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2013 Annual Report

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2013 Annual Report 2013 ANNUAL REPORT THE WORLD’S CREATIVE MARKETPLACE Photo: David Yellen A LETTER FROM OUR CEO Dear Shutterstock stockholders, inside of Shutterstock, and we look forward to watching it grow. Growth. When we talk about Shutterstock’s progress over the last year, that word keeps coming up. In 2013 Within Shutterstock, we introduced Spectrum, a we served more customers and delivered more files search tool designed and built in-house that allows than ever before. We added more than 100 talented customers to search millions of high-quality employees to our team. Our image and video commercially released images by color. collections continued to improve in size and in quality. We explored new areas and introduced two new We serve customers in over 150 countries, and in brands. And we finished the year while putting the 2013 we doubled the number of languages we final coats of paint on our new headquarters in the support on Shutterstock.com from 10 to 20, Empire State Building. with the addition of Turkish, Hungarian, Polish, Czech, Danish, Finnish, Norwegian, Swedish, In everything we do at Shutterstock, we never stop Korean and Thai. learning, testing and optimizing. As we look back on a year of accomplishments, we see so many reasons to To better serve customers on mobile devices, we also be optimistic about the future ahead. added German and Portuguese language support to our popular Shutterstock app for iOS, and introduced Business Overview. For the first time in 2013, we our first Shutterstock app for Android. delivered more than 100 million downloads to our paying customers. We opened our first international offices in London and Berlin. And we successfully completed a major We also continued to deliver strong revenue growth construction project to relocate our New York City and profitability. Revenue for 2013 grew 39% to headquarters to two floors of the Empire State $236 million, from $170 million in 2012. In 2013 Building. Our new headquarters features state- we generated adjusted EBITDA of $53 million, up 53% of-the-art technology, open space to encourage from $35 million in 2012. team collaboration and spontaneous interactions, and room to host industry and community Our 2013 revenue was geographically diversified, with gatherings. It’s an important asset for attracting 36% from North America, 36% from Europe and 28% and retaining talent. from the rest of the world. To 2014 and beyond. So much happened in 2013 At the end of 2013, our cash and short–term that it’s easy to overlook one big milestone: investments balance was $210 million, and we had Shutterstock celebrated its 10th birthday. Since we no outstanding debt. launched Shutterstock on July 10, 2003, we’ve grown A year of accomplishment. Over the last year we into so much more than a photo library. Today, expanded our offerings with new products and Shutterstock is a collection of useful, reliable and brands, as well as new features that have won rave engaging creative resources that people all over the reviews from our customers. world depend on daily. We introduced a premium image collection, Offset, We have so much more to do. Thank you for joining us which offers highly sought-after images at on this journey of creativity, learning and innovation competitive prices. Offset is available through a as we work toward an even better 2014. stand-alone site and is offered as part of our Shutterstock Premier service for ad agencies, Sincerely, publishers and large organizations. We also introduced Skillfeed, a two-sided learning marketplace that offers users unlimited access to thousands of hours of video tutorials. Anybody can create a learning tutorial and get paid based on how much it’s viewed. Skillfeed operates like a startup Jon Oringer Founder and CEO SHUTTERSTOCK IN 2013 900,000 active, paying users 50,000 approved contributors 100 million downloads $236 million revenue 39% annual revenue growth SHUTTERSTOCK SOURCES HIGH-QUALITY IMAGES FROM CONTRIBUTORS AND LICENSES THOSE IMAGES TO CUSTOMERS WORLDWIDE. Contributors create Customers search and and upload content find images and videos CONTRIBUTORS CUSTOMERS Photographers Businesses Illustrators Marketing Agencies Videographers Media Organizations Contributors are paid a Customers license commission when their content from content is downloaded Shutterstock Why contributors choose Shutterstock: Why customers choose Shutterstock: A global audience of paying customers High-quality, licensed images and videos Efficient process for adding images and videos Superior search results Real-time feedback and community Simple, affordable pricing CONTRIBUTOR STORIES FROM AROUND THE WORLD Aff Marshall Maaike Boot USA Netherlands As a young kid in Brooklyn, “ For as long as I can remember “ I’d sketch my daydreams I was creating things and on paper. It was my way of drawing. Nowadays, I work escaping poverty. As time went as an independent artist and on, I learned photography by travel the world in“ search experimenting with an old of new experiences and 35mm film camera that my perspectives. father gave me. Now I enjoy tinkering with computers and learning about new and advanced technologies. Now I’m entering the era“ of digital cinematography and it’s an exciting time. Fernando Gregory Mexico Ever since I was a kid I wanted “ to be a movie director. I tend to forget a lot of things, which is why when I was in high school I started taking pictures of “ everything, I fell in love with photography almost instantly. Ashraf Jandali United Arab Emirates Photography is the way I “ express my feelings to the world, and it really feels good to find people enjoying your work and asking you for more. Shutterstock’s tough level of quality acceptance means a lot to me and helps“ me take my photography to a totally new level.. Monalisa Dakshi India Osei Owusu Banahene My experience with Ghana “ Shutterstock has helped to fulfill my artistic passion and “ Art makes me feel that I to share it around the world. have the ability to change Appreciation from the people the world. Telling stories of who buy my art provides me others and capturing“ the with motivation to work hard “ beauty of nature is very and to continue to come up fulfilling. with innovative concepts. ANNUAL REVENUE (MILLIONS OF DOLLARS) $250 $236 $200 $170 $150 $120 $100 $83 $61 $50 $50$0 2009 2010 2011 2012 2013 PAID DOWNLOADS (MILLIONS) 100 100 80 76 60 59 44 40 34 20 0 2009 2010 2011 2012 2013 LOCAL IMAGE TRENDS Floral patterns are all the rage in Japan, but the French prefer things more black-and-white. We crunched our global numbers to discover what’s inspiring designers in different countries around the world. Sweden Canada Netherlands Health Conceptual Icons Vibrant Textures Germany Global Connections UK Infographic USA Elements Business & Technology France China Black & White Pastel Colors Turkey Banners Mexico & Badges India Family Culture & Tradiition Brazil Geometric Patterns South Africa Nature & Wildlife Argentina Rituals & Customs VIDEO TRENDS As 4K video and 3D rendering technology become more widely available, demand for high-quality footage is rapidly increasing. These clip categories are seeing the most growth. Russia Vivid Color Korea Japan Handcrafted Traditional Floral Design Paintings +94% YOY Cityscapes Australia Natural Environments +66% YOY +97% YOY +98% YOY 3D Renderings Transportation Education UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ፤ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 OR អ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35669 Shutterstock, Inc. (Exact name of registrant as specified in its charter) Delaware 80-0812659 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 350 Fifth Avenue, 21st Floor New York, New York 10118 (Address of principal executive offices) (Zip code) (646) 419-4452 Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, $0.01 par value per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes អ No ፤ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes អ No ፤ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ፤ No អ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ፤ No អ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
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