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Shutterstock Achieves Record Financial Results for 2024

Shutterstock, Inc. (NYSE: SSTK), a premier global creative platform, has recently shared its financial performance for the full year and the fourth quarter ending December 31, 2024. The company has reported remarkable revenue increases, showcasing a strong growth trajectory.

Year-End Financial Performance Overview

In its comprehensive results, the company achieved significant milestones. Revenues totaled $935.3 million, marking a 7% increase from $874.6 million in 2023. This rise in revenue is notable in light of the evolving digital content landscape and reflects Shutterstock's strong content offerings.

Despite a drop in net income to $35.9 million from $110.3 million the previous year, the adjusted net income adjusted totaled $138.7 million, down from $157.6 million. One key factor affecting net income was a non-recurring bargain purchase gain from the previous year, which skewed comparisons.

Performance Highlights

The detailed analysis reveals additional insights into the performance of Shutterstock's various segments:

• - Content product offerings saw a 3% revenue increase, reaching $760 million, accounting for 81% of total revenue. However, this growth was tempered by a decline in new customer acquisition.
• - Conversely, revenue from the Data, Distribution, and Services division surged 28%, totaling $175.3 million. Notably, the data offering itself achieved an impressive revenue of $120.3 million, reflecting a 15% growth.

Fourth Quarter Results

When breaking down the fourth quarter, which concluded with revenues of $250.3 million, there was a 15% increase from $217.2 million in Q4 2023. Notably, the Content product offering alone experienced a 20% spike, hitting $212.5 million.
The company reported a net loss of $1.4 million for the fourth quarter, slightly worse than the $1.0 million loss in 2023. Adjusted net income for Q4 fell to $23.4 million, from $25.8 million.

Future Outlook

According to CEO Paul Hennessy, the overall growth in 2024 sets a positive stage for anticipated continued growth in 2025 across both Content and Data services. This sentiment reflects confidence in the company's strategic direction and investments into content and technology innovations.

As the digital media landscape continues to grow, Shutterstock is positioned as a key player by leveraging its content library and innovations in creativity. The revenue generated not only reflects strong customer engagement but also highlights the essential role that Shutterstock plays in the global creative ecosystem.

In exciting news, Shutterstock has announced a merger agreement with Getty Images, intended to strengthen their position in the market and enhance their combined offerings. This merger is expected to combine their capabilities in the distribution of visual content, ultimately benefiting customers and creators alike.

Conclusion
Shutterstock's financial results for 2024 demonstrate adaptability and growth in a competitive environment. The investments made in 2023 and continued focus on enhancing product offerings and customer engagement strategies promise a positive trajectory for the company as it steps into the new year. Stakeholders and investors will keenly monitor how this growth unfolds and the impact of the upcoming merger with Getty Images.