The following article collects all available Shutterstock data, as well as Photutorial-original research and forecasts.
Key Shutterstock stats
| Feature | Data |
|---|---|
| Company | Shutterstock |
| Industry | Stock photography, stock footage, stock music |
| Founded | 2003; 20 years ago |
| Founder | Jon Oringer |
| Headquarters | 350 Fifth Avenue, 21st Floor, New York, NY 10118, USA |
| Revenue | $827.8 million (2022) |
| Income from operations | $93.6 million (2022) |
| Net income | $76.1 million (2022) |
| Subscribers | 586,000 (2022) |
| Subscribers revenue | $346.6 million (2022) |
| Employees | 1,148 (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
In 2022, Shutterstock generated global annual revenue of 827.8 million U.S. dollars, up 7% from 773.4 million dollars in 2021. 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.
| Year | Revenue |
|---|---|
| 2016 | $494.3 million |
| 2017 | $557.1 million |
| 2018 | $623.3 million |
| 2019 | $650.5 million |
| 2020 | $666.7 million |
| 2021 | $773.4 million |
| 2022 | $823.8 million |
| 2023 | $892.9 million |
| 2024 | $967.83 million |
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.
| Year | Cost 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 |
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.
| Year | Net 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 |
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%.
And here are the exact numbers:
| Year | E-commerce revenue | Enterprise 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 |
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
| Year | Number of subscribers | Revenue from subscribers | Revenue/subscriber |
|---|---|---|---|
| 2019 | 194,000 | $236.5 million | $330 |
| 2020 | 281,000 | $265.3 million | $333 |
| 2021 | 343,000 | $317.50 million | $368 |
| 2022 | 469,274 | $364 million | $383 |
| 2023 | 623,983 | $422 million | $404 |
| 2024 | 829,696 | $489 million | $427 |
Quarterly report
| Quarter | Number of subscribers | Revenue from subscribers |
|---|---|---|
| Q1 2019 | 161,000 | $58 million |
| Q2 2019 | 173,000 | $58 million |
| Q3 2019 | 184,000 | $60 million |
| Q4 2019 | 194,000 | $61 million |
| Q1 2020 | 209,000 | $63.9 million |
| Q2 2020 | 223,000 | $62.7 million |
| Q3 2020 | 255,000 | $67.6 million |
| Q4 2020 | 281,000 | $71.1 million |
| Q1 2021 | 306,000 | $76.5 million |
| Q2 2021 | 321,000 | $78.1 million |
| Q3 2021 | 336,000 | $81.5 million |
| Q4 2021 | 343,000 | $81.4 million |
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.
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.
| Index | Company | Acquired on | Acquired for [USD] |
|---|---|---|---|
| 1 | Bigstock | Sep 23, 2009 | – |
| 2 | WebDAM | Mar 3, 2014 | – |
| 3 | PremiumBeat | Jan 15, 2015 | 32M |
| 4 | Rex Features | Jan 15, 2015 | 33M |
| 5 | FlashStock | Jun 27, 2017 | 49M |
| 6 | Amper Music | Nov 11, 2020 | – |
| 7 | TurboSquid | Jan 26, 2021 | 75M |
| 8 | PicMonkey | Sep 7, 2021 | 110M |
| 9 | Pond5 | May 11, 2022 | 210M |
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.
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