Financial Results

Shutterstock Downgraded By Jefferies

By Jim Pickerell | 375 Words | Posted 8/31/2017 | Comments
The investment banking firm Jefferies has downgraded Shutterstock shares from Hold to Underperform with a price target of $30.00. Shutterstock stock price closed today at $33.69 down 20% from $42.14 a month ago. The stock is down 52% from the high of $65.16 that it hit in September 2016.

Time Inc. Looks To Save $400 Million: Staff Could Be On The Chopping Block

By Jim Pickerell | 180 Words | Posted 8/9/2017 | Comments
Time Inc. unveiled plans for a “strategic transformation” that will yield more than $400 million in savings over the next few years. In the last quarterly earnings report total revenues fell 10% year to year while operating income fell from $50 million to a loss of $38 million.

U.S. Newspaper Future

By Jim Pickerell | 406 Words | Posted 6/5/2017 | Comments
According to Pew Research Center the combined print and digital U.S. daily newspaper circulation fell an estimated 8% to 35 million and 38 million for Sunday, the lowest levels since 1945.

Shutterstock Q1 2017 Financial Results

By Jim Pickerell | 1235 Words | Posted 5/3/2017 | Comments
Shutterstock has reported Q1 2017 revenue of $130.2 million. This revenue was up 12% from Q1 2016, but exactly the same as revenue in Q4 2016. Revenue per download increased 7% from $2.77 in Q1 2016 to about $2.96. Revenue per download in Q4 2016 was $3.02. At the end of the quarter there were 132 million images in the collection and 6.9 million video clips. This was up from 116.2 million images at the end of 2016.

Getty Turns The Corner

By Jim Pickerell | 590 Words | Posted 4/17/2017 | Comments
From and investors point of view, Getty may have turned the corner. However, this may not benefit image creators, particularly those from North America and the Western Europe. It is my understanding that gross revenue in 2016 was about $840 million, up about 4% from around $808 million in 2015. Until 2016, Getty’s revenue declined steadily for about three years as they struggled to get their prices in line with their major competitor, Shutterstock.

Masterfile Restructures Its Business

By Jim Pickerell | 890 Words | Posted 4/7/2017 | Comments
Masterfile has filed a formal Proposal to Creditors under the Bankruptcy and Insolvency Act of Canada ("BIA"). This is not a bankruptcy. The Proposal process will provide Masterfile the opportunity to restructure its business with the objective of returning to profitability. This process is similar to a Chapter 11 filing in the USA.

Questions Agencies Should Be Asking

By Jim Pickerell | 593 Words | Posted 4/4/2017 | Comments
Here is a list of 13 questions agencies should consider asking themselves. They might even want to consider asking their top producing photographers and illustrators questions 3, 4 and 7.

Global Still Image Market Growth Trends: According To Technavio

By Jim Pickerell | 904 Words | Posted 4/3/2017 | Comments
Technavio, a leading global market research company headquartered in London, has released its annual report on the Global Still Image Market, looking ahead five years to 2021. They say: “Technavio analysts forecast the global still images market to grow to USD 4.46 billion by 2021, at a CAGR of close to 8% over the forecast period."

123RF Looking To Go Public

By Jim Pickerell | 1018 Words | Posted 4/3/2017 | Comments
Andy Sitt, the Malaysian founder of 123RF, is seeking to raise the profile of his Chicago-headquartered stock image and design business among funds and investors in hopes of launching an initial public offering (IPO) within the next 12 to 18 months. "We're at that stage where we have to think of the next stage of the company and I believe that the next stage would be some form of exit. So (profiling the company) is more towards building it for a potential IPO," Sitt told DEALSTREETASIA.

Topic Images Acquired By PIXTA

By Jim Pickerell | 342 Words | Posted 3/30/2017 | Comments
PIXTA Inc. in Japan has acquired 80% of the outstanding stock of Topic Images Inc. of Korea from its parent companies, NEWSIS Co., Ltd. and NEWS1 Co., Ltd. for 130 million JPY ($1,164,780). The transaction took place on Feb 24, 2017. Topic has been selling high-priced stock images mainly in Korea, producing many of them by itself.  Topic is now a subsidiary of PIXTA and will receive PIXTA’s strong support for its business operation. However, Topic is continuously conducting its own business as an existing company.

Enterprise Mystery

By Jim Pickerell | 1109 Words | Posted 12/15/2016 | Comments
Shutterstock supplies very little information about their Enterprise customers and how Enterprise sales work. Yet it is an extremely important segment of their business and critical to understanding the company’s potential for future growth. At the end of Q3 2016 Shutterstock had 35,000 Enterprise customers up from 24,000 at the beginning of the year, or about a 46% increase in 9 months. How much of that 46% is real growth?

Visual China Group Investors Dump Stock

By Jim Pickerell | 246 Words | Posted 12/14/2016 | Comments
Visual China Group the company that acquired Corbis in January 2016 has seen a more than 50% decline in value as an investment since the purchase and a 20% decline in the last month. VCG is a publicly traded company on the Shenzhen Stock Exchange.

Shutterstock Growth Trends

By Jim Pickerell | 901 Words | Posted 12/6/2016 | Comments
I was asked recently if I am optimistic that Shutterstock will maintain its momentum in 2017? The short answer is YES, I believe Shuttrstock’s 2017 growth will continue on the same track as it has in the last two years. In 2014 revenue growth was 39%. In 2015 it was 30% and in 2016 it is expected to be around 18%. I expect the company will continue to maintain its DOWNWARD trend.

High-Level Thoughts On Stock Industry

By Jim Pickerell | 1831 Words | Posted 12/2/2016 | Comments
An investment portfolio manager recently asked me to spend five minutes giving my “high-level thoughts on the (stock photo) industry outlook, competitive dynamics and emerging trends.” I couldn’t do it in anywhere near five minutes. Here are my high-level thoughts.

Shutterstock Q3 2016 Financial Results

By Jim Pickerell | 1711 Words | Posted 11/4/2016 | Comments
Shutterstock has reported Q3 2016 revenue of $123.1 million up 15% from $107.3 million compared to Q3 2015. The growth is due mainly to new customers and increased activity by enterprise clients. The average price per download during the quarter was $2.91, up from $2.76 in Q3 2015 and from $2.81 in Q2 2016. There were 41.2 million paid downloads in the quarter and 102.7 million still images and illustrations in the collection at the end of the quarter up 61% from 63.7 million a year ago.

Stocksy: Highly Curated Content vs. UGC

By Jim Pickerell | 1138 Words | Posted 11/2/2016 | Comments
Will crowd-sourcing images (UGC) or highly curated collections from professional creators be the future of stock photography? All the major suppliers of stock imagery are focused on acquiring more User Generated Content, but long range will that be the best way to grow revenue or create the most usable collections for image consumers? At the recent DMLA 2016 Conference Brianna Wettlaufer, CEO of Stocky United, talked about an alternative to UGC and how to run a viable, sustainable and profitable photographer’s co-op.

Volume And Search Return Are Killing Sales

By Jim Pickerell | 1185 Words | Posted 10/14/2016 | Comments
In the “Goodbye Shutterstock” thread on MicrostockGroup marthamarks said, “My older images still sell on Shutterstock, but newer ones die there.” Why would that be? One would expect newer images to sell better, particularly when agencies continue to ask for more and more images. This does not seem to be insolated complaint, but one common to many long time Shutterstock contributors.

Shutterstock: Opportunity For Investors?

By Jim Pickerell | 1159 Words | Posted 8/11/2016 | Comments
If you’re curious as to why Shutterstock’s stock price keeps rising while from the perspective of many in in our industry Shutterstock’s long term growth prospects don’t appear to be that favorable, David Trainer offers some interesting insights. See here. Trainer is CEO of New Constructs (www.newconstructs.com), an independent research firm that leverages proprietary technology to find key insights from the Financial Footnotes of 10Ks and 10Qs. After studying his analysis here are a few of my thoughts.

Shutterstock Q2 2016 Financial Results

By Jim Pickerell | 1913 Words | Posted 8/4/2016 | Comments
Shutterstock has reported Q2 2016 revenue of $124.4 million up from $104.4 million compared to Q2 2015. The growth is due mainly to new customers and increased activity by enterprise clients.

Stocksy: Impressive Growth

By Jim Pickerell | 724 Words | Posted 5/31/2016 | Comments
Stocksy has reported another year of impressive growth with gross sales of $7,928,745 million in 2015. That is up 126% from $3.5 million in 2014. The great news for image creators is that Stocksy paid out $4,323,735 in royalties. That’s 55% of gross revenue collected. In addition, because the company is a Co-Op, they were able to pay out an additional $200,000 in dividends to members who sold images during the year.

Shutterstock Q1 2016 Financial Results

By Jim Pickerell | 1536 Words | Posted 5/4/2016 | Comments
Shutterstock has reported Q1 2016 revenue of $116.7 million up $19.1 million compared to Q1 2015. The growth is due mainly to new customers and increased activity by enterprise clients. Royalties paid to contributors during the quarter were about 29% of total revenue, or approximately $33.8 million. Currently, there are over 100,000 contributors meaning that the average contributor earned $338 during the quarter.

Panoramastock Goes Public In China

By Jim Pickerell | 96 Words | Posted 12/24/2015 | Comments
Panoramastock has recently been listed on a small cap tech stock exchange called the NEEQ (National Equities Exchange and Quotations). The exchange is also called the New Third Board Stock. The company’s stock code is 834877.

Getty Getting $90 Million From Bond Investors

By Jim Pickerell | 526 Words | Posted 11/13/2015 | Comments
According to Bloomberg, Getty Images has found a way to raise a net $90 Million in an effort to revive its “Midstock” business.

Shutterstock Reports Q3 Results

By Jim Pickerell | 1327 Words | Posted 11/5/2015 | Comments
Today, Shutterstock reported $107.3 million in revenue for Q3 2015, a 28% increase over Q3 2014 and up nearly $3 million from the previous quarter. The increase was primarily due to a 22% increase in the number of paid downloads compared to a year earlier.