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

Written by 

Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.