Diggs, known as "Diggzy." This collaboration will enhance Shutterstock's Newsroom by providing premium celebrity street style imagery and portraits, ensuring real-time access to trending content for editorial customers. Diggzy's unique photography, featured in prestigious publications, will expand Shutterstock's offerings. Aaron St. Clair, Director of Editorial Content, expressed enthusiasm for the partnership, highlighting Diggzy's attention to detail and editorial style. The collaboration aims to elevate Shutterstock's content quality globally.
Shutterstock (NYSE: SSTK) has announced an exclusive partnership with Meredith Corporation (NYSE: MDP) to represent the LIFE Picture Collection, one of the world's most significant photographic archives with over 800,000 images. This collaboration aims to bring new, previously unavailable images to Shutterstock's global customer base, enhancing its editorial offerings. The LIFE Picture Collection showcases crucial historical moments and iconic magazine covers from the 20th century, captured by renowned photographers. This strategic partnership reinforces Shutterstock's commitment to providing compelling editorial content.
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