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Shutterstock, Inc. is a global creative platform that connects businesses and brands with high-quality digital content. The company facilitates the licensing of images, videos, music, and 3D models through its searchable platform, compensating contributors with royalties. Shutterstock also offers data-driven services, including metadata licensing, generative AI tools, and custom content production, supporting the entire creative process from ideation to execution.
- Content - Licenses digital assets such as images, videos, music, and 3D models for commercial use, supported by a vast contributor network and a user-friendly platform.
- Data, Distribution, and Services - Provides metadata licensing, generative AI model training, custom content production through Shutterstock Studios, and contextual advertising via the Giphy business.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Paul J. Hennessy Executive | Chief Executive Officer | None | CEO of SSTK since July 1, 2022. Previously CEO of Vroom, Inc. and Priceline.com. Holds a B.S. in Marketing Management and an MBA. | View Report → |
Rik Powell Executive | Chief Financial Officer | None | CFO since November 1, 2024. Previously SVP of Finance at SSTK and CFO at Getty Images. Played a key role in the Envato acquisition. | |
Alfonse Upshaw Board | Director | Black Directors Health Equity Agenda, Kennedy-King Memorial Scholarship Foundation, UC Berkeley Center for Financial Reporting and Management, American Heart Association Research Roundtable | Board member since December 2020. Former CFO and Controller at Kaiser Permanente. Extensive accounting and governance expertise. | |
Deirdre Bigley Board | Director | Director at Wix.com, Taboola, and Sportradar | Board member since May 2016. Former CMO of Bloomberg and VP at IBM. Serves on multiple boards, including Wix.com and Sportradar. | |
Jaime Teevan Board | Director | Chief Scientist and Technical Fellow at Microsoft; Affiliate Professor at the University of Washington | Board member since July 2024. AI expert and recognized leader in the field. Chief Scientist at Microsoft and inventor of personalized search algorithm for Bing. | |
Jonathan Oringer Board | Executive Chairman | Columbia Engineering Board of Visitors | Founder of SSTK (2003). Served as CEO until April 2020. Briefly served as interim CEO in 2022. Active in strategic direction as Executive Chairman. | |
Rachna Bhasin Board | Director | Founder/CEO of EQ Partners; Director at Ryman Hospitality Properties, PropertyGuru, Audiomack, and Newlab; Senior Advisor to Alignment Growth | Board member since August 2019. Extensive experience in technology and media industries. Founder of EQ Partners and serves on multiple boards. | |
Thomas R. Evans Board | Director | Director at ANGI Homeservices Inc. | Board member since March 2012. Former CEO of Bankrate, Inc. and director at Angie’s List. Extensive experience in digital media and governance. |
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Despite sequential improvement, your core Content business excluding Envato still declined 7% year-over-year in Q3 ; what specific strategies are you implementing to reverse this trend, and when do you anticipate returning to positive growth?
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Given that the Data Distribution and Services segment is characterized by lumpiness and limited visibility , how confident are you in the sustainability of its over 40% year-to-date growth , and what steps are you taking to mitigate the forecasting challenges in this business?
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With your CFO, Jarrod Yahes, departing after significantly contributing to Shutterstock's growth , how do you plan to ensure a smooth transition and maintain investor confidence in your financial leadership and strategic direction?
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You mentioned that GIPHY's partnership with TikTok is an exciting opportunity ; given the competitive landscape and monetization challenges, how significant do you expect this partnership to be for your revenue growth, and what key performance indicators will you monitor to assess its success?
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Envato has outperformed expectations with a $37.6 million revenue contribution in Q3 ; considering this strong performance, how sustainable is this growth, and are there risks of cannibalization with your existing Content offerings?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Getty Images | A significant competitor in the online platforms featuring marketplaces for stock content. It also offers iStockphoto, which competes directly in the stock content space. |
Competes as an online platform featuring a marketplace for stock content, leveraging Adobe's ecosystem to attract creative professionals. | |
Freepik | An online platform that features a marketplace for stock content, targeting a wide range of users with free and premium content options. |
Storyblocks | Competes in the stock content marketplace, offering subscription-based access to video, audio, and image content. |
Visual China Group | A specialized visual content company established in local, content, or product-specific market segments, particularly in China. |
Universal Music Publishing Group | A provider of commercially licensable music, competing in the music licensing segment. |
Sony/ATV Music Publishing | Competes in the music licensing space, offering commercially licensable music for various creative needs. |
Warner/Chappell Music | A competitor in the music licensing industry, providing commercially licensable music. |
Offers creative workflow tools that compete with Shutterstock's platform, leveraging its suite of creative software. | |
Canva | Provides creative workflow tools, targeting individuals and businesses with an easy-to-use design platform. |
Picsart | Competes by offering creative workflow tools, focusing on mobile-first design and editing capabilities. |
Bending Spoons | A competitor in the creative workflow tools space, offering various apps and tools for content creation. |
Google Images | Focuses on image search and discovery, competing with Shutterstock's searchable content platform. |
A social networking and GIF platform that competes in the space of visual content and contextual advertising. | |
Commissioned photographers and photography agencies | Compete by offering custom and exclusive photography services, which can be an alternative to stock content. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Envato Pty Ltd. | 2024 | Completed on July 22, 2024, the acquisition was valued at $250 million, financed partly through a senior unsecured term loan of $125M and a revolving credit facility of $250M. The deal strategically adds Envato Elements, expanding Shutterstock’s subscriber base by 650,000 and bolstering its diverse content library (10M images, 6M videos, etc.) while incurring approximately $7.6M in transaction costs. |
Backgrid USA, Inc. | 2024 | Completed on February 1, 2024, this acquisition was executed for approximately $20 million in cash, with transaction costs of $1.5M. It expands Shutterstock’s Editorial Newsroom with real-time celebrity content, acquiring a mix of cash, receivables, intangible assets (including developed technology and trade name), and goodwill of $19.843M. |
Backgrid London Ltd. | 2024 | Completed on February 1, 2024, for a similar purchase price of approximately $20 million, this deal was also paid fully in cash with $1.5M in transaction costs. The acquisition, confirmed using the acquisition method, adds editorial capabilities focused on celebrity, red carpet, and live events, including specific allocation details for goodwill and intangible assets. |
Giphy, Inc. | 2023 | Completed on June 23, 2023, the acquisition involved a total consideration of $53 million in net cash (adjusted for debt and working capital) and was partly driven by regulatory mandates for divestiture by Meta Platforms. The deal extends Shutterstock’s reach into casual content with GIFs and stickers, and includes a two-year API agreement and a Transitional Services Agreement covering significant employee retention costs. |
Splash News | 2022 | Completed on May 28, 2022 for approximately $6.3 million in cash with $0.3M in transaction costs, this acquisition added a UK-based entertainment news network to expand Shutterstock’s Editorial Newsroom by providing premium exclusive celebrity and live event content. The deal also involved the acquisition of developed technology with a useful life of 4 years and generated notable revenue contributions post-acquisition. |
Pond5, Inc. | 2022 | Completed on May 11, 2022, this acquisition was executed for roughly $218.3 million (with some sources citing an aggregate consideration of $210 million), funded through existing cash and a $50M drawdown on a revolving credit facility. It significantly bolsters Shutterstock's video and music offerings with a library of 30M video clips, 1.6M music tracks, and 1.7M sound effects, supported by a large contributor network and contributing to operational synergies through identifiable intangible assets and goodwill. |