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2017 Annual Report Our Vision Shutterstock Is a Global Creative Platform Empowering Customers with Compelling Content, Innovative Tools, and Valuable Services

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2017 Annual Report Our Vision Shutterstock Is a Global Creative Platform Empowering Customers with Compelling Content, Innovative Tools, and Valuable Services 2017 Annual Report Our Vision Shutterstock is a global creative platform empowering customers with compelling content, innovative tools, and valuable services. Dear Shareholders We are proud of the progress we made in 2017 as Building a Creative Platform we evolve our business from a robust marketplace for We strive to provide our customers with compelling creators and consumers of media assets to a holistic content and innovative tools that sit at the heart of creative platform where Shutterstock’s customers, our customers’ workflow and facilitate a seamless contributors, and business partners come together process for our growing contributor network. We to leverage the content, tools and services we offer. remain focused on building out and extending our Momentum built throughout 2017 as our employees platform, driving network effects in our contributor focused on achieving key objectives across our and customer bases, and attracting and retaining business, including the creation of new products, the necessary talent for the successful execution of services and features all designed to better serve our business strategy. our customers. We continued to attract exceptional content through We have already begun to see tangible results in both our user-generated collection and distribution growth and retention of our user base -- we now agreements with companies such as the World Surf have more than 1.8 million active paying customers League and the Associated Press. contributing to our revenue and a global network of more than 350,000 approved contributors making their We continued to drive innovation in our platform content available on our platform. At the end of 2017, via machine learning and artificial intelligence. Our we had more than 170 million images and 9 million prototype of composition-aware search is just one video clips available for license. way these advancements are helping our customers find images in new and unique ways. These advanced In 2017, we achieved 12.7% revenue growth. While our search capabilities for our nearly 180 million images short-term profitability was impacted by some of the combined with our Editor tool enables customers investments we made in 2017, we are confident these to fully produce the creative content they need. We critical investments to transform our marketplace into focused on optimizing our customer experience and a platform and increase our efficiency will create long- the yield it produces and rigorously tested various term positive financial results in 2018 and beyond. aspects of our customer experience to evaluate the effects on lifetime value, product mix and engagement. The Enterprise Customer We added new partners who integrated Shutterstock into We are committed to providing our Enterprise their products through our application. Hubspot and Google customers with the optimal variety of content and Slides are just two examples of the many partners that services. In 2017, we acquired Flashstock Technology placed our images, footage and editing tools at the heart of and rebranded it as Shutterstock Custom - launching their customer’s workflow. We plan to continue to invest in a robust custom content creation service on our making our images, video and music content available in platform. We believe Custom is a long-term opportunity business applications everywhere and enabling businesses for us, and that we are well positioned to significantly to build on applications through our new developer portal. build on the customer and contributor communities 2018 and Beyond that Custom has today. We will continue to execute our strategy in 2018 and We continue to dimensionalize our business model build on the momentum we created in 2017. We continue by expanding our geographic reach and presence, as to focus on our technology platform, new products, and well as by continuing to grow content types beyond launching features and functionality for our growing still images, including video, music and editorial customer base. We are improving localization on our site, content. We are receiving strong positive feedback in our content and in understanding customers’ local from customers who are increasingly making content needs. We will continue to invest in our platform multi-product purchases across our content types. and high growth opportunities that align with our core Revenue generated by our enterprise business grew business objectives. approximately 24% year-over-year and represented approximately 33% of our total revenue in 2017. Additionally, the strength of the talent joining Shutterstock makes me excited for what we will In 2017, we covered 4,000 entertainment events and build in 2018 and beyond. approximately 2,400 sports events for our Editorial offering. Today, we have a full Editorial offering on Thank you for your continued investment in Shutterstock and joinin our Enterprise platform and expect to launch a self- g me and the team on this journey. I am confident t service editorial product in 2018. While our Sports, he work we have done has put us on the right path and Entertainment, and News content is in its early stages, I am excited for what is yet to come. we see a large opportunity for growing this product in new customer-friendly ways. Shutterstock Everywhere for Everyone As we continue to expand our platform, we strive to ensure that our content is available anywhere our customer needs it and at attractive price points. In our eCommerce Image offering, we are seeing solid customer growth and our focus continues to be on Jon Oringer optimizing customer acquisition, consumption and Founder and CEO retention. Throughout 2017, we enhanced our ability to attract new customers while also driving down per-customer acquisition costs as compared to 2016. Within our Motion offering, we launched our new PremiumBeat website as well as a mobile app which enables on-the-go music discovery. We have begun to simplify our pricing structure as well as enhance our portfolio of products, including through RocketStock, which produces original state-of-the-art video packs, industry-leading video effects elements, and high quality After Effects templates. Shutterstock by the numbers We made significant progress across many of our key metrics in 2017. 1.8M 350K ACTIVE PAYING USERS APPROVED CONTRIBUTORS 172M $557M DOWNLOADS REVENUE 170M $3.13 IMAGES ON SITE REVENUE PER DOWNLOAD The Shutterstock business model Our creative platform drives faster, more efficient content discovery and creation for customers worldwide. EDI IC TOR US PL M UG -I GE NS TA O C O O F L L E C E TO T G S O I A T L O E S N M S I S S A S R C E O M S 3 N O 5 R T T 0 E S , R 0 M U I 0 B O C 0 U T N C T S O O O U I N R C L T L I R S I M B 8 U . T 1 O R S SERVICES RE G CA LOBAL CUSTOMER OM S UST HUTTERSTOCK C Expanding our custom business Launched in June 2017, Shutterstock Custom gives brands the power to produce high-quality, on-brand content at scale. Creative Trends report 2018 Every year, Shutterstock customers across the world make billions of searches for images, footage, and music. Our data and creative teams analyze this search and download data to discover the biggest year-over-year increases. With the information gathered, plus expert knowledge from our content, design, video, and music teams, we identify the trends that will continue to grow throughout 2018. Fantasy Holographic Foil New Minimalism Space Cactus Natural Luxury A Global March Ancient Geometrics Cryptocurrency Punchy Pastels Digital Crafts Annual Revenue Millions of Dollars $557 $494 $425 $328 $236 $170 $120 $83 2010 2011 2012 2013 2014 2015 2016 2017 Paid Downloads Millions 172 168 147 126 100 76 59 44 2010 2011 2012 2013 2014 2015 2016 2017 [THIS PAGE INTENTIONALLY LEFT BLANK] U1ITED STTATES SECURITIESA1D EXCHA1GE COMMISSIO1 WASHI1GTO1,D.C. 20549 _________________________________________________________________ FORM 10-K (Mark One) A11UAL REPORRT PURSUA1TTOSECTIO1 13OR15(d) OF THE SECURITIES EXCHA1GEACT OF 1934 For the fiscal year ended December 31, 2017 or TRA1SITIO1 REPORRT PURSUA1TTOSECTIO1 13OR15(d) OF THE SECURITIES EXCHA1GEACT OF 1934 For the transition period from ___ to ___ Commission File 1umber: 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 1o.) 350 Fifth Avenue, 21st Floor 1ew York, 1ew York 10118 (Address of principal executive offices) (Zip Code) (646) 710-3417 Registrant’s telephone number, including area code Securities registeredpursuant to Section 12(b) of the Act: Titleof each class 1ame of each exchange on which registered Common Stock, $0.01 par value per share 1ew York Stock Exchange Securities registeredpursuant to Section 12(g) of the Act: 1one ______________________________________________________________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes 1o 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 1o 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 1o Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive DataFile 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 submitand post such files).
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