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It’s Not Stock, It’s Shutterstock

A leading global creative platform offering full-service solutions, high-quality content, and applications for brands, businesses and media companies.

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Freshest content

  • 390M+ images
  • 23M+ video clips
  • Thousands of music tracks

Innovation-driven

  • Advanced search
  • Computer vision technology
  • Leading creative platform

Proven performance

  • Founded 2003
  • NYSE listed: 2012
  • Consistent revenue growth and strong profitability

Worry-free licensing

  • Royalty-free licenses
  • Rigorous content review process

Investment Highlights

  • Expanding TAM with Multiple Industry Tailwinds
  • Benefiting from Scale and Network Effect
  • Evolving to a Subscription Business Model
  • Diversified Across eCommerce, Enterprise and API Channels
  • Shareholder Returns Driven by Margin Expansion and Capital Return
Investment Highlights
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Expanding Total Addressable Market

Total Addressable Market

  • Stock Imagery
    $4.1BN +4.8%
  • Music
    $1.2BN +3.6%
  • Video
    $0.7BN +5.9%
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The Prosumer Market Opportunity

While professional creatives have always been a core source of demand for Shutterstock, the Casual Creative or “Prosumer” represents an important new trend driving our business forward.

  • Prosumers increased use of stock images, video, and music in social media to communicate views towards brands and products.

  • Shutterstock's global scale and embedded relationships with leading social media platforms are allowing us to capitalize on this emerging opportunity

  • Pervasive nature of easy to use editor tools is enabling the growth of the casual creative or “prosumer” market

  • Shutterstock is at the beginning of the journey to monetize data assets through sale of data insights and refined data sets to select strategic partners, and embedding content performance data natively into our search and content presentation capabilities.

Source:

2021 market size and 2021 market growth estimates based on 2020 Technavio Global Stock Images, Video and Music Market reports.

Industry Tailwinds

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    Digital advertising

    Worldwide digital ad spending is expected to grow by 16.4% in 2021 to $395 billion. Digital will continue to account for over half of total media ad spending.

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    Website Proliferation

    Increase in number of websites - growth from ~206MM in 2010 to over 1.8BN by the end of 2020.

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    Video on Demand

    The Global Video on Demand Market is projected to reach over $85 billion in 2021 and is expected to reach over $126 billion by 2025, growing at a CAGR of 10.2% during the forecast period.

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    Mobile use

    In 2021, the average US adult will spend 3 hours 12 minutes per day on their smartphones, an increase of 6 minutes from 2020.

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    Social Media

    While social networking apps benefited from increased user engagement in 2020, these gains are expected to stall in 2021. Before the pandemic, a slowdown in social networking minute growth was expected, but as normal life resumes, the longer-term trends will reassert themselves.

Source: Digital Advertising, Mobile Use and Social Media data obtained from www.emarketer.com. Website number obtained from internetlivestats.com. Video on Demand content obtained from www.statista.com.

The Stock Content Customer

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Use Cases for Stock Content

Utilization of stock content extends across a diverse set of media types, as follows:

Source: Shutterstock Market Tracker, Q4 2020.

Evolving to a Subscription Business

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  • Subscriber Revenue (in millions)
  • Total Subscribers
  • Average Revenue Per Customer (LTM basis)

Global Marketplace Network Effect

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  • Contributors
  • Footage Library

Global Marketplace Network Effect

  • Shutterstock has over 1.9 million contributors who provide images, footage, music and 3D content to our library
  • Our contributor website and mobile application operate in 21 languages and contributors can register and upload content directly within the mobile application.
  • All submitted content is reviewed by AI technology and human experts to ensure the highest quality, integrity and licensability
  • Growing collection of over 390 million images and over 23 million footage clips
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eCommerce Channel

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  • Self-service sales channel
  • Variety of plans for royalty free licensing of images, footage and music
  • Standardized and enhanced content licenses available
  • Leading edge search capabilities and editing tools
  • Continuous improvement on localization and personalization
  • Mobile application for browsing and consumption
  • Represents over 60% of Shutterstock’s business
  • Focused marketing spend to drive online conversion
  • Direct marketing investment to maximize ROI and customer LTV
  • In Top 500 of most visited websites
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Enterprise Channel

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    • Business for our sales-assisted and high-touch delivery products
    • Tailored solution offering with white glove treatment
    • Full service account management approach to delivery
    • Responsive to unique customer content needs
    • Team experience products streamlining workflow for multi-seat subscriptions
    • Facilitating team collaboration and workflow
  • This channel also includes revenues from:

    • Editorial offering
    • Custom branded content utilizing our Smartbrief workflow
    • Asset Assurance
    • API solutions
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Ecosystem of API Partners

Embedding our content, technology, and tools within 3rd party applications, such as ad builders, social media platforms, Digital Asset Managers, and other Marketing Technologies

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API Ecosystem

  • Streamlining access to Shutterstock within the platforms customers use every day.
  • Helping platform partners create more engaging customer experiences, leading to increased revenue, retention, and time on our platform.
  • Making it as easy as possible to find the right content, in the right place, at the right time.
  • Driving value beyond content through products like our Editor and Smart content recommendations.
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Unique First Party Data Assets

Shutterstock is at the beginning of the journey to monetize data assets through sale of data insights and refined data sets to select strategic partners, and embedding content performance data natively into our search and content presentation capabilities.

Unique First Data
Proprietary data assets include:
  • Global trends around content preferences pertaining to consumer intent and culture (Creative Trends 2019, 2020, 2021)

  • Performance and download data to help marketers optimize around content selection

  • API integrations to allow for real time data updates rather than static inferences

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Note: Graphic shows actual activity from April 22nd, 2021 at 11:26 AM.

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Smarter content. Better inspiration.

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    • Shutterstock.AI is a new initiative consisting of
      • Shutterstock's computer vision offering which leverages the company's vast datasets to support customers' AI models and
      • Shutterstock's predictive performance capabilities powered by the technology from the Pattern89, Datasine and Shotzr acquisitions.

Strategic Acquisitions

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PicMonkey

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  • Shutterstock acquired PicMonkey on September 3, 2021

    • Complements Shutterstock's content subscriptions with professional-grade, easy-to-use design tools
    • Key features of the PicMonkey tool includes photo editing, effects, touch-up tools, brand kits, cloud storage video, animations, and multi-page for creators, solopreneurs, social marketers, marketing professionals, pro designers and casual creatives
    • Expands Shutterstock's audience reach and addressable market by extending into the large and growing market opportunity for creative software and design tools
    • Recurring SaaS-based subscription revenue

With the acquisitions of Pattern89, Datasine and Shotzr, Shutterstock.AI will continue to rapidly develop its own predictive performance capabilities to help creatives and customers accomplish their goals by making more data-informed content decisions.

Three leading Artificial Intelligence platforms acquired in July 2021:

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Pattern89

Pattern89 provides industry-level and custom insights for predictive performance at scale. Utilizing these insights allows marketers, agencies and creatives to make the right decisions -- down to colors, copy and even emojis -- without having to live A/B test. Pattern89's sophisticated workflow allows real time monitoring of campaign performance, as well as one-click optimization

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Datasine

Datasine's AI provides the insights and acumen for campaign decision-making. Their team of data scientists and psychologists have created algorithms that analyze the creative elements of an ad better than humans. The company's artificial intelligence reviews past campaign performance of digital assets and provides recommendations for optimizing their performance.

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Shotzr

Shotzr uses human responsiveness to imagery, applying insights to any image for predictive analysis to ensure customers select the right image for social media and digital campaigns that will resonate with audiences.

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TurboSquid - democratizing 3D content worldwide

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  • Shutterstock acquired TurboSquid on February 1, 2021

    • Industry leader, with full suite of 3D content offerings, including:
      • TurboSquid - over one million assets in 3D marketplace
      • PixelSquid - content marketplace for 3D objects available via a 2D spinner
      • Kraken - SaaS-based digital asset management solution
    • Extensive network of contributors who develop and sell 3D models
    • Blue chip customer base including over half of the Fortune 100
    • Diverse use cases spanning advertising & marketing, ecommerce, AR/VR, architecture, education, engineering, gaming and media
    • Compelling strategic fit and meaningful revenue synergies with Shutterstock
    • Expected to be immediately accretive to adjusted net income per diluted share and adjusted EBITDA

It’s Not Stock, It’s Shutterstock

See recent highlights and accomplishments
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Management Team

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    Jon Oringer Founder and Executive Chairman
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    Stan Pavlovsky Chief Executive Officer
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    Jarrod Yahes Chief Financial Officer
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    Peter Silvio Chief Technology Officer
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    Jamie Elden Chief Revenue Officer
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    Meghan Schoen Chief Product Officer
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    Sara Birmingham Chief Human Resources Officer
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    John Lapham General Counsel and Corporate Secretary
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    Kunal Mehta Head of Business Operations
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    Julie Porro Chief Information Security Officer
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    Hugues Hervouet Chief Information Officer
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    Steven Ciardiello Chief Accounting Officer
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    Candice Murray VP, Editorial
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    Aiden Darne VP, Shutterstock Studios
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    Bridget Gola VP, Business Intelligence
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    Denise Quaglia VP, Global Customer Care
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    Chip Schenck VP, Sales Innovation
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    Yvonne Januschka VP, APAC Sales
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    Sascha Weis VP, Sales - Americas
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    Jon Oringer Founder and Executive Chairman
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    Stan Pavlovsky Chief Executive Officer
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    Jarrod Yahes Chief Financial Officer
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    Peter Silvio Chief Technology Officer
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    Jamie Elden Chief Revenue Officer
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    Meghan Schoen Chief Product Officer
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    Sara Birmingham Chief Human Resources Officer
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    John Lapham General Counsel and Corporate Secretary
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    Kunal Mehta Head of Business Operations
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    Julie Porro Chief Information Security Officer
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    Hugues Hervouet Chief Information Officer
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    Steven Ciardiello Chief Accounting Officer
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    Candice Murray VP, Editorial
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    Aiden Darne VP, Shutterstock Studios
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    Bridget Gola VP, Business Intelligence
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    Denise Quaglia VP, Global Customer Care
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    Chip Schenck VP, Sales Innovation
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    Yvonne Januschka VP, APAC Sales
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    Sascha Weis VP, Sales - Americas

Financial Performance

Shutterstock By The Numbers

Note: Key Metrics as of September 30, 2021, unless otherwise noted.

  • 27.0% Adj. EBITDA Margin (LTM)
  • 336,000 Total Subscribers
  • 41% Subscriber Revenue as a % of Total (LTM)
  • $361 Revenue per Customer (LTM)
  • 2.0M+ Customers
  • 6+ Images Downloaded
    Per Second
  • 1.9M+ Contributors
  • 390M+ Images
  • 23M+ Video Clips

Revenue Trends

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Operating Expenses

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Cash Flow & Capital Return

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Frequently Asked Questions

  • 1.1 Competitive Landscape
  • 1.2 Emerging “Prosumers” Opportunity
  • 1.3 M&A Strategy

Financial Statements and Non-GAAP Information

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  • Consolidated Statements Of Operations
  • Adjusted EBITDA
  • Cash Flow Statment
  • Consolidated Balance Sheets
  • Non GAAP Financial Measures

See all charts used in this presentation

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  • Customer Breakdown by Industry
  • Customer Breakdown by Size
  • Total Subscribers
  • Subscriber Revenue (in millions)
  • Average Revenue per Customer (LTM basis)
  • Contributors 2012-2021
  • Image/Footage Library 2012-2021
  • Revenue
  • Revenue by Sales Channel
  • Revenue by Geography
  • As a Percent of Revenue
  • Adjusted EBITDA
  • Free Cash Flow
  • Ending Cash Balance
  • Shareholder Return of Capital
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