Shutterstock Inc Stock Price, News & Analysis

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 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 (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 (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.