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Shutterstock Statistics (2022)

Matic Broz profile picture By Matic Broz Updated August 19, 2022
Shutterstock statistics

Shutterstock is a provider of stock photos, footage, and stock music with a worldwide market. It was founded in 2003 by Jon Oringer. Now, Shutterstock maintains a library of over 400 million stock images, video clips, and music tracks available for royalty-free licensing.

The following article collects all available Shutterstock data, as well as Photutorial-original research and forecasts.

About Shutterstock

FeatureData
CompanyShutterstock
IndustryStock photography, stock footage, stock music
Founded2003; 19 years ago
FounderJon Oringer
Headquarters350 Fifth Avenue, 21st Floor, New York, NY 10118, USA
Revenue$773.42 million (2021)
Cost of revenue$277.66 million (2021)
Net income$91.88 million (2021)
Subscribers343,000 (2021)
Subscribers revenue$317.50 million (2021)
Employees1,148 (2021); 68% in US

Shutterstock Financial Growth

Shutterstock revenue increased by 16.01% and net income by 28.03% in 2021 compared to 2020.

Revenue vs Cost of Revenue vs Net Income of Shutterstock

Revenue

In 2021, Shutterstock generated global annual revenue of 773.42 billion U.S. dollars, up 16% from 666.69 million dollars in 2020. The multinational stock photo agency has continued to generate a steady growth of global annual revenue throughout recent years.

Summary:

  • Shutterstock’s revenue was $773.42 million in 2021, up 16 percent from $666.69 million in 2020.
  • Shutterstock’s revenue increases 9.49 percent over time, with the largest increase in 2021 (16.01 percent) and the smallest in 2020. (2.48 percent).
  • By 2024, Shutterstock’s revenue is expected to reach $967.83 million.
  • Shutterstock’s revenue has increased 56.46 percent since 2016 and is expected to double by 2024.
  • Revenue demographics: 37% of revenue from the US, 33% from Europe, and 30% from the rest of the world.
YearRevenue
2016$494.32 million
2017$557.11 million
2018$623.25 million
2019$650.52 million
2020$666.69 million
2021$773.42 million
2022$823.81 million
2023$892.92 million
2024$967.83 million
Shutterstock revenue reports (2016–2021) and predictions (2022–2024).

Cost of revenue

Cost of revenue comprises royalties paid to contributors, credit card processing fees, content review costs, customer service expenses, hosting and infrastructure costs, and other overhead costs.

  • In 2021, the cost of revenue stacked up to $278 million, a 7% increase compared to $260 million in 2020.
  • The cost of revenue is forecasted to reach $305 million in 2022 and $341 million in 2024.
YearCost of Revenue
2016$203 million
2017$233 million
2018$268 million
2019$278 million
2020$260 million
2021$278 million
2022$305 million
2023$322 million
2024$341 million
Shutterstock cost of revenue reports (2016–2021) and predictions (2022–2024).

Net income

  • Net income: Shutterstock’s net income reached $92 million in 2021, up 28 percent from $72 million in 2020.
  • Forecast: In 2022, net income could reach $93 million and up to $152 million in 2024.
  • Compared to 2017: Shutterstock’s net income increased by 549% compared to 2017, from $17 million to $92 million.
YearNet Income
2016$33 million
2017$17 million
2018$55 million
2019$20 million
2020$72 million
2021$92 million
2022$93 million
2023$119 million
2024$152 million
Shutterstock net income reports (2016–2021) and predictions (2022–2024).

E-commerce vs Enterprise Revenue

Shutterstock defines e-commerce revenue as licenses purchased through its self-service websites, while enterprise customers are customers with specific content, licensing, and workflow requirements.

  • E-commerce revenue was $490 million in 2021, up 18.8% from 2020.
  • Enterprise revenue was $283 million in 2021, up 11.4% from 2020.
  • Shutterstock’s e-commerce revenue could reach $598 million by 2024, with enterprise revenue projected at $394 million.
  • E-commerce revenue accounts for 63% of total revenue. In 2018, e-commerce revenue accounted for 58.98%.
E-commerce revenue vs Enterprise revenue of Shutterstock

And here are the exact numbers:

YearE-commerce revenueEnterprise revenue
2016$319 million$164 million
2017$332 million$209 million
2018$366 million$255 million
2019$392 million$258 million
2020$413 million$254 million
2021$490 million$283 million
2022$508 million$326 million
2023$551 million$358 million
2024$598 million$394 million
Shutterstock e-commerce and enterprise revenue reports (2016–2021) and predictions (2022–2024).

Subscribers: Numbers & Demographics

Subscribers are defined as customers who buy one or more monthly recurring plans for at least three months.

How many subscribers does Shutterstock have?

  • Number of subscribers: Shutterstock has 343,000 active subscribers. In 2020, Shutterstock had 281,000 subscribers.
  • Revenue from subscribers: In 2021, subscriptions brought $317.50 million to Shutterstock, 41.05% of the total revenue.
  • Revenue per customer: An average customer spent $368.
  • Forecast: By 2024, Shutterstock will have 830,000 active subscribers, bringing in $489 million, and $427/customer.

Annual report

YearNumber of subscribersRevenue from subscribersRevenue/subscriber
2019194,000$236.5 million$330
2020281,000$265.3 million$333
2021343,000$317.50 million$368
2022469,274$364 million$383
2023623,983$422 million$404
2024829,696$489 million$427
Shutterstock number of subscribers, revenue from subscribers, and revenue per subscriber reports (2019–2021) and predictions (2022–2024).

Quarterly report

QuarterNumber of subscribersRevenue from subscribers
Q1 2019161,000$58 million
Q2 2019173,000$58 million
Q3 2019184,000$60 million
Q4 2019194,000$61 million
Q1 2020209,000$63.9 million
Q2 2020223,000$62.7 million
Q3 2020255,000$67.6 million
Q4 2020281,000$71.1 million
Q1 2021306,000$76.5 million
Q2 2021321,000$78.1 million
Q3 2021336,000$81.5 million
Q4 2021343,000$81.4 million
Shutterstock the number of subscribers and revenue from subscribers quarterly report (2019–2021).

Employees

  • Number of employees: Shutterstock employs 1,140 people.
  • Demographics: 68% of employees are from the United States, 27% from Europe, and 5% from the rest of the world. By 2020, 64% of employees will be from the United States, 29% from Europe, and 7% from the rest of the world, indicating a trend toward centralization of all human capital in the United States.
  • Prediction: Due to the simultaneous growth of the company and automation, the number of employees at Shutterstock will remain about the same. By 2024, Shutterstock could have 1,155 employees.

Content

Shutterstock is primarily known for stock images and footage but also licenses music, templates, 3D models, and editorial content. In 2022, Shutterstock’s library contains:

  • 386 million stock photos, vectors, and illustrations,
  • 24.2 million stock videos,
  • 13,400 music tracks,
  • 386,000 templates,
  • 3D models through TurboSquid.
Number of Images & Footage Clips at Shutterstock

The trends suggest that Shutterstock might curate 580 million stock images and 41 million video clips by 2024.

Acquisitions

Shutterstock has acquired 9 companies for a total of $509 million: PremiumBeat, Rex Features, FlashStock, TurboSquid, and PicMonkey. The amounts paid for Bigstock, WebDAM, and Amper Music were not disclosed.

IndexCompanyAcquired onAcquired for [USD]
1BigstockSep 23, 2009
2WebDAMMar 3, 2014
3PremiumBeatJan 15, 201532M
4Rex FeaturesJan 15, 201533M
5FlashStockJun 27, 201749M
6Amper MusicNov 11, 2020
7TurboSquidJan 26, 202175M
8PicMonkeySep 7, 2021110M
9Pond5May 11, 2022210M
Shutterstock acquisitions with date and acquisition amount in USD.

Sources

The data in this post was gathered from Shutterstock’s annual and quarterly reports at Sec.gov, 3rd party sources, and mostly with smart interpretation using in-house Photutorial algorithms and regressions.

About your guide

Matic Broz profile image
Matic Broz

Matic Broz is a photographer, graphic designer, and stock photographer. For over ten years he's been helping photographers improve their photos and graphic designers find the best images for their designs. His work has been featured by Lifewire, Skylum, and PetaPixel. In his free time, he enjoys photography, hiking, and petting random dogs. Read more

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