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It’s Not Stock, It’s Shutterstock

Shutterstock is the end-to-end creative partner that empowers customers to tell the best versions of their stories. Our teams capture the moments, develop the tools, deliver the services, and provide the ingredients needed to simplify and supercharge creative storytelling.

  • Vast Library of Creative Content

    • Images
    • Video
    • Music & SFX
    • 3D Models
    • Editorial
  • Worry-Free Licensing

    • Royalty-free
    • Cleared for commercial use
    • Asset assurance
  • Creative Software & Services

    • Workflow tools
    • Production services
    • Data & insights
  • At the Forefront of AI

    • Generative AI content
    • Data training sets for AI models
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"As a serial entrepreneur and small business owner, finding quality content for my marketing needs was a limiting factor. There was no place to buy images in an easy and cost-effective way. There were a couple of stock agencies at the time, but they weren’t designed for the Internet. They were still quoted in print runs and it was just really old school stuff. I realized that legally cleared global royalty-free photos were really hard to find. By starting Shutterstock in 2003, I was solving my own problem as a business owner."

Jon Oringer Founder & Executive Chairman

Shutterstock Growth Engines
  • I. Shutterstock began as a two-sided marketplace that matched content creators with customers. The company benefited from the flywheel effect from the very beginning. Today, that flywheel powers our Content Engine, which now features images, videos, music, sound effects, 3D models, Editorial and generative AI content.
  • II. Our Creative Engine provides our customers with the workflow tools for their creative needs. Our Creative Engine also helps our Enterprise customers meet their custom content production needs through our Studios offering.
  • III. Whether it’s licensing the metadata associated with our content, incorporating technology such as generative AI into our offering, or offering predictive insights based on performance data, we believe there is an exciting opportunity to further leverage our Data Engine.

Investment Highlights

  • Expanding TAM with multiple industry tailwinds
  • Evolving to a creative platform leveraging content, workflow applications and data
  • Global scale & operating leverage
  • Large subscription revenue stream
  • Diversified across eCommerce and Enterprise sales channels
  • Shareholder returns driven by revenue growth, margin expansion, capital return and M&A
shutterstock investment highlight

Our Content Engine has Consistently Expanded into Faster Growing TAM's

  • Size Growth
  • Digital Advertising, Social Media, Websites

    Image Icon
    Image
    $4.3B 6% CAGR
    • Size $4.3B
    • Growth 6% CAGR
  • Music Streaming, Audio for the Metaverse, Digital Video Advertising, Podcasting

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    Music
    $1.3B 7% CAGR
    • Size $1.3B
    • Growth 7% CAGR
  • Digital Video Advertising, Streaming Video on Demand, Film & TV

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    Video
    $0.7B 7%+ CAGR
    • Size $0.7B
    • Growth 7%+ CAGR
  • Metaverse, Augmented Reality & Virtual Reality, Gaming

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    3D Models
    $1.3B 10%+ CAGR
    • Size $1.3B
    • Growth 10%+ CAGR
  • Creator Economy, Democratization of Creative Design Software

    Creative Software Tools Icon
    Creative Software Tools
    $8.2B+ 10%+ CAGR
    • Size $8.2B+
    • Growth 10%+ CAGR

Source: Industry research and management estimates. Stock Images, Music and Video 2022 Market Size and Market Growth Estimates based on 2022 Technavio reports. 3D 2022 Market Size Estimates based on Proficient Market Insights “Global 3D Models Industry Research Report 2023.” Creative Software Tools 2022 Market Size Estimates based on “Statista Creative Software - Worldwide Market Forecast” report.

Our Target Customers

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Use Cases for Stock Content

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

  • Social media advertising
  • Digital advertising
  • Website design
  • Blogs
  • Logo design
  • Making presentations
  • Mobile apps
  • App/User interface design
  • Digital page layout
  • Mock-ups
  • Marketing materials: Brochures, Print, Email
  • Digital drawing and illustration
  • Video animations
  • Audio/Music production
  • Creating merchandise
  • Publications
  • GIFs, Memes, Stickers

Growing our 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 2.4 million contributors who provide images, videos, 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 615 million images and over 47 million video clips.
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eCommerce Channel

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  • Self-service sales channel
    • Represents approximately 60% of Shutterstock’s business
    • >30 million monthly unique visitors over LTM period
  • Target customers including marketers, creative professionals and casual creatives
  • Use cases range from digital marketing and website creation to film & TV and metaverse applications
  • Continuous innovation drives differentiation
    • Leading-edge AI-driven search capabilities, predictive insights and workflow applications
    • Variety of plans for royalty free content licensing, including flexible multi-asset subscriptions
    • Enhanced licenses available, permitting more expansive use cases and greater legal indemnification limits
    • Emphasis on localization and personalization
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Enterprise Channel

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    • Shutterstock’s global salesforce delivers strategic content solutions on a custom basis to Enterprise customers
    • Enterprise customers include global advertising agency holding companies, smaller agencies, large corporations, SMBs and media & entertainment companies
    • Strategic solutions include:
      • Editorial - supplies news, lifestyle, entertainment and sports content, primarily to media companies
      • Studios - custom content and original programming
      • Data Partnerships / AI Applications - leverages and commercializes our extensive datasets and metadata associated with Shutterstock’s content library
      • Platform Solutions - SSO & API integrations that allow end customers to access Shutterstock’s content and tools & applications via an API feed

Extending our Customer Relationships with Studios

Offering Additional Creative Ingredients with Editorial

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.

Unique First Party Data Powering Generative AI, Computer Vision, Predictive Performance and Content Insights

Unique First Data
Proprietary Data Products include:
  • Generative AI capabilities that will allow Shutterstock’s customers to generate unique images based on keyword inputs

  • Shutterstock’s Computer Vision technology trains and supports customers’ AI models, by leveraging the underlying metadata of our existing content library

  • Predictive performance technology uses AI to analyze the strengths and weaknesses of individual content assets for a customers’ marketing objective or target audience

  • Global trends around content preferences pertaining to consumer intent and culture (Creative Trends 2022)

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

Generative AI

Shutterstock is Powering, Developing, and Commercializing the Future of AI, enabling Creativity at the Speed of Your Imagination.

How to use Shutterstock’s AI image generator

  1. 1

    Imagine anything! Then type it into the search bar. Click Generate.

  2. 2

    Shutterstock.AI generates a few versions for you to choose from.

  3. 3

    Edit the image in Create, if you like. Or just license and download.

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  • AI Image
    Tool bubble

    Futuristic city with retro style flying cars in the sky

  • AI Image
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    professional jewelry photoshoot, floral decor

  • AI Image
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    Portrait of a mongolian woman, high detail

  • AI Image
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    Ceramic kitchen cups and plates and bowls

  • AI Image
    Tool bubble

    illustration of a child in a hot hair balloon

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Commercially Cleared Images Derived from Properly Licensed Content

  • Training data is ethically sourced from Shutterstock contributors
  • Generative AI Images are cleared for commercial use
  • Contributors are compensated through Shutterstock’s Contributor Fund

Computer Vision

Shutterstock’s Computer Vision Offering Trains AI Models with our Vast Content Library

  • Marquee partnerships with leading technology platforms
  • Large multi-year contracts, with profitability in-line with overall business
  • Commitment to compensate our contributors through newly established Contributor Fund
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  • New Opportunities
  • New Opportunities
  • New Opportunities
  • New Opportunities
  • New Opportunities
PEOPLE. PLATFORM. PROCESS.
NEW OPPORTUNITIES

Our rigorous metadata collection process results in actionable, new term use cases for partners

Generative Models
Generative Models
Autonomous Vehicles
Autonomous Vehicles
Content Moderation
Content Moderation
Safety & Security
Security & Safety
Authentication
Authentication
Defect Detection
Defect Detection
IT ALL BEGINS WITH A SINGLE PIECE OF CONTENT

For each piece of content, Shutterstock collects over
185 pieces of metadata across a variety of themes & categories

Uploaded Asset

Predictive Performance

Recent Strategic Acquisitions

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  • Pond5 - acquisition of largest video-first content marketplace

    Shutterstock acquired Pond5 on May 11, 2022

    • World’s largest online marketplace for royalty-free video
      • 115,000+ contributors across the world
      • 15,000 new videos daily
      • 125,000 active customers, including rapidly growing social media platforms, VoD streaming services and production companies
    • Further scales Shutterstock’s video business and expands Shutterstock’s editorial offering with unique and high-quality exclusive video content
    • Complementary customer base with powerful relationships with the world’s largest media outlets, social media platforms, and OTT streaming companies
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  • Splash News - infusion of technology, customers and photographer network to Shutterstock Editorial’s Newsroom

    Shutterstock acquired Splash News on May 28, 2022

    • Splash is a leading entertainment news agency specializing in the procurement and distribution of celebrity and entertainment content
      • Candid celebrity photos
      • Red carpet events
      • Live events
    • Large contributor network of more than 4,000 photographers
    • Extensive archive of over 27 million images
    • Diverse and attractive customer base including E! News, People, Daily Mail, TMZ, Dow Jones, Reach and News UK
    • Provides immediate scale and workflow enhancements to Shutterstock Editorial’s Newsroom business.
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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.

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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.

TurboSquid - democratizing 3D content worldwide

  • 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

Management Team

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    Jon Oringer Founder and Executive Chairman
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    Paul Hennessy Chief Executive Officer
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    Jarrod Yahes Chief Financial Officer
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    John Caine Global Head of E-Commerce
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    Meghan Schoen Chief Product Officer
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    Sejal Amin Chief Technology Officer
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    Kunal Mehta Head of Business Operations
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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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    Thomas Crary CEO - Pond5
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    Steven Ciardiello Chief Accounting Officer
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    Hugues Hervouet Chief Information Officer
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    Julie Porro Chief Information Security Officer
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    Candice Murray VP, Editorial
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    Chip Schenck VP, Sales Innovation
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    Aiden Darne VP, Shutterstock Studios
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    Yvonne Januschka VP, APAC Sales
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    Jon Oringer Founder and Executive Chairman
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    Paul Hennessy Chief Executive Officer
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    Jarrod Yahes Chief Financial Officer
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    John Caine Global Head of E-Commerce
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    Meghan Schoen Chief Product Officer
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    Sejal Amin Chief Technology Officer
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    Kunal Mehta Head of Business Operations
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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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    Thomas Crary CEO - Pond5
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    Steven Ciardiello Chief Accounting Officer
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    Hugues Hervouet Chief Information Officer
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    Julie Porro Chief Information Security Officer
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    Candice Murray VP, Editorial
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    Chip Schenck VP, Sales Innovation
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    Aiden Darne VP, Shutterstock Studios
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    Yvonne Januschka VP, APAC Sales

Financial Performance

Shutterstock By The Numbers

  • 27.6% Adj. EBITDA Margin (LTM)
  • $356 Revenue per Customer (LTM)
  • 559,000 Total Subscribers
  • 42% Subscriber Revenue as a % of Total (LTM)
  • 6 Downloads Per Second
  • 2.2M+ Customers
  • 615M+ Images
  • 47M+ Video Clips
  • 100M+ Editorial Assets
  • 4M+ Music Tracks & SFX
  • 1.2M+ 3D Models
  • 2.4M+ Contributors

Note: Key Metrics as of March 31, 2023, unless otherwise noted.

Powerful Financial Model

    • 1 Strong financial foundation

    • Growing base of subscription revenue

    • Enterprise channel firing on all cylinders

    • Actionable path to restoring growth in Ecommerce channel

    • 2 Multiple levers to drive margin expansion

    • Operating leverage in G&A

    • Stable unit economics in Content and Creative Engines

    • Higher EBITDA margins in Data Engine

    • 3 Balanced framework for capital allocation

    • Deployment of cash flow for dividends and buybacks

    • Consistent reinvestment into business through R&D and capex

    • Disciplined approach to programmatic M&A

    • 4 Creative and Data Engines gaining scale

    • Content Engine fed with new content types

    • Creative Engine innovating with generative AI

    • Data Engine gaining momentum

Revenue Trends

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Operating Expenses

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Cash Flow & Capital Return

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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
  • Shareholder Return of Capital
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