Shutterstock Inc Stock Price, News & Analysis

Shutterstock announced the appointment of Jaime Teevan, Microsoft's Chief Scientist and Technical Fellow, to its board of directors. Teevan brings extensive expertise in AI and ethical technology, having driven significant innovations at Microsoft, including the creation of Copilot for Microsoft 365 and the first personalized search algorithm for Bing. Teevan's addition aims to bolster Shutterstock's strategic growth in AI and machine learning, reinforcing its position as a leader in high-quality creative content and data services. Teevan's insights are expected to help Shutterstock navigate new AI opportunities and enhance its mission to power creativity responsibly.

Backstroke announces the launch of its generative AI messaging platform aimed at revolutionizing email, SMS, and mobile push marketing for B2C brands. With a $2M seed round led by High Alpha and Ground Game Ventures, Backstroke leverages a massive dataset from over 10,000 brands, tracking millions of messages to enhance marketing content. This technology aims to drive up to 64% more revenue per send compared to human copywriters. Early adopters include brands like Pearl iZUMi and Nathan Sports. Founded by R. J. Talyor and Allyson Talyor, Ph.D., Backstroke aims to simplify and personalize marketing tech. The company's launch event features Olympic swimmer Matt Biondi and will take place on June 21, 2024, in Indianapolis.

On June 12, 2024, Databricks and Shutterstock announced the launch of Shutterstock ImageAI, a new text-to-image Generative AI model designed for enterprise use. Built on Databricks Mosaic AI and trained exclusively on Shutterstock's image repository, ImageAI generates high-fidelity, commercially viable images tailored to specific business needs. This model addresses the challenges of using AI-generated images in enterprise settings by ensuring data governance and observability.

ImageAI offers trusted outputs, adaptability to unique business requirements, and secure integration into enterprise applications. Available now in private preview on Databricks Mosaic AI Model Serving and live on Shutterstock's website, ImageAI marks a significant advancement in AI-driven content creation.

Shutterstock Studios, a division of Shutterstock (NYSE: SSTK), announced significant industry recognition, earning 15 Telly Awards and four Webby Honors for its high-quality production work. The awards span a variety of categories, acknowledging their expertise in video, animation, virtual production, and 3D content. Clients such as Lenovo, Carhartt, and Quill contributed to these achievements. The 45th Telly Awards highlighted excellence in video across all platforms, while the 28th Webby Awards recognized the studio's work as among the top 10% of submissions globally. These accolades reinforce Shutterstock Studios' leadership in innovative storytelling and high-end production techniques.

Shutterstock, Inc. (NYSE: SSTK) announced the acquisition of Envato Pty , a leader in digital creative assets and templates. The acquisition includes Envato's flagship product, Elements, a creative subscription service allowing unlimited downloads of various assets. This strategic move by Shutterstock aims to expand its reach to faster-growing audiences such as freelancers, hobbyists, small businesses, and agencies, while also diversifying its content offerings. The acquisition is expected to increase Shutterstock's subscriber base, revenue, and content library significantly.

Shutterstock reported its first quarter 2024 financial results, highlighting strong performance and an acquisition agreement with Envato. Despite revenue consistency, net income, adjusted EBITDA, and adjusted net income per diluted common share all decreased compared to Q1 2023. The acquisition of Envato Pty is expected to close in Q3 2024, with a purchase price of approximately $245 million. The company's cash and cash equivalents decreased, and adjusted free cash flow also declined. A quarterly cash dividend of $0.30 per common share was declared and paid. Key operating metrics showed a decrease in subscribers and revenue per customer compared to 2023. The company increased its guidance for full-year 2024 with revenue growth of 5.5% to 7% and adjusted EBITDA of $245 million to $248 million.