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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 reported strong financial results for Q4 and full year 2022, with revenues reaching $217.7 million in Q4, marking a 6% increase year-over-year, and full-year revenues of $827.8 million, a 7% growth. Adjusted EBITDA rose 49% to $58.3 million in Q4, demonstrating improved profitability with an adjusted EBITDA margin of 26.8%. The company integrated generative AI into its Creative Flow platform, enhancing its offerings. However, net income fell 58% to $7.0 million in Q4 due to an impairment charge, and subscriber revenue increased to $346.6 million for the full year. 2023 guidance projects revenues between $836 million and $853 million.
Shutterstock (NYSE: SSTK) will host its Investor Day on February 28, 2023, starting at 9:30 a.m. ET at its global headquarters in the Empire State Building. The event, including a Q&A session, will showcase Shutterstock's vision, strategy, and financial outlook.
The in-person event will feature immersive showcases such as an Extended Reality (
On January 30, 2023, Shutterstock, Inc. (NYSE: SSTK) announced a cash dividend increase to $0.27 per share, marking a 13% rise from the previous $0.24. This dividend, payable on March 16, 2023, rewards stockholders of record as of March 2, 2023. CEO Paul Hennessy emphasized that this decision reflects the company's margin expansion success and positive outlook on future cash flows. The company continues its commitment to delivering shareholder value after increasing dividends for three consecutive years.
Shutterstock, Inc. (NYSE: SSTK) has launched its new AI image generation platform, designed for global customers to create high-quality visuals through simple text prompts. The platform enhances Shutterstock's Creative Flow, allowing seamless integration of stock searching, design, and publishing. Built on partnerships with OpenAI, Meta, and LG AI Research, it focuses on ethical AI usage, ensuring artists are compensated. The platform supports over 20 languages and offers a user-friendly interface. This innovation aims to democratize content creation, eliminating the need for advanced design skills and enhancing the creative process.
Shutterstock, Inc. (NYSE: SSTK) will report its fourth quarter 2022 earnings on February 9, 2023, prior to market opening. Following the report, a conference call will be held at 8:30 a.m. ET to discuss the results, accessible via the company’s investor website. Interested participants can register to receive dial-in details. A replay of the call will be available from 10:30 AM ET on the same day. Shutterstock, known for its vast array of creative content, continues to support brands and media companies globally.
Shutterstock (NYSE: SSTK) has announced an expanded partnership with Meta, focusing on advancing AI technology. This collaboration aims to utilize Shutterstock's vast content library to support Meta's ongoing AI initiatives. Paul Hennessy, CEO of Shutterstock, emphasized the potential of AI to enhance creativity and highlighted the company's dedication to ethical and artist-centric advancements. This partnership is part of Shutterstock's broader strategic goal to lead in technology and innovation while ensuring fair compensation for content contributors.
On January 10, 2023, Shutterstock (NYSE: SSTK) announced its membership in the Value Stream Management Consortium (VSMC) as a Leader Member, aiming to enhance performance and customer value through value stream management (VSM). This partnership will foster best practices, optimize efficiency, and improve customer experiences by identifying and eliminating delays and waste in workflows. Key executives from Shutterstock expressed their commitment to leveraging VSM principles to strengthen collaboration between product and technology teams, ultimately delivering greater value to users.
Shutterstock (NYSE: SSTK) has partnered with LG AI Research to develop advanced AI technology. This collaboration aims to integrate LG's EXAONE AI image generation model and creative toolkit into Shutterstock's platform, enhancing the creative workflow for users. The initiative includes compensating contributors whose work trains the AI model. With AI image captioning, users will benefit from improved asset organization. Upcoming features from this partnership will launch in 2023, evidencing Shutterstock's commitment to innovative and ethical AI applications.
On October 25, 2022, Shutterstock (NYSE: SSTK) announced an expanded partnership with OpenAI to enhance creative tools and ethical AI content creation. This initiative includes launching a fund to compensate artists for their contributions to AI datasets, ensuring transparency and responsibility in AI-generated content. The collaboration will enable users to generate images instantly through OpenAI's DALL-E, enriching creative workflows. Shutterstock aims to set industry standards for compensating contributors and promoting ethical AI practices, positioning itself as a leader in the evolving creative technology landscape.
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