Shutterstock, Inc. (SSTK): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mídia digital, Shutterstock revolucionou como as empresas e os criadores acessam conteúdo visual, transformando -se de um pequeno site de fotografia de imagens em um mercado global com milhões de imagens, vídeos e arquivos de áudio de alta qualidade. Ao alavancar a tecnologia de ponta, parcerias estratégicas e um modelo de negócios inovador, a Shutterstock se tornou uma potência no setor de licenciamento de mídia digital, oferecendo soluções flexíveis e econômicas que preenchem a lacuna entre criadores de conteúdo e consumidores em diversas paisagens profissionais.

Shutterstock, Inc. (SSTK) - Modelo de negócios: Parcerias -chave

Adobe Creative Cloud Integration

O Shutterstock tem uma parceria estratégica com a Adobe Creative Cloud para distribuição de mídia de ações. A partir de 2024, a integração permite o acesso direto aos 400 milhões de imagens, vídeos e modelos da Shutterstock no ecossistema de software criativo da Adobe.

Detalhes da parceria	Métricas
Plataforma de integração	Adobe Creative Cloud
Ativos de mídia disponíveis	400 ou mais milhões
Ano de parceria estabelecida	2014

Criadores de conteúdo e fotógrafos

Shutterstock mantém uma rede global de colaboradores.

• Contribuidores totais: 2,1 milhões em todo o mundo
• Ganhos anuais de colaboradores: US $ 1,2 bilhão
• Pagamento médio do colaborador por imagem: $ 0,25 - $ 28

Parceiros de tecnologia

Parceiro de tecnologia	Serviços prestados	Gasto anual
Microsoft Azure	Infraestrutura em nuvem	US $ 18,5 milhões
Amazon Web Services	Computação em nuvem	US $ 22,3 milhões

Colaboração de marketing e vendas

O Shutterstock colabora com plataformas de marketing globais para expandir os canais de distribuição.

• Parcerias da plataforma de marketing: 47
• Receita anual de colaborações de marketing: US $ 65,4 milhões

Agências de design e mídia globais

A Shutterstock faz parceria com agências de design e mídia em todo o mundo para licenciamento e distribuição de conteúdo.

Tipo de agência	Número de parcerias	Receita anual de parceria
Agências de design	1,250	US $ 42,7 milhões
Agências de mídia	890	US $ 37,2 milhões

Shutterstock, Inc. (SSTK) - Modelo de negócios: Atividades -chave

Licenciamento e distribuição de mídia digital

O Shutterstock processa aproximadamente 5 milhões de transações de conteúdo digital anualmente. A plataforma hospeda mais de 380 milhões de imagens, vídeos e faixas de música a partir de 2023. A receita anual de licenciamento atingiu US $ 947,7 milhões em 2022.

Tipo de conteúdo	Volume	Receita anual de licenciamento
Imagens	290 milhões	US $ 625,3 milhões
Vídeos	65 milhões	US $ 212,4 milhões
Efeitos musicais/sonoros	25 milhões	US $ 110 milhões

Curadoria de conteúdo e controle de qualidade

Shutterstock emprega um rigoroso processo de revisão de conteúdo com 3.500 colaboradores ativos mundialmente. O controle de qualidade envolve:

• Avaliação de imagem técnica
• Triagem de relevância do conteúdo
• Verificação de metadados
• Verificações de conformidade com direitos autorais

Aprendizado de máquina e tecnologias de pesquisa movidas a IA

Investimento em tecnologias de IA: US $ 68,5 milhões em P&D para 2022. Os recursos de aprendizado de máquina incluem:

• Algoritmos de pesquisa semântica
• Marcação de imagem automatizada
• Tecnologias de reconhecimento visual

Desenvolvimento e manutenção de plataforma

Detalhes da infraestrutura técnica:

Métrica	Valor
Investimento de tecnologia anual	US $ 112,6 milhões
Tempo de atividade da plataforma	99.95%
Locais de servidores globais	12

Aquisição e Gerenciamento de Conteúdo Global

A rede colaboradora global abrange 150 países. A estrutura de pagamento do colaborador varia de 20% a 40% da receita de licenciamento.

• Novos uploads anuais de conteúdo: 6,2 milhões
• Ganhos médios de colaboradores: US $ 3.200 por ano
• Time de revisão de conteúdo: 24-48 horas

Shutterstock, Inc. (SSTK) - Modelo de negócios: Recursos -chave

Biblioteca de mídia digital maciça

A partir do quarto trimestre 2023, o Shutterstock mantém uma biblioteca de mídia digital com:

Tipo de conteúdo	Número de ativos
Imagens totais	380 milhões
Total de vídeos	21 milhões
Total de arquivos de áudio	475,000
Conteúdo editorial total	1,2 milhão

Algoritmos avançados de pesquisa e recomendação

A tecnologia de pesquisa proprietária da Shutterstock é movida a IA inclui:

• Algoritmos de aprendizado de máquina com precisão de 98,6% na correspondência de conteúdo
• Recursos de pesquisa visual usando tecnologia de reconhecimento de imagem
• Funcionalidade de pesquisa semântica em várias categorias de conteúdo

Infraestrutura de gerenciamento de ativos digitais baseada em nuvem

Especificações de infraestrutura técnica:

Componente de infraestrutura	Especificação técnica
Capacidade de armazenamento em nuvem	2.7 Petabytes
Processamento diário de ativos	150.000 novos ativos
Data Centers globais	7 locais

Rede global de criadores de conteúdo

Estatísticas do ecossistema do criador:

• Total de contribuintes: 1,9 milhão
• Representação geográfica: 150 países
• Média dos ganhos dos contribuintes: US $ 7.500 anualmente

Plataformas de tecnologia proprietárias

Investimentos de plataforma de tecnologia:

Investimento em tecnologia	2023 Despesas
Gastos em P&D	US $ 124,3 milhões
Infraestrutura de tecnologia	US $ 87,6 milhões
Desenvolvimento de IA e aprendizado de máquina	US $ 42,5 milhões

Shutterstock, Inc. (SSTK) - Modelo de Negócios: Proposições de Valor

Conteúdo da mídia digital de alta qualidade, diversificada e sem royalties

A partir do quarto trimestre 2023, a Biblioteca de Conteúdo da Shutterstock inclui:

Tipo de conteúdo	Número de ativos
Imagens totais	380 milhões
Total de videoclipes	21 milhões
Faixas de música	330,000
Conteúdo editorial	175.000 novas imagens diariamente

Plataforma fácil de usar para criadores e compradores de conteúdo

Estatísticas de uso da plataforma:

• Usuários ativos mensais: 1,9 milhão
• Rede de colaboradores: mais de 2 milhões de criadores
• Visitantes anuais do site: 83,4 milhões

Opções de licenciamento flexíveis

Tipo de licença	Faixa de preço
Licença padrão	$29 - $199
Licença aprimorada	$249 - $679
Licença editorial	$199 - $499

Alternativa econômica

Comparação de preços:

• Custo da sessão de fotos tradicional média: US $ 5.000 - $ 10.000
• Custo médio da imagem do Shutterstock: $ 10 - $ 50
• Economia anual de assinatura: até 70%

Marketplace global

Estatísticas de alcance do mercado:

• Os países serviram: 190+
• Idiomas suportados: 21
• Receita Global (2023): US $ 820 milhões

Shutterstock, Inc. (SSTK) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma online de autoatendimento

A plataforma on -line da Shutterstock atende 2,3 milhões de clientes ativos globalmente a partir do terceiro trimestre de 2023. A plataforma processa aproximadamente 1,8 milhão de downloads diários de imagem.

Métricas de plataforma	2023 dados
Total de usuários registrados	395,000
Usuários ativos mensais	2,3 milhões
Downloads diários de imagem	1,8 milhão

Suporte ao cliente através de vários canais digitais

Shutterstock fornece suporte ao cliente por meio de:

• Suporte por e -mail 24/7
• Assistência ao vivo de bate -papo
• Suporte multilíngue em 20 idiomas
• Centro de ajuda dedicado com mais de 15.000 artigos da base de conhecimento

Modelos de compra baseados em assinatura e crédito

Shutterstock oferece várias opções de compra:

Modelo de compra	Detalhes
Assinaturas mensais	A partir de US $ 29/mês
Assinaturas anuais	A partir de US $ 199/ano
Créditos sob demanda	Pacotes de 2-50 créditos

Engajamento da comunidade através de fóruns de criadores

Shutterstock sustenta:

• 350.000 colaboradores de conteúdo ativo
• Ganhos contribuintes totalizando US $ 1,1 bilhão desde o início da plataforma
• Pagamentos mensais de contribuintes com média de US $ 3,2 milhões

Recomendações de conteúdo personalizado

Sistema de recomendação orientado a IA com:

• Algoritmos de aprendizado de máquina analisando 300 milhões de imagens
• Taxa de precisão de personalização de 78%
• Cobertura de recomendação em mais de 40 categorias de conteúdo

Shutterstock, Inc. (SSTK) - Modelo de Negócios: Canais

Plataforma baseada na Web

O Shutterstock opera uma plataforma web abrangente com 434 milhões de imagens a partir do terceiro trimestre de 2023. O site suporta 21 idiomas e atende clientes em mais de 150 países. Em 2022, a plataforma da web gerou US $ 948,8 milhões em receita.

Métrica da plataforma	2023 dados
Imagens totais	434 milhões
Idiomas suportados	21
Países serviram	150+

Aplicativos móveis

Os aplicativos móveis da Shutterstock estão disponíveis em plataformas iOS e Android. O aplicativo móvel foi baixado mais de 2,5 milhões de vezes nas duas plataformas.

• App Store da iOS Classificação: 4.7/5
• Android Google Play Classificação: 4.5/5
• Downloads móveis totais: 2,5 milhões

Integrações da API

O Shutterstock fornece ACI Acesso para desenvolvedores com recursos de integração em várias plataformas. A partir de 2023, mais de 15.000 desenvolvedores utilizam os serviços de API da Shutterstock.

Métrica de integração da API	2023 dados
Desenvolvedores registrados	15,000+
Volume de solicitação da API	3,2 milhões de solicitações diárias

Equipe de vendas diretas

Shutterstock mantém uma equipe de vendas global com representantes em 11 escritórios internacionais. A equipe de vendas direta gerou aproximadamente US $ 327 milhões em receita corporativa e de licenciamento personalizado em 2022.

Marketing digital e publicidade

Em 2022, a Shutterstock investiu US $ 86,3 milhões em despesas de marketing. Os canais de publicidade digital incluem anúncios do Google, plataformas de mídia social e campanhas de marketing on -line direcionadas.

Métrica de marketing	2022 dados
Despesas de marketing	US $ 86,3 milhões
Gasto de anúncios digitais	US $ 42,5 milhões

Shutterstock, Inc. (SSTK) - Modelo de negócios: segmentos de clientes

Designers gráficos

A partir de 2024, o Shutterstock atende a aproximadamente 1,8 milhão de designers gráficos globalmente. A plataforma hospeda mais de 380 milhões de imagens, vetores e ilustrações direcionadas especificamente a esse segmento.

Métricas de segmento	2024 dados
Usuários totais de designer gráfico	1,800,000
Downloads médios de imagem mensal	425,000
Contribuição da receita do segmento	US $ 87,4 milhões

Profissionais de marketing

A Shutterstock atende a aproximadamente 2,3 milhões de profissionais de marketing em todo o mundo, oferecendo soluções abrangentes de conteúdo visual.

• Usuários profissionais de marketing total: 2.300.000
• Licença média mensal de conteúdo: 312.000 ativos
• Receita anual do segmento: US $ 114,6 milhões

Agências de mídia e publicidade

A plataforma serve mais de 750 principais agências de mídia e publicidade, fornecendo soluções de conteúdo em nível corporativo.

Detalhes do segmento da agência	2024 Estatísticas
Total de clientes da agência	750
Valor do contrato corporativo	Média de US $ 4,2 milhões
Receita anual do segmento de agência	US $ 215,7 milhões

Proprietários de pequenas empresas

A Shutterstock suporta aproximadamente 1,5 milhão de pequenos empresários com soluções de conteúdo visual acessíveis.

• Usuários totais para pequenas empresas: 1.500.000
• Assinatura mensal média: US $ 49
• Receita anual do segmento: US $ 88,3 milhões

Criadores de conteúdo individuais

A plataforma hospeda mais de 2,1 milhões de criadores de conteúdo individuais em várias plataformas digitais.

Métricas de segmento do criador	2024 dados
Total de criadores individuais	2,100,000
Upload de conteúdo mensal médio	187.000 ativos
Ganhos do criador	US $ 62,5 milhões

Shutterstock, Inc. (SSTK) - Modelo de negócios: estrutura de custos

Taxas de aquisição e licenciamento de conteúdo

Em 2023, a Shutterstock registrou US $ 357,9 milhões em custos de conteúdo, representando aproximadamente 40,1% da receita total. Esses custos incluem:

• Pagamentos aos colaboradores de imagens digitais, vídeos e conteúdo de áudio
• Taxas de licenciamento para bibliotecas de conteúdo
• Pagamentos de royalties para criadores de conteúdo

Categoria de custo	Valor (2023)	Porcentagem de receita
Custos de aquisição de conteúdo	US $ 357,9 milhões	40.1%
Pagamentos contribuintes	US $ 212,3 milhões	23.8%

Infraestrutura de tecnologia e hospedagem em nuvem

Shutterstock investiu US $ 84,2 milhões em infraestrutura de tecnologia em 2023, cobrindo:

• Serviços de hospedagem em nuvem
• Manutenção do servidor
• Infraestrutura de rede
• Sistemas de segurança cibernética

Componentes de custo de tecnologia	Valor (2023)
Hospedagem em nuvem	US $ 42,6 milhões
Infraestrutura de TI	US $ 41,6 milhões

Salários de funcionários e custos de desenvolvimento

As despesas totais relacionadas aos funcionários em 2023 foram US $ 268,5 milhões, quebrado da seguinte maneira:

• Salários da base
• Bônus de desempenho
• Remuneração baseada em ações
• Benefícios dos funcionários

Categoria de custo do funcionário	Valor (2023)
Salários da base	US $ 189,3 milhões
Bônus de desempenho	US $ 44,2 milhões
Remuneração baseada em ações	US $ 35,0 milhões

Despesas de marketing e vendas

Os custos de marketing e vendas para 2023 totalizaram US $ 186,4 milhões, incluindo:

• Publicidade digital
• Compensação da equipe de vendas
• Campanhas de marketing
• Iniciativas de aquisição de clientes

Componentes de custo de marketing	Valor (2023)
Publicidade digital	US $ 87,6 milhões
Compensação da equipe de vendas	US $ 62,1 milhões
Campanhas de marketing	US $ 36,7 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D em 2023 foram US $ 95,7 milhões, focando em:

• AI e tecnologias de aprendizado de máquina
• Aprimoramento da plataforma
• Desenvolvimento de novos recursos
• Inovação de produtos

Áreas de foco em P&D	Valor (2023)
AI e aprendizado de máquina	US $ 42,3 milhões
Aprimoramento da plataforma	US $ 33,4 milhões
Inovação de produtos	US $ 20,0 milhões

Shutterstock, Inc. (SSTK) - Modelo de negócios: fluxos de receita

Licenciamento de mídia baseado em assinatura

A partir de 2023, o Shutterstock gerou US $ 1,01 bilhão em receita total. O licenciamento baseado em assinatura representou aproximadamente 70% da receita total.

Camada de assinatura	Faixa de preço mensal	Contribuição anual da receita
Assinatura básica	$29 - $49	US $ 350 a US $ 500 milhões
Assinatura profissional	$99 - $249	US $ 250 a US $ 350 milhões

Vendas de pacotes de crédito sob demanda

As vendas de pacotes de crédito representaram aproximadamente 15% da receita total da Shutterstock em 2023.

Pacote de crédito	Faixa de preço	Volume médio de compra
Pacote de crédito pequeno	$49 - $99	25.000 compras anuais
Pacote de crédito grande	$199 - $499	10.000 compras anuais

Contratos de licenciamento corporativo e personalizado

O licenciamento corporativo representou aproximadamente 10% da receita total, com contratos que variam de US $ 5.000 a US $ 250.000 anualmente.

Taxas de acesso e integração da API

Os serviços de integração da API geraram aproximadamente US $ 25 a US $ 35 milhões em receita anual.

• API Padrão Acesso: US $ 99 - US $ 499 mensalmente
• Integração da API corporativa: US $ 1.000 - US $ 5.000 mensais

Mercado de conteúdo premium

As vendas de conteúdo premium contribuíram com aproximadamente 5% da receita total, estimada em US $ 50 a US $ 75 milhões anualmente.

Categoria de conteúdo	Preço médio por ativo	Volume anual de vendas
Imagens de vídeo em 4K	$79 - $299	25.000 ativos
Coleções de fotógrafos exclusivos	$199 - $999	5.000 coleções

Shutterstock, Inc. (SSTK) - Canvas Business Model: Value Propositions

You're looking at the core value Shutterstock, Inc. delivers to its customers and contributors as of late 2025. It's all about scale, legal certainty, and new AI capabilities.

Legally-Indemnified Generative AI: Commercial-use AI content with legal protection for users.

Shutterstock, Inc. is formalizing capabilities that leverage its global creative network and professional-grade production studio to deliver end-to-end value for partners in model construction, training, and assessment. This includes support across the entire model training lifecycle.

• Custom Content Production is supported with 10 production hubs.
• This network involves over 2M+ creators.

Vast, Diverse Content: Single-source access to over 400 million assets for any project.

Shutterstock, Inc. began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets. The platform maintains a huge advantage over competitors, holding a market share of 61.55% as of recent analysis. In the third quarter of 2025, the company processed 111.7 million paid downloads.

The sheer volume of content available is a key draw for customers needing diverse visuals.

Metric	Value (Late 2025 Context)
Q3 2025 Total Revenue	$260.1 million
Q3 2025 Content Revenue	$194.4 million
Q3 2025 Content Revenue Percentage of Total	75%

Unlimited Creative Subscription: Envato Elements offers unlimited downloads for a fixed fee.

Shutterstock, Inc. continues to improve the value proposition of its unlimited content products by including AI image, video, and audio generative models as part of the offering. A pilot program introduced in April 2025 allows customers to subscribe to an "Unlimited downloads plan."

Enterprise API Access: Seamless integration of content and AI tools into corporate workflows.

The Data, Distribution, and Services product offering, which includes API access for enterprise integration, showed significant growth. This segment is a major driver for the company's overall performance.

Q3 2025 Metric	Amount
Data, Distribution, and Services Revenue	$65.7 million
Data, Distribution, and Services Revenue Percentage of Total	25%
Income from Operations	$32.5 million

Ethical Contributor Compensation: A fund to compensate artists for their work used in AI training.

Shutterstock, Inc. has established mechanisms to compensate contributors for their work used in training models. The structure for this compensation varies based on the use case.

• For data licensing where Shutterstock sub-licenses datasets for AI training, contributors receive around 20% of the corporate royalties received by Shutterstock.
• For the new "Unlimited downloads plan" pilot introduced in April 2025, contributors can receive 50% of the profits generated from those subscribers based on content usage.
• The minimum payout threshold for contributors remains $25 USD.

The company has paid over $1 billion to contributors since 2003.

Finance: draft 13-week cash view by Friday.

Shutterstock, Inc. (SSTK) - Canvas Business Model: Customer Relationships

You're looking at how Shutterstock, Inc. manages the connection with its buyers and creators as of late 2025. It's a dual approach: high-volume automation for the masses and dedicated service for the biggest spenders.

Automated Self-Service: Primary relationship model via the online platform and subscription management.

The bulk of Shutterstock, Inc.'s customer interaction happens through its digital storefront. This is where the majority of transactions for standard content licenses occur, relying on intuitive platform design and efficient subscription handling. You see this scale in the subscriber metrics; as of the third quarter of 2025, the subscriber base stood at 1.06 million. This self-service channel is critical, though the Content product offering revenue saw a slight contraction, decreasing by 5% year-over-year to $194.4 million in Q3 2025, partly due to weakness in new customer acquisition in that segment. Still, the sheer volume is there, with 111.7 million paid downloads reported in Q3 2025, which was in line with the prior year period.

The relationship here is transactional and scalable. Key elements driving this relationship include:

• The online platform for immediate content access.
• Automated management of monthly recurring products.
• Integration of generative AI models into the core offering.

Dedicated Enterprise Sales: High-touch relationship management for large corporate clients.

For Shutterstock, Inc.'s largest accounts, the relationship shifts to a high-touch model managed by dedicated sales teams. This is where the growth engine is firing on all cylinders. The Data, Distribution, and Services product offering, which includes these enterprise relationships and data licensing deals, surged by 40% year-over-year in Q3 2025, reaching $65.7 million. This segment now accounts for a significant 25% of total revenue, up from a smaller portion in Q3 2024. Management noted they are actively attracting new logos and expanding these existing corporate relationships. This segment is key to the overall revenue growth, which hit $260.1 million in Q3 2025, a 4% increase overall.

Here's a look at the core customer base metrics as of late 2025:

Metric	Value (Latest Reported)	Context/Period
Total Revenue	$260.1 million	Q3 2025
Subscribers	1.06 million	Q3 2025 End
Data, Distribution, and Services Revenue	$65.7 million	Q3 2025
Content Revenue	$194.4 million	Q3 2025
Paid Downloads	111.7 million	Q3 2025

AI Contributor Fund: Financial incentive and ethical assurance for content creators.

This relationship is about maintaining the supply side of the marketplace-the creators. Shutterstock, Inc. established the Contributor Fund to compensate artists whose intellectual property was used in training generative AI models, like the one partnered with OpenAI. This is a direct financial tie-in to the data licensing revenue stream. The fund pays royalties for the future licensing of AI-generated content created on the platform. While specific 2025 payout figures aren't public, the mechanism is in place to ensure creators see a share of the revenue from these high-margin data deals, which helped drive the 13% year-over-year increase in Adjusted EBITDA to $79.4 million in Q3 2025.

Community Engagement: Supporting and communicating with the global network of contributors.

The platform's value proposition rests on its creative network. While the exact figure for late 2025 isn't explicitly stated in the latest reports, the company has historically referenced a community of over 1 million contributors across its brands, which is the engine for content supply. The relationship is supported through specific programs and communication channels. For instance, the company declared a quarterly cash dividend of $0.33 per share in January 2025, which flows directly to the shareholder base, many of whom are also contributors. Furthermore, the company profiles its creators through initiatives like Shutterstock Presents to foster a sense of community and recognize talent.

Key engagement points for the creator community include:

• Issuing payments from the Contributor Fund every six months.
• Providing real-time performance data on content via the contributor dashboard.
• Maintaining a network of over 1 million content providers.

Finance: draft 13-week cash view by Friday.

Shutterstock, Inc. (SSTK) - Canvas Business Model: Channels

You're looking at how Shutterstock, Inc. gets its creative assets and AI capabilities into the hands of customers as of late 2025. The delivery mechanism is clearly splitting between direct customer transactions and large-scale data/service integrations.

The primary e-commerce platform, Shutterstock.com, still drives the majority of revenue, though this segment is under pressure. For the third quarter ending September 30, 2025, revenue from the Content product offering-which largely reflects direct licensing via the main site and related subscription services-was $194.4 million. This represented 75% of the total Q3 2025 revenue of $260.1 million. This channel saw a year-over-year decline of 5% in Q3 2025, driven by softness in new customer acquisition.

The growth engine is clearly the API and Direct Integrations pathway, categorized under Data, Distribution, and Services (DDS). This segment saw revenue of $65.7 million in Q3 2025, a substantial 40% increase compared to the third quarter of 2024. This channel now accounts for 25% of the total revenue mix. The trailing twelve months revenue ending September 30, 2025, stood at $1.02 billion, showing a year-over-year growth of 13.06%.

The strategic acquisition of Envato in July 2024 significantly impacts the Content channel delivery. The Envato Elements subscription platform, offering unlimited creative assets, is now integrated, helping to offset some of the weakness in new customer acquisition on the core platform. Before the deal, Shutterstock's subscriber count was around 500,000; the addition of Envato's base pushed the combined subscriber count to 1.15 million at that time. As of the end of Q3 2025, Shutterstock's subscriber base stood at 1.06 million.

Here's how the revenue streams broke down in the most recent reported quarter:

Channel Proxy	Q3 2025 Revenue Amount	% of Total Revenue (Q3 2025)	YoY Change (Q3 2025 vs Q3 2024)
Shutterstock.com (Content Product)	$194.4 million	75%	-5%
API/Integrations (DDS Product)	$65.7 million	25%	+40%

Distribution also occurs through other means, though specific financial metrics tied directly to these are less granular in recent reports. The GIPHY Platform serves as a distribution channel for short-form visual content, with management highlighting efforts to expedite monetization here. Furthermore, Shutterstock maintains Mobile Applications for iOS and Android, which are part of the overall digital access strategy, though specific app-only revenue figures aren't separately detailed in the primary financial segmentation.

The overall customer base health, which feeds these channels, shows some shifts:

• Subscriber count at the end of Q3 2025: 1.06 million.
• Subscriber count one year prior (end of Q3 2024): 1.105 million.
• Content revenue in Q1 2025 was $202.9 million, representing 84% of total revenue for that quarter.
• DDS revenue in Q1 2025 was $39.7 million, representing 16% of total revenue for that quarter.

The company is actively incorporating generative AI models into its unlimited content offerings, which directly impacts the value proposition delivered through these channels.

Shutterstock, Inc. (SSTK) - Canvas Business Model: Customer Segments

You're looking at the customer base for Shutterstock, Inc. as of late 2025. The company serves a broad spectrum, but the financial data clearly shows where the bulk of the revenue is coming from, especially with the growth in data licensing.

For the third quarter ended September 30, 2025, Shutterstock reported total revenue of $260.1 million. The customer base is segmented both by the type of content/service they purchase and their size/need, which is reflected in the Content versus Data, Distribution, and Services revenue split.

Customer Segment Grouping	Q3 2025 Revenue Contribution	Q3 2025 Revenue Amount	Key Metric Context
Content Customers (General Licensing)	75%	$194.4 million	Total Paid Downloads for the quarter were 111.7 million.
Data, Distribution, and Services Customers (Includes AI/Tech)	25%	$65.7 million	This segment grew 40% year-over-year compared to Q3 2024.

The overall customer base is served across more than 150 countries. The average revenue per customer over the last twelve months was $279.

Enterprise Customers

These are the large corporations and media companies needing high-volume or custom licensing solutions, often engaging through the Shutterstock Enterprise offering. While a direct revenue split isn't provided for this specific group, they contribute heavily to the overall Content revenue stream.

Small and Medium-sized Businesses (SMBs)

SMBs and marketing agencies largely fall into the subscriber category, which is a core part of the Content offering. As of the end of the third quarter of 2025, Shutterstock had 1,060,000 subscribers. The revenue generated from these subscribers for Q3 2025 was $107.2 million.

Individual Creators/Freelancers

Designers and social media influencers typically use the lower-tier or on-demand subscription plans. They are included within the total subscriber count of 1,060,000 and contribute to the total subscriber revenue of $107.2 million for the quarter.

AI/Tech Companies

This group is the primary driver for the Data, Distribution, and Services segment. Revenue from this offering reached $65.7 million in Q3 2025. This segment capitalizes on licensing the content library for training large language models. For context on this specific revenue stream, Shutterstock AI licensing generated $104 million in 2023, with projections aiming for $250 million by 2027.

Editorial/News Outlets

These customers license news, sports, and entertainment imagery, falling under the Content product offering. The Content offering generated $194.4 million in Q3 2025. The company also provides custom content solutions that would serve this segment.

Here are the key operating metrics related to customer volume:

• Subscribers (end of period, Q3 2025): 1,060,000.
• Paid Downloads (Q3 2025): 111.7 million.
• Paid Downloads (Nine Months Ended Sep 30, 2025): 345.2 million.

Finance: draft 13-week cash view by Friday.

Shutterstock, Inc. (SSTK) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Shutterstock, Inc.'s operations as of late 2025. Honestly, a big chunk of the cost structure revolves around paying the people who create the content, plus the tech to deliver it and the costs associated with that big Getty Images deal hanging over everything.

Content Acquisition Costs: Royalties paid to the 1.9 million contributors.

The core cost here is compensating the contributor community. While the exact royalty expense for the period isn't broken out separately from Cost of Revenue in the latest quarterly filing, the total Cost of Revenue for the three months ended September 30, 2025, was $102,558 thousand. You should also note the liability on the balance sheet; the Contributor royalties payable balance at the end of Q3 2025 stood at $12,329 thousand.

Technology and R&D: Significant investment in AI/ML development and platform maintenance.

Shutterstock, Inc. is pouring money into its platform, especially with the generative AI push. For the first quarter of 2025, the Product development expense line item-which covers much of this-was $19,865 thousand. Management has emphasized product value expansion, including AI image, video, and audio generative models within their unlimited content offerings. This investment is key to competing in the evolving visual content landscape.

Sales and Marketing: Customer acquisition costs for subscriptions and enterprise deals.

Getting new customers, especially in the Content segment where new customer acquisition was soft, requires spending. Sales and marketing expenses for the third quarter of 2025 totaled $59,358 thousand. This spend is aimed at driving revenue, which for Q3 2025 was $260,094 thousand in total.

Professional Fees: Costs associated with the proposed Getty Images merger, totaling $7.1 million in Q3 2025.

The proposed merger with Getty Images Holdings, Inc. has generated significant non-recurring costs. Specifically, professional fee expenses in the third quarter of 2025 tied to the merger totaled exactly $7.1 million. To be fair, cash used in investing activities for the three months ended September 30, 2025, was unfavorably impacted by $8.0 million of expenses related to this same proposed merger. If you look back, Q2 2025 saw $8.7 million in these fees, and Q1 2025 saw $11.9 million.

Debt Interest Expense: Increased interest costs from debt used to fund acquisitions like Envato.

Financing growth, like the Envato acquisition in July 2024, means taking on debt, which brings interest costs. For the three months ended September 30, 2025, the reported Interest Expense was $-4 Million. This follows reported increases of $3.7 million in interest expense for both Q1 2025 and Q2 2025, directly attributed to the increased debt used to fund the Envato purchase. As of June 30, 2025, Shutterstock, Inc. reported total Debt of $297.03 million.

Here's a quick look at the major operating expense components for the three months ended September 30, 2025, compared to the prior year's corresponding period for the listed items:

Cost Component (Q3 2025)	Amount (in thousands USD)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Cost of revenue	102,558	Decreased from 104,405
Sales and marketing	59,358	Increased from 55,403
Contributor royalties payable (Balance Sheet)	12,329	Increased from 11,938

The overall cost picture for the period reflects the ongoing operational expenses alongside the one-time drag from the merger work. You can see the key cost drivers below:

• Cost of revenue for Q3 2025: $102,558 thousand.
• Sales and marketing for Q3 2025: $59,358 thousand.
• Merger professional fees recognized in Q3 2025: $7.1 million.
• Interest expense for the three months ended September 2025: $-4 Million.
• Product development expense in Q1 2025: $19,865 thousand.

Finance: draft 13-week cash view by Friday.

Shutterstock, Inc. (SSTK) - Canvas Business Model: Revenue Streams

You're looking at the money Shutterstock, Inc. (SSTK) brings in, which is definitely shifting toward data and away from pure content transactions. Here's the quick math on how they are structuring their revenue streams as of late 2025, based on the latest filings.

The total top-line number for the trailing twelve months ending September 30, 2025, was approximately $1.02 billion. This represented a year-over-year growth of 69.6% for the TTM period.

For the third quarter of 2025 specifically, Shutterstock reported total revenue of $260.1 million, which was a 4% increase year-over-year. The revenue streams break down into two main buckets: Content and Data, Distribution, and Services.

The Data, Distribution, and Services segment is the high-growth area you need to watch. For Q3 2025, this segment generated $65.7 million in revenue, marking a substantial 40% increase compared to the third quarter of 2024. This segment is supported by the timing of data deal revenue recognition.

The core Content product offering, which includes both subscriptions and on-demand purchases, saw a decline in Q3 2025. Content revenue was $194.4 million, representing a 5% decrease year-over-year. This segment accounted for 75% of the total revenue in the third quarter of 2025.

Here is a breakdown of the key financial components driving that Content revenue:

Revenue Stream Component	Financial Metric/Amount	Period/Context	Citation Reference
Content Licensing (Subscriptions)	$344.9 million	Subscriber revenue (Last Twelve Months ending Sep 30, 2025)
Content Licensing (On-Demand Volume)	345.2 million	Paid downloads (Last Twelve Months ending Sep 30, 2025)
Data, Distribution, and Services	$65.7 million	Q3 2025 Revenue
Total Content Revenue	$194.4 million	Q3 2025 Revenue

The AI Data Licensing stream is a critical part of the Data, Distribution, and Services growth. While the Data, Distribution, and Services segment brought in $65.7 million in Q3 2025, the company had a specific projection for its AI-related revenue from the prior year. Shutterstock projected $138 million in Revenue for the AI licensing business unit for the 2024 fiscal year. The company is on track to meet its 2027 revenue target of $1.2 billion.

You can see the structure of the Q3 2025 revenue mix here:

• Content Licensing (Subscriptions & On-Demand): $194.4 million
• Data, Distribution, and Services: $65.7 million

The company is focused on expanding its unlimited content offerings, which include AI image, video, and audio generative models. Also, the Average Revenue Per Customer (ARPC) for the last twelve months was $279 as of Q3 2025.

Finance: draft 13-week cash view by Friday.