Shutterstock reports fourth-quarter revenue jumped

GaryPageau

Shutterstock, Inc. announced fourth-quarter revenue increased 14% to $205.8 million, but income from operations decreased 47% to $14.6 million and net income decreased 35% to $16.9 million. On a constant currency basis, revenue increased 15%.

“We ended 2021 with solid performance, driven by our Enterprise sales execution and continued popularity in our subscription products,” said Stan Pavlovsky, the Company’s Chief Executive Officer. “We are well-positioned for 2022 and progressing rapidly on our journey to transform Shutterstock into a creative platform leveraging content, data, and workflow applications.”

In the quarter, subscribers increased 22% to 343,000 and subscriber revenue increased 14% to $81.4 million. The average revenue per customer increased 11% to $368, but paid downloads decreased 2% to 45.0 million. Also, revenue per download increased 10% to $4.29. The image collection expanded 11% to more than 400 million images and footage collection expanded 14% to over 24 million clips.

For the full year, revenue increased 16% to $773.4 million and income from operations increased 27% to $108.1 million. Net income increased 28% to $91.9 million. Subscriber revenue increased 20% to $317.5 million and paid downloads remained flat at 180.0 million.
Revenue per download increased 13% to $4.16.

KEY OPERATING METRICS

Three Months Ended December 31, Year Ended December 31,
2021 2020 2021 2020
Subscribers (end of period)(1)
 343,000 281,000 343,000 281,000
Subscriber revenue (in millions)(2)
 $ 81.4 $ 71.1 $ 317.5 $ 265.3
Average revenue per customer (last twelve months)(3)
 $ 368 $ 333 $ 368 $ 333
Paid downloads (in millions)(4)
 45.0 45.8 180.0 180.0
Revenue per download(5)
 $4.29 $3.91 $4.16 $3.68
Content in our collection (end of period, in millions)(6):
Images 400 360 400 360
Footage clips 24 21 24 21