Shutterstock, Inc. has recently released its 10-K report, providing a comprehensive overview of its business operations and financial performance. The company, a leading technology firm, offers quality content and creative workflow solutions in North America, Europe, and internationally. Its services include image services, footage services, and music services, catering to corporate professionals, media and broadcast companies, small and medium-sized businesses, and individual creators. Shutterstock's 10-K report for the year ended December 31, 2023, reveals that its total revenue amounted to $874.6 million, with Content revenue contributing $737.3 million and Data, Distribution, and Services revenue amounting to $137.3 million.
The company's Content offering includes images, footage, music, 3D models, and generative AI content, distributed under various brand names such as Shutterstock, Pond5, TurboSquid, and others. Shutterstock's collection of content has grown to 771 million images and 54 million footage clips as of December 31, 2023. During the same period, the company delivered 153.0 million paid downloads to its customers across all its brands.
Shutterstock's 10-K report also highlights its key operating metrics, including the number of subscribers, subscriber revenue, average revenue per customer, paid downloads, revenue per download, and content in its collection. Notably, the company reported 523,000 subscribers at the end of 2023, generating subscriber revenue of $351.5 million. The average revenue per customer for the last twelve months was $412, and the company recorded 153.0 million paid downloads during the same period.
Moreover, the report provides insights into Shutterstock's basis of presentation for revenue, emphasizing that a significant portion of its revenues are earned from licensing content, either on a subscription or transactional basis. The company also generates revenue from tools available through its platform and allocates the transaction price to each performance obligation based on a relative standalone selling price.
Overall, Shutterstock's 10-K report offers a detailed analysis of its financial condition, results of operations, and key operating metrics, providing investors and stakeholders with valuable information about the company's performance and strategic direction. Today the company's shares have moved -0.6% to a price of $46.49. Check out the company's full 10-K submission here.
