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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 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.
Shutterstock (NYSE: SSTK) reported third quarter 2022 financial results, marking a 5% revenue increase to $204.1 million, with a notable 10% rise on a constant currency basis. Net income surged 44% to $23 million, equating to $0.64 per diluted share. Adjusted EBITDA climbed 26% to $56 million, reflecting strong profitability despite macro challenges. However, free cash flow dropped 52% to $21.4 million. The Company revises its full-year revenue estimate to $815 million due to weakened European demand. An exciting partnership with OpenAI aims to leverage Generative AI for creative storytelling.
On October 20, 2022, Shutterstock (NYSE: SSTK) announced a strategic partnership with FILMPAC, a premium footage provider, to distribute FILMPAC's extensive collection of cinema-quality videos through Pond5 and Shutterstock platforms. This partnership grants customers access to approximately 100,000 high-quality video assets produced by top cinematographers, enhancing creative storytelling capabilities. The content will be available as part of Shutterstock's Select collection and Pond5's Marquee collection, sold on an à-la-carte basis for flexibility in consumer purchases.
Shutterstock (NYSE: SSTK) will report its third quarter 2022 business and financial results on October 25, 2022, before the market opens. Following the report, a conference call will be held at 8:30 a.m. ET to discuss the results, accessible via the company’s website. Investors can register for the Q&A session to obtain dial-in information. A replay of the conference call will be available on the website on the same day at approximately 10:30 AM ET.
Shutterstock (NYSE: SSTK) announced the appointment of Sejal Amin as the new Chief Technology Officer (CTO), effective September 12, 2022. With over 20 years of experience, Sejal is expected to lead the digital transformation of Shutterstock's technology platform, enhancing customer and contributor experiences. CEO Paul Hennessy expressed confidence in her leadership skills, emphasizing the company’s shift towards becoming a full-service creative platform. Sejal previously held senior technology roles at Khoros and Thomson Reuters.
Fiverr International Ltd. has partnered with Shutterstock, enabling easy access for freelancers to millions of commercially licensed images, videos, and music assets on Fiverr's platform. This integration aims to empower freelancers by providing essential resources for their digital services, enhancing the quality of their offerings. The collaboration assures businesses that the media used in their projects is properly licensed for commercial use. This move reflects Fiverr's commitment to supporting its freelance community, broadening their resources across various categories.
Shutterstock (NYSE: SSTK) has rebranded The Newsroom to Splash at the Visa Pour L'Image Festival in Perpignan, France, following its acquisition of Splash News in May 2022. The rebranding aims to enhance Shutterstock's position in premium celebrity and entertainment content.
Clients will still access over 30 million images and new content via a network of more than 4,000 photographers. Additionally, Shutterstock boasts The Vault, containing over 60 million multimedia assets.
Shutterstock (NYSE: SSTK) reported second-quarter 2022 revenues of $206.9 million, up 9% year-over-year, with a 13% increase on a constant currency basis. Despite revenue growth, net income fell 34% to $19.4 million, while adjusted EBITDA decreased 8% to $48.9 million, affected by higher operating expenses. Subscriber count rose 15% to 368,000, contributing to an 8% increase in subscriber revenue. The company expects full-year 2022 revenue guidance of $835 million to $850 million.
Shutterstock, a global creative platform, has joined the News Media Coalition (NMC), enhancing its support for independent journalism and content freedoms. This membership allows Shutterstock to advocate for the press alongside major news brands, ensuring intellectual property rights are upheld. The company’s Editorial division connects over 1,000 journalists globally and has exclusive partnerships with renowned organizations. The NMC aims to protect news-gathering from arbitrary restrictions, emphasizing the importance of a free press in today’s landscape.
Shutterstock (NYSE: SSTK) announces it will report its Q2 2022 financial results on July 26, 2022, before the market opens. A conference call will be held at 8:30 a.m. ET to discuss these results, with a live webcast available on the company's website. Interested parties can register in advance for a seamless experience. The call will also be replayed on the website starting at 10:30 AM ET on the same day. Shutterstock remains a leading global creative platform, serving customers in over 150 countries.
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