Shutterstock, Inc. (SSTK) Bundle
An Overview of Shutterstock, Inc. (SSTK)
General Summary of the Company
Shutterstock, Inc. (SSTK) was founded in 2003 and has established itself as a leading provider of high-quality stock images, videos, music, and 3D content. The company operates a self-service platform that allows customers to license content for commercial use. In 2024, Shutterstock generates significant revenue through its two main offerings: Content, which includes licensing images and videos, and Data, Distribution, and Services, which encompasses additional data and custom content services.
As of 2024, Shutterstock reported total revenue of $250.6 million for the three months ending September 30, 2024, compared to $233.2 million for the same period in 2023, marking a 7% increase year-over-year.
The company has also seen growth in its subscriber base, with 470,000 subscribers for Shutterstock and an additional 635,000 from Envato, totaling 1,105,000 subscribers.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, Shutterstock achieved record-breaking revenue, driven primarily by its Content segment, which increased by 14% to $203.7 million, largely due to the acquisition of Envato. This growth was partially offset by a 14% decrease in revenues from Data, Distribution, and Services, which totaled $46.9 million.
The overall growth trajectory continued in the first nine months of 2024, with total revenue reaching $684.96 million, a 4.2% increase compared to $657.37 million in the same period of 2023. The company experienced a 10% increase in North American revenue to $351.1 million, while European revenue rose by 2% to $178.2 million.
Shutterstock's net income for the three months ended September 30, 2024, was $17.6 million, down from $28.4 million in the previous year, primarily due to increased costs associated with the Envato acquisition.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $250.6 million | $233.2 million | 7% |
| Content Revenue | $203.7 million | $178.8 million | 14% |
| Data, Distribution, and Services Revenue | $46.9 million | $54.5 million | -14% |
| Net Income | $17.6 million | $28.4 million | -38% |
Introduction to Company as a Leader in the Industry
Shutterstock continues to solidify its position as a leader in the content creation and licensing industry, leveraging its extensive library and subscription services to cater to a diverse clientele. The acquisition of Envato, completed on July 22, 2024, has expanded its market reach and product offerings, further enhancing its competitive edge.
As of September 30, 2024, Shutterstock boasts a robust subscription model with a total of 1,105,000 subscribers across its platforms, reflecting a strong demand for its services. The company’s commitment to innovation and customer engagement through tailored solutions positions it favorably for continued success.
Investors and stakeholders are encouraged to explore further insights into Shutterstock’s strategic initiatives and market positioning to understand the factors contributing to its ongoing success in a competitive landscape.
Mission Statement of Shutterstock, Inc. (SSTK)
Company's Mission Statement
Shutterstock, Inc. (SSTK) articulates its mission statement as a commitment to providing high-quality content and innovative solutions for creatives and marketers globally. This mission serves as a guiding principle for the company's long-term goals, ensuring alignment across its diverse offerings in stock media, data services, and custom content solutions.
Core Component 1: Quality Content
The first core component of Shutterstock's mission is its dedication to delivering high-quality content. This commitment is reflected in the significant growth of its Content revenues, which increased by 14% to $203.7 million in the three months ended September 30, 2024, compared to the same period in 2023 . The company emphasizes the importance of maintaining a vast library of premium images, videos, and music to meet the evolving needs of its users.
Core Component 2: Innovation
Shutterstock's mission also emphasizes innovation in providing solutions for its users. The company has recently expanded its offerings through acquisitions, such as the purchase of Envato on July 22, 2024, which enhances its ability to deliver custom content at scale . In the nine months ended September 30, 2024, the company's Data, Distribution, and Services revenues grew 41% to $137.5 million, driven by advancements in its data offerings .
Core Component 3: Global Reach
The third component of Shutterstock's mission is its aim for global reach. The company reported total revenues of $250.6 million for the three months ended September 30, 2024, marking a 7% increase from the prior year . Revenue from North America decreased by 2% to $120.5 million, while revenue from Europe increased by 23% to $69.5 million . This demonstrates Shutterstock's commitment to expanding its international presence and catering to a diverse customer base.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Content Revenues | $203.7 million | $178.8 million | 14% |
| Data, Distribution, and Services Revenues | $137.5 million | $97.6 million | 41% |
| Total Revenues | $250.6 million | $233.2 million | 7% |
| North America Revenue | $120.5 million | $123.3 million | -2% |
| Europe Revenue | $69.5 million | $56.6 million | 23% |
Vision Statement of Shutterstock, Inc. (SSTK)
Vision Statement Overview
The vision statement of Shutterstock, Inc. (SSTK) emphasizes its commitment to empowering creativity through innovative content solutions and technology. The company aims to be a leading platform for creative professionals by providing a diverse range of high-quality assets and tools.
Commitment to Innovation
Shutterstock's vision includes a strong focus on technological advancement. The company has invested significantly in its platform, enhancing user experience and content accessibility. In the three months ended September 30, 2024, the company reported a revenue increase of 7% year-over-year, amounting to $250.6 million. This growth is attributed to the integration of innovative technologies and acquisitions, such as Envato, which contributed to a 14% increase in Content revenues during the same period.
Diverse Content Offering
Shutterstock aims to provide a comprehensive suite of content solutions, catering to a wide array of creative needs. The company's Content revenues reached $203.7 million in the third quarter of 2024, demonstrating the effectiveness of its strategy. The following table illustrates the breakdown of revenue by region:
| Region | Revenue (in millions) | Year-over-Year Change |
|---|---|---|
| North America | $120.5 | -2% |
| Europe | $69.5 | +23% |
| Rest of the World | $60.6 | +14% |
Focus on Customer Engagement
Shutterstock's vision underscores the importance of customer engagement through tailored solutions. As of September 30, 2024, the company reported 470,000 subscribers, reflecting a commitment to enhancing customer relationships. The average revenue per customer stood at $446, indicating a robust engagement strategy.
Commitment to Sustainability and Ethical Practices
Shutterstock’s vision also incorporates sustainability and ethical practices in its operations. The company is focused on supporting creators and ensuring fair compensation. In 2024, the company allocated $22.6 million for contributor royalties, reflecting its commitment to ethical practices and sustainable growth.
Global Expansion and Market Leadership
Shutterstock aims to solidify its position as a market leader through global expansion. The company reported a 10% increase in revenue from North America and a significant growth in Europe, indicating successful penetration in international markets. The overall strategy aims to capture a larger market share by leveraging innovative content and technology-driven solutions.
Core Values of Shutterstock, Inc. (SSTK)
Integrity
The core value of integrity at Shutterstock, Inc. emphasizes ethical behavior and transparency in all business dealings. This value is crucial as it fosters trust with customers, contributors, and stakeholders.
Shutterstock has demonstrated its commitment to integrity through various initiatives, including rigorous compliance training for employees and transparent communication about company policies and practices. In 2024, the company reported a net income of $37.36 million for the third quarter, showcasing financial transparency alongside ethical operations.
Innovation
Innovation is at the heart of Shutterstock’s operations, driving the development of new products and services that meet the evolving needs of the creative community. The company continually invests in technology to enhance its offerings.
In 2024, Shutterstock’s Content revenues increased by 14% to $203.7 million, attributed to innovative product features and the integration of Envato, acquired in July 2024. This acquisition has significantly expanded Shutterstock's capabilities in the digital content market.
Diversity
Diversity is a core value that Shutterstock embraces to foster an inclusive workplace and broaden its perspectives. The company actively promotes diversity in hiring practices and strives to create an environment where all employees feel valued.
As of September 30, 2024, Shutterstock reported a workforce that reflects a diverse range of backgrounds and experiences. The company has implemented several programs aimed at supporting underrepresented groups within the industry.
Collaboration
Collaboration is essential at Shutterstock, enhancing teamwork within the organization and with external partners. This value promotes a culture of sharing ideas and resources to achieve common goals.
In 2024, Shutterstock launched collaborative projects with various brands, leveraging its platform to create high-quality content tailored to specific market needs. The company reported a 6% increase in income from operations, driven by successful collaborative initiatives.
Customer Focus
Customer focus is paramount at Shutterstock, ensuring that the needs and expectations of customers guide all business strategies. The company prioritizes customer feedback to improve service delivery.
Shutterstock reported a rise in subscriber revenue to $78.7 million for the third quarter of 2024, reflecting its commitment to delivering value to customers. The firm continually refines its offerings based on user input, enhancing customer satisfaction and retention.
| Core Value | Demonstration | 2024 Financial Impact |
|---|---|---|
| Integrity | Compliance training, transparent policies | Net income of $37.36 million |
| Innovation | Product development, tech investment | Content revenues of $203.7 million |
| Diversity | Inclusive hiring programs | Diverse workforce representation |
| Collaboration | Partnerships with brands | 6% increase in income from operations |
| Customer Focus | Feedback-driven product refinement | Subscriber revenue of $78.7 million |
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Article updated on 8 Nov 2024
Resources:
- Shutterstock, Inc. (SSTK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Shutterstock, Inc. (SSTK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Shutterstock, Inc. (SSTK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.