Shutterstock Inc Stock Price, News & Analysis

Shutterstock (NYSE: SSTK) has appointed Alfonse Upshaw, Senior VP and Chief Accounting Officer at Kaiser Foundation, to its board of directors, where he will chair the audit committee. CEO Stan Pavlovsky expressed confidence in Upshaw's strategic background and business development expertise to enhance the board's effectiveness. Upshaw brings extensive experience in accounting, governance, and business development from both Kaiser Permanente and Deloitte. His appointment aligns with Shutterstock's goal to innovate and strengthen its subscription model.

Shutterstock (NYSE: SSTK) has launched its 2020 Year in Review, showcasing pivotal moments from a historic year. Curated from millions of photos, this collection reflects significant events, including the Coronavirus pandemic, the Black Lives Matter movement, and the US Election. The initiative emphasizes photography's role in documenting history and aims to honor the resilience of photographers during these challenging times.

Shutterstock (NYSE: SSTK) announced a groundbreaking integration with Spirable, a leader in dynamic video advertising. This partnership allows Shutterstock Premier users to access and insert licensed content seamlessly into their video projects via Spirable's platform. The integration streamlines workflows for creatives, enabling quick and efficient video ad production. Key benefits include direct access to Shutterstock's content, intuitive content insertion, and licensing protection. This collaboration aims to enhance brand engagement and video creativity, positioning Shutterstock as a key player in the dynamic advertising space.

Shutterstock (NYSE: SSTK) has officially launched Shutterstock Studios, a new division that offers custom, high-quality content and production services. This initiative aims to enhance content creation for brands, providing a full range of services from storytelling to production. Headed by Aiden Darné, who brings extensive experience from Vice Media Group, the new studio leverages Shutterstock's network of over 1 million contributors to ensure cultural relevance and authenticity in the content produced. This launch is considered a significant milestone for the company's growth strategy.

Shutterstock, Inc. (NYSE:SSTK) announced its 2021 Color Trends report, identifying three key colors for the upcoming year: Set Sail Champagne (#FAEBD7), Fortuna Gold (#DAA520), and Tidewater Green (#2F4F4F). The report highlights a shift towards optimistic hues that reflect hope and new opportunities as creatives respond to changing trends. The company serves nearly 2 million global customers, leveraging a vast library for content creation.

Shutterstock, Inc. (NYSE: SSTK) has launched an innovative Single Sign-On (SSO) integration designed for enterprise customers, marking a significant advancement among global content providers. This quick setup allows over 250,000 companies secure access to a library of over 350 million high-quality licensed images, videos, and music tracks. This integration aims to enhance productivity by reducing password fatigue, improving security, and decreasing accidental re-licensing costs by 10%. With support from leading identity solutions like Okta and Microsoft Azure AD, Shutterstock continues to address the evolving demands of remote work.

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.

Shutterstock (NYSE: SSTK) announced its Q3 2020 financial results, reporting a 4% revenue increase to $165.2 million compared to Q3 2019. The company achieved net income of $22.6 million, up from $4.9 million the previous year, driven by improved margins and lower expenses. Subscriber count rose 39% to 255,000, with subscriber revenue increasing by 12% to $67.6 million. Adjusted EBITDA soared 120% to $47.4 million. Cash and cash equivalents reached $383.1 million, indicating a robust liquidity position. A quarterly cash dividend of $0.17 per share has been declared for December 2020.

Shutterstock (NYSE: SSTK) has launched a new premium service, Editorial Video, featuring over 250,000 video clips from partners like Critical Past and Viral Hog. This service meets the growing demand for video content, anticipated to dominate digital consumption by 2022. It enhances Shutterstock's existing collection of over 340 million images and 19 million videos. The simplified licensing model allows clients to license videos on a per-clip basis, improving the user experience. The move reflects Shutterstock's commitment to expanding its editorial offerings in response to market trends.