Shutterstock Inc Stock Price, News & Analysis

Shutterstock (NYSE: SSTK) is set to showcase an immersive 3D experience at Cannes Lions from June 20-24, 2022. The event will feature a 3D animated entrance, exclusive portrait sessions with photographer David Fisher, and an AR exhibit. Shutterstock aims to highlight its 3D capabilities and engage with attendees on the future of the Metaverse through panels on virtual production and diversity. Additionally, the company is launching the Shutterstock Diversity in 3D Program, offering $30,000 in grants to support 3D artists from diverse backgrounds.

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.