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2018 Annual Report Our Vision Shutterstock Is a Global Creative Platform Empowering Customers with Compelling Content, Innovative Tools, and Valuable Services

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2018 Annual Report Our Vision Shutterstock Is a Global Creative Platform Empowering Customers with Compelling Content, Innovative Tools, and Valuable Services 2018 Annual Report Our Vision Shutterstock is a global creative platform empowering customers with compelling content, innovative tools, and valuable services. Our Values Innovation Our values are at the heart of everything we do and how we approach our work, our customers, and our colleagues. Passion Honesty Courage Collaboration Selflessness Accountability and contributors. The ongoing investment in our platform Dear Shareholders, powers an improved customer journey globally, with new ways to discover content through an improved search experience that we now offer in 21 languages across the Throughout 2018, we continued to execute on our vision whole site. In order to grow our customer base we need to of being a leading global creative platform. Our strategy ensure that Shutterstock is the destination for customers to realize this vision and drive continued growth remains in all markets around the world and adding more local focused on three pillars: Platform, Network and Talent. languages brings us one step closer to this goal. Our goal is to make our content and tools available We have also improved our mobile iOS and Android “anytime, anywhere,” while continuously enhancing apps and improved the speed of mobile responsive web the marketer experience through our high performance pages for devices of all shapes and sizes. Lastly, we have Platform. leveraged the UI/UX improvements made during the last quarter of 2018 for footage across additional customer We continue to focus on improving the experience of touchpoints throughout our eCommerce platform. our customer and contributor Network by improving personalization and localization through our data-driven Across the eCommerce and Enterprise channel, we have and testing-oriented culture. developed an integrated marketing strategy with a focus on activities that deliver higher ROI, conversion rate and Finally, Shutterstock wouldn’t be what it is without its customer lifetime value. We are also further leveraging global Talent base of over 1000 employees with their our data and testing-oriented culture to optimize pricing innovative thinking and commitment to our customers and packaging options, as well as to improve the local and contributors. experience for our global customers. In 2018, Shutterstock continued to see sustained growth, Our Platform Solutions offering, which represents our API with our customer and contributor engagement at an all- integrations, continues to deliver steady growth and has time high. We now have over 1.9 million active customers created product enhancements that allow us to speed up and an expanding global network of more than 650,000 integration with our partners. We continue to bring our contributors. At the end of 2018, we had more than 225 content to where our customers need it the most under our million images and over 13 million video clips available for “anytime, anywhere” mantra. In November we announced download and 4 million users of Shutterstock Editor, our an exclusive integration with Apple Final Cut Pro® X to help in-browser image editing tool. users streamline the video creation process and increase All of our channels had revenue growth, with eCommerce access to Shutterstock’s library of images, videos and showing particular strength, delivering 10% growth music. IBM’s Watson® Content Hub, Google Slides and across 2018, which was the highest annual level of growth Magic Leap also became partners in 2018. since 2015. In addition, our focus on cost management and internal efficiencies drove improved Adjusted EBITDA margins. I am pleased with our progress as we continue New Product Offerings: to profitably grow our business and deliver value to our In November, we launched Shutterstock Select, a premium shareholders, including the August 2018 special dividend tier of royalty-free video content. This new offering is of over $100 million. Our cash position remains strong and our highest video production value available, filmed on we remain debt-free. cinema-grade equipment including RED cameras. The collection features commercial content categories such as cinematic aerials, millennial adventure, gastronomy, Improving the Customer Journey action, and workplace scenes. Shutterstock Select is a new We made important strides in 2018 towards providing tier added to our current collection of over 13 million high- a single high-performance platform for our customers quality videos used by filmmakers globally. Our Editorial offering continued to gain traction among personalize our customer and contributor experiences; enterprise customers and in October we launched our and to increase engagement and collaboration across our Editorial eCommerce offering. For the first time, our talented global employee base. As we continue to execute comprehensive Editorial collection is available to all on our strategy of Platform, Network, Talent, customers as a self-serve eCommerce product. As a our vision is simple: Incredible content. One platform. reminder, our Editorial collection contains over 40 million Endless possibilities. images and we add, on average, more than 700,000 new I am excited about the path we are pursuing. The work editorial images per month. In addition, our team covered we are doing now will continue to improve our business over 6,500 entertainment and sporting events throughout and I strongly believe in the long-term global market the year. opportunity. I am confident in our ability to successfully We also entered into a partnership with rights clearance execute our strategy to drive revenue growth, improve industry leader, Greenlight. This exclusive partnership margins and increase cash flow to ultimately deliver provides Shutterstock customers with access to services increased shareholder value. that clear editorial image and video content for commercial Thank you for your continued confidence and investment licensing purposes. This is the first time we have offered in Shutterstock. this service to our customers and it opens up our 40 million editorial images to be cleared for commercial use. Contributors We streamlined the process for contributors to upload content and recently implemented language and localization improvements, making our platform available Jon in 21 languages, an increase from 6 languages previously. Our contributor base is global and the ability to interact with contributors in their local languages helped fuel the record high levels of engagement we saw in 2018. We will continue to optimize our contributor experience with the goal of being the first place photographers, artists, videographers and musicians go to monetize their content. Looking to the Future We kicked off 2019 with the launch of a new brand campaign, It’s not Stock, It’s Shutterstock. In addition, our recent video spoof on the Fyre Festival showed the breadth and depth of our video and music offerings for customers to be able to build their own productions at a fraction of the cost it would take to execute a custom shoot. The Fyre Festival video has gone viral and now has nearly 3.5 million views. While 2018 was filled with achievements and continued growth, there is still a lot of work to be done. We are focused on continuing to improve the efficiency, speed and performance of our platform; to evolve and Our business Our creative platform drives faster, more efficient content discovery and creation for customers around the world. The numbers We made significant progress across many of our key metrics in 2018. Annual Paid Downloads Annual Revenue Millions Millions 180 $623 172 $557 168 $494 147 $425 126 $328 100 $236 76 $170 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 Growth since 2012 Growth since 2012 $3.40 650K Revenue per download Approved contributors 242M Images on site 13M Videos on site In January, 2019, Shutterstock launched a new brand marketing campaign, “It’s not stock, it’s Shutterstock.” With the goal of elevating the world’s perception of stock, the campaign highlights the incredible quality and depth of our creative assets— 250M+ images, video clips and music tracks—and our innovative tools. The first campaign video, “Fyrestock,” created entirely with Shutterstock’s own video and music assets, caught fire on social media. It quickly garnered over 3.5M views and worldwide media coverage. Creative Trends Every year, Shutterstock customers across the world perform billions of searches for images, video, and music. Our data and creative teams analyze this search and download activity to identify the changes from year to year. With this information, our content, design, video and music teams identify the trends that will continue to grow in 2019. 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