Shutterstock Announces Acquisition of Amper Music

Rhea-AI Summary

Shutterstock (NYSE: SSTK) announced the acquisition of assets from Amper Music, an AI-driven music platform. This acquisition enhances Shutterstock's AI capabilities, particularly in content search and music discovery for its users. Amper's technology will improve customer experience and editing tools, with all employees from Amper joining Shutterstock. The deal aligns with Shutterstock's mission to innovate and expand its offerings, allowing users to create customized music efficiently. The financial terms of the transaction remain undisclosed.

Positive

• Acquisition strengthens Shutterstock's AI capabilities in music discovery and editing tools.
• Integration of Amper's technology expected to enhance customer experience.
• Amper's team joining Shutterstock may accelerate innovative product development.

Negative

• None.

NEW YORK, Nov. 11, 2020 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK), a leading global technology company offering a creative platform for high-quality content, tools and services, today announced the acquisition of certain assets from Amper Music. Amper Music is a leading AI-driven music platform which enables users to create and customize original music by leveraging over one million individual audio samples recorded by musicians on thousands of unique instruments.

Shutterstock's acquisition of Amper strengthens its capabilities in artificial intelligence, particularly in content search and discovery of tracks composed by Shutterstock's community of artists as well as editing tools for Shutterstock users. As part of the transaction, Amper's employees will join the Shutterstock team and will bolster Shutterstock's focus on enhancing customer experience through new AI-supported functionalities and tools.

"We're delighted to welcome the Amper team to Shutterstock," said Stan Pavlovsky, CEO, Shutterstock. "We're deeply focused on finding ways to deliver differentiated customer experiences via innovation in our product & services offering. The infusion of Amper's technology and talent augments our efforts on this front."

Amper's Chief Executive Officer Drew Silverstein added, "We're excited to be acquired by Shutterstock as this partnership will bring Amper's Creative AI to Shutterstock's global customer base and represents a great advancement in enabling anyone to express their creativity through music, regardless of their financial resources or technical and artistic expertise."

The acquisition of Amper further solidifies Shutterstock's position as a creative platform providing innovative solutions to its customers. Paired with Shutterstock's global community of music composers, Amper's AI technology will provide Shutterstock users acceleration to their content creation workflow through a better music discovery experience and enhanced editing capabilities. In addition, the acquisition will augment Shutterstock's R&D efforts to bring valuable new innovations that enable faster and simpler content production for prosumers, businesses and professional content creators. 

Terms of the transaction were not disclosed.

About Shutterstock
Shutterstock, Inc. (NYSE: SSTK), directly and through its group subsidiaries, is a leading global provider of high-quality licensed photographs, vectors, illustrations, videos and music to businesses, marketing agencies and media organizations around the world. Working with its growing community of over 1 million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 350 million images and more than 20 million video clips available.

Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The company's brands also include Bigstock, a value-oriented stock media offering; Shutterstock Custom, a custom content creation platform; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; and Shutterstock Editorial, a premier source of editorial images and videos for the world's media.

For more information, please visit www.shutterstock.com and follow Shutterstock on Twitter and on Facebook.

About Amper
Amper builds tools powered by Creative AI to help teams create original music. From video to gaming and other interactive technologies, Amper's web app and API empower content creators, artists, and musicians to effortlessly craft and customize original music for any and all media content. Using a proprietary sample library including thousands of unique instruments and an expansive dataset of musical composition algorithms, Amper's technology is built with an emphasis on offering high-quality music through the fusion of music theory and AI innovation. For more information, please visit www.ampermusic.com.

View original content to download multimedia:http://www.prnewswire.com/news-releases/shutterstock-announces-acquisition-of-amper-music-301170470.html

SOURCE Shutterstock, Inc.

FAQ

What is the purpose of Shutterstock's acquisition of Amper Music?

The acquisition aims to enhance Shutterstock's AI capabilities for music creation and improve customer experience through better content discovery and editing tools.

When was the acquisition of Amper Music announced by Shutterstock?

Shutterstock announced the acquisition on November 11, 2020.

What will happen to Amper Music's employees after the acquisition?

All employees from Amper Music will join the Shutterstock team to support the integration of Amper's technology.

How will Shutterstock benefit from the Amper Music acquisition?

Shutterstock will leverage Amper's AI-driven technology to improve music discovery, editing capabilities, and overall customer experience.

Are the financial terms of the Amper Music acquisition disclosed?

No, the financial terms of the transaction have not been disclosed.