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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 March 8, 2021, Shutterstock (NYSE: SSTK) announced the launch of the "Through Their Eyes" grant, offering $10,000 to support female and non-binary creators. This initiative aims to elevate diverse perspectives in photography, videography, and writing, especially on International Women's Day. The grant includes three prizes: $5,000 for the first place and $2,500 for two runners-up. Interested artists must submit proposals by April 22, 2021. This program is part of Shutterstock's larger $300,000 Create Fund, which promotes diversity and inclusion in its content library.
Shutterstock (NYSE: SSTK) has launched the "All The Best Artists" campaign to celebrate the diversity of its 1.6 million contributor community. This campaign showcases eight innovative artists from different backgrounds and locations, featuring their unique creative works across photography, video, and illustration. The campaign aims to highlight the exceptional content that Shutterstock provides to businesses and media companies while emphasizing its commitment to diverse talent.
Shutterstock (NYSE: SSTK) reported strong financial performance for Q4 and full-year 2020. Q4 revenue increased 9% to $180.9 million, driven by a 45% growth in subscribers to 281,000 and 18% subscriber revenue growth to $71.1 million. Net income surged 495% to $25.9 million. For the full year, revenue reached $666.7 million, a 2% increase, and net income rose 257% to $71.8 million. The company also completed the acquisition of TurboSquid for $75 million, enhancing its 3D content offerings. Guidance for 2021 projects revenue between $708 million and $722 million.
Shutterstock, Inc. (NYSE: SSTK) announced on Feb. 8, 2021, that John Lapham has joined its leadership team as General Counsel. With over 20 years of legal experience, Lapham will lead Shutterstock's global legal strategy and manage risk within the organization. Previously, he served as General Counsel at Rover.com and held senior legal roles at Getty Images. Lapham's expertise in business and regulatory affairs is expected to support Shutterstock's growth and innovation agenda.
On February 2, 2021, Shutterstock (NYSE: SSTK) announced the launch of The Vault, an extensive archival collection featuring over 50 million photo and video assets. Located in London, The Vault emphasizes historical content from various categories, providing customers access to a rich narrative of the 20th Century. This initiative includes collaborations with prominent partners like AP and ITV, delivering unique archival photography and footage. The Vault's offerings encompass notable collections such as The Rex Features Collection and exclusive ITV archives.
Shutterstock, Inc. (NYSE: SSTK) announced its acquisition of TurboSquid, Inc. for $75 million in cash. This strategic move positions Shutterstock as the world's largest 3D marketplace, enhancing its offerings in 3D, AR, and VR content. TurboSquid, a leader in 3D model marketplaces, provides over one million models and a digital asset management solution. The acquisition is expected to be immediately accretive to Shutterstock’s adjusted net income and EBITDA, with a closing targeted for early February 2021, subject to standard conditions.
Shutterstock, Inc. (NYSE: SSTK) has extended its exclusive agreement with the european pressphoto agency (epa) to distribute epa's visual content in North America, the U.K., and Ireland, effective from January 15, 2021. Since January 2017, Shutterstock has utilized epa's daily output of around 2,200 images, giving editorial clients access to epa's extensive archive of nearly nine million images. Both companies expressed satisfaction with the renewal, emphasizing its potential for growth and enhanced access to premium content for their users.
Shutterstock announced a three-year partnership with West Ham United Football Club, enabling real-time photography for all Premier League, FA Cup, and League Cup matches. The agreement grants Shutterstock exclusive access to off-field events, including training sessions and press conferences. This partnership will enhance West Ham's global reach, providing high-quality visuals to supporters and commercial partners. Shutterstock aims to tap into the growing sports sector, particularly during times when fan attendance is restricted.
Shutterstock, Inc. (NYSE: SSTK) announced a cash dividend increase of $0.21 per share, reflecting a 24% raise from the previous $0.17. The dividend will be payable on March 18, 2021 to stockholders on record by March 4, 2021. CEO Stan Pavlovsky stated this increase demonstrates the company's commitment to returning value to stockholders and confidence in future business prospects. This marks a significant step in enhancing shareholder value amidst ongoing market dynamics.
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