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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, Inc. (NYSE: SSTK) announced the expansion of Shutterstock Studios into original documentary filmmaking, starting with a docu-series featuring racing legend Jimmie Johnson and a documentary on celebrity photographer Miles 'Diggzy' Diggs. This move aims to capitalize on the growing demand for long-form storytelling. Notable brands like Amazon and Microsoft have partnered with Shutterstock Studios since its 2020 inception. The docuseries 'Reinventing The Wheel' offers behind-the-scenes insights of Johnson's transition to INDYCAR racing, with additional projects including 'The Money Shot' and 'Behind The Lens'.
Shutterstock (NYSE: SSTK) has acquired Splash News, enhancing its Editorial Newsroom with over 27 million images and a network of 4,000 photographers. This acquisition aims to provide an extensive archive for media companies, featuring content from notable events and celebrities. Now hosting 30 million images with a daily upload of 40,000, Shutterstock positions itself as a leader in entertainment content. The deal enhances service offerings with a concierge feature for clients, reinforcing its market position while terms of the transaction remain undisclosed.
Shutterstock has launched a dedicated vertical on its e-commerce platform focusing on AAPI culture and the contributions of women and girls from the Asian American and Pacific Islander community. This initiative is in partnership with SeeHer, aimed at reducing gender bias in media and advertising. The collection includes curated images and highlights AAPI trailblazers, enhancing marketers' access to authentic representation. The permanent addition is part of Shutterstock’s broader commitment to diversity, ensuring accurate portrayals in marketing and entertainment.
Shutterstock (NYSE: SSTK) announced its acquisition of Pond5, the largest video-first content marketplace, for $210 million. This acquisition enhances Shutterstock's position as a leader in editorial and commercial video and music content, catering to clients like Netflix and Disney. Pond5's library boasts 30 million video clips, 1.6 million music tracks, and 1.7 million sound effects. The deal will boost Shutterstock's offerings and is expected to be accretive to 2022 adjusted EBITDA, maintaining revenue guidance despite transaction costs.
Shutterstock has appointed Paul Hennessy as the new Chief Executive Officer, effective July 1, 2022. Hennessy, a board member since 2015, succeeds founder Jon Oringer, who remains the Executive Chairman. With over 20 years of experience, including leading Vroom, Inc. to $3B in revenue, Hennessy aims to enhance Shutterstock's platform and foster innovation in the creative industry. His leadership is anticipated to drive growth and improve shareholder value as he leverages his extensive background in digital marketplaces.
Shutterstock (NYSE: SSTK) has secured an exclusive partnership with Advertising Week, granting rights to capture and distribute content at global events in 2022. This collaboration includes key events like Advertising Week Europe and Advertising Week New York, featuring a network of over 2,500 industry leaders and over 165,000 attendees. As the exclusive house photographer, Shutterstock will document thousands of hybrid functions, showcasing industry thought leaders and creative innovations. This agreement marks a significant expansion from their previous engagement at Advertising Week New York in 2021.
Shutterstock reported a 9% increase in Q1 2022 revenue, reaching $199.1 million, driven by its Enterprise channel's growth. However, net income decreased 10% to $26.6 million, with operating income down 16%. Key metrics showed a 17% rise in subscribers to 359,000 and a 12% increase in subscriber revenue. Adjusted net income per diluted share rose to $1.00. The company maintains its 2022 revenue guidance of $835 million to $850 million, reflecting annual growth of 8% - 10%.
Shutterstock (NYSE: SSTK) announces the appointment of Jason McClelland as Chief Marketing Officer and Christopher 'Skip' Wilson as Vice President of Brand Marketing. McClelland brings over 20 years of experience from Adobe and Salesforce, focusing on enhancing Shutterstock's creative capabilities. Wilson, previously with Peloton, will lead global brand strategy. These appointments aim to strengthen Shutterstock's position in the market by driving revenue growth and expanding their brand presence among top-tier clients. CEO Stan Pavlovsky expressed confidence in their ability to innovate and scale.
Shutterstock (NYSE: SSTK) will report its Q1 2022 financial results on April 26, 2022, prior to market opening. Following the results, a conference call will be held at 8:30 a.m. ET, accessible at (844) 634-1442 in the U.S. or (615) 247-0239 internationally, using conference ID# 9054804. A live audio webcast will be available on Shutterstock's investor relations page. The company offers a comprehensive suite of high-quality content and creative solutions, including over 400 million images and 24 million video clips. A replay of the call will be available until May 3, 2022.
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