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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.
On June 3, 2021, Shutterstock (NYSE: SSTK) announced a strategic alliance with Wochit to enhance enterprise video creation. This partnership will leverage Wochit's advanced video technology alongside Shutterstock's extensive asset library, comprising over 400 million images and videos. The collaboration aims to simplify video production for users of all expertise levels, enabling them to create professional content for social media, marketing, and e-commerce. The integration of these platforms is expected to unlock new opportunities for creators.
Shutterstock (NYSE: SSTK) has unveiled The Newsroom, an innovative platform providing global breaking news, exclusives, and archival content. This service connects Shutterstock's editorial team with media organizations, enabling real-time access to premium content. The Newsroom aims to meet market demand for personalized news services, enhancing storytelling in various sectors such as politics and pop culture. The dedicated team boasts over 50 years of combined experience. Shutterstock seeks to empower its clients by delivering compelling news content directly to their platforms, maximizing audience engagement.
Shutterstock (NYSE: SSTK) has announced an exclusive partnership with A+E Networks to distribute its archival footage collection. This collaboration will enhance Shutterstock's Editorial Video offerings, which began in October 2020, currently boasting over 300,000 clips. The A+E Networks Archive features culturally significant content, including highlights from popular brands like The HISTORY Channel and Lifetime. This partnership aims to provide unparalleled access to high-quality footage for producers and filmmakers, reinforcing Shutterstock's role as a creative platform for storytelling.
Shutterstock (SSTK) reported strong Q1 2021 results, with revenue of $183.3 million, a 14% increase year-over-year. Subscriber numbers rose 46% to 306,000, contributing to a 20% rise in subscriber revenue to $76.5 million. Notably, net income soared 584% to $29.5 million, with diluted EPS increasing to $0.79. Following three quarters of accelerating revenue growth, the company raised its full-year guidance, forecasting revenue between $720 million to $730 million. Acquiring TurboSquid is anticipated to further boost performance in the 3D content market.
Shutterstock (NYSE: SSTK) announced an API integration with Google Drive for Enterprise, enabling seamless syncing of licensed Shutterstock images directly within Google Workspace. This allows users to quickly access and reuse images across tools like Gmail, Docs, and Slides, enhancing collaboration for teams. The integration simplifies the search for visual content, embeds license information for compliance, and aims to improve productivity significantly, saving teams around 171 hours annually per user. The move is part of Shutterstock's mission to democratize access to creative content.
Shutterstock, Inc. (NYSE: SSTK) has launched Shutterstock FLEX Subscriptions, a customizable royal-free content plan designed for small and medium-sized businesses. This innovative offering provides access to over 360 million visuals, tracks, and effects for a flat monthly fee tailored to varying business needs. The service includes flexible add-ons and licenses, promoting scalable creativity. Chief Revenue Officer Jamie Elden emphasized the company's commitment to meeting evolving customer demands through this first-of-its-kind subscription solution.
Shutterstock (NYSE: SSTK) has announced an exclusive partnership with Condé Nast to feature the Condé Nast Collection in its editorial archive, The Vault. This collection includes over 30,000 iconic images dating back to 1892, showcasing fashion and cultural milestones captured by renowned photographers. The partnership enhances Shutterstock's offerings in high-quality content, providing customers access to premium visuals from brands like Vogue and Vanity Fair. This move is expected to strengthen Shutterstock's market position in the creative content industry.
Shutterstock (NYSE: SSTK), a leading creative platform, has announced an exclusive partnership with the Screen Actors Guild Awards® for photography and distribution. As the official photographer for the SAG Awards on April 4, 2021, Shutterstock will provide high-quality Nominee and Winner portraits, along with exclusive access to all SAG Awards events. The collaboration allows Shutterstock to showcase pivotal photographic moments in real-time, enhancing its reputation for striking visual storytelling. This partnership marks a significant move in Shutterstock's expansion into high-profile events.
Shutterstock, Inc. (NYSE: SSTK) will release its first quarter 2021 financial results on April 27, 2021, before market opening. A conference call will take place at 8:30 a.m. ET to discuss these results, accessible via phone and live audio webcast on Shutterstock's website. The company, headquartered in New York City, offers a wide range of high-quality creative content and solutions and has over 360 million images and 21 million video clips available, with a growing community of 1.6 million contributors.
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