Shutterstock Inc Stock Price, News & Analysis

Shutterstock (NYSE: SSTK) has unveiled its annual Color Trends Report, analyzing millions of image downloads to identify the most clickable color schemes for marketing campaigns. Notably, shades of green are highlighted as optimal for driving click-through rates and conversions. The report suggests a shift towards more muted and calming colors, featuring Calming Coral, Velvet Violet, and Pacific Pink as the top trends for 2022. These insights aim to assist creatives in making informed choices to enhance engagement in their projects.

Shutterstock, a global creative platform, has announced the promotion of Meghan Schoen to Chief Product Officer (CPO). In her new role, Schoen will lead the execution of the company's product vision, focusing on enhancing content, services, and application lines. This appointment comes on the heels of successful product innovations including AI-driven features. Schoen previously held the position of SVP of Product and played a critical role in several acquisitions. CEO Stan Pavlovsky expressed confidence in her leadership to drive Shutterstock's growth.

Shutterstock (NYSE: SSTK) announced a partnership with Staples US Retail to enhance design experiences for small businesses. This collaboration allows customers to access Shutterstock's library of over 325 million images and utilize simple editing tools at Staples locations nationwide. The initiative aims to support small businesses in creating impactful marketing materials both online and in-store. Staples will also feature large-scale multimedia murals showcasing Shutterstock artists, providing a unique visual experience. This partnership is designed to help small business owners elevate their marketing materials efficiently.

Shutterstock (NYSE: SSTK) has launched new applications, Catalog and Plan, alongside the Music Match Tool and the FLEX 25 subscription, as part of its Quarterly Product Update. These innovations aim to enhance workflow efficiency and offer creative insights for businesses. The Catalog application supports centralized content management, while Plan provides a collaborative content calendar. The Music Match Tool simplifies music selection for projects, and FLEX 25 facilitates access to diverse media resources for eCommerce clients.

Shutterstock reported third-quarter results for 2021, showing an 18% revenue increase to $194.4 million compared to Q3 2020. Despite the revenue growth, net income fell by 29% to $16 million, and adjusted EBITDA decreased by 6% to $44.4 million. The company attributed the net income drop to rising operating expenses from marketing and acquisitions. Subscriber metrics improved, with a 32% increase in subscribers to 336,000 and a 21% rise in subscriber revenue to $81.5 million. The company raised its full-year revenue guidance to $765-$770 million.

On October 18, 2021, Shutterstock (NYSE: SSTK) announced its exclusive partnership as the house photographer for Advertising Week New York, running from October 18 to 21, 2021, at Hudson Yards, NYC. Shutterstock will document over 200 hybrid events, enhancing its visibility in the marketing sector. This collaboration signifies Shutterstock's commitment to capturing industry trends and engaging with professionals across advertising and media. The event aims to celebrate brand excellence and foster networking opportunities for attendees.

Shutterstock, Inc. (NYSE: SSTK) released findings from its study, DE&I in Marketing: A Global Report, surveying 2,700 marketers across 10 countries. The report reveals that 63% of marketers were influenced by societal movements like Black Lives Matter in their content decisions. While 65% value racial diversity in targeting, 44% find it challenging to visually represent this. Travel restrictions due to COVID-19 hindered localized content, impacting 37% of marketers. Additionally, 34% prioritize authentic representation in campaigns, signaling a shift towards more inclusive marketing strategies.

High Alpha, a leading venture studio, has launched its third venture studio, following the successful raising of a $110M fund. The new studio, focusing on enterprise cloud companies, raised $18M from Emergence Capital and Foundry Group. Since its inception in 2015, High Alpha has pioneered the venture studio model, raising over $260M and launching over 30 companies including Mandolin and Zylo. The firm aims to empower entrepreneurs through a unique model, providing essential coaching and resources to help startups thrive.

On September 28, 2021, Shutterstock (SSTK) announced it will release its Q3 2021 financial results on October 26, 2021, before the market opens. The company will host a conference call at 8:30 a.m. ET to discuss these results. Interested parties can access the call through a U.S. number or via a live audio webcast on Shutterstock's website. Following the call, a replay will be available for a limited time. Shutterstock continues to be a key player in the creative solutions space, serving a vast clientele globally.