The following is a summary of the Shutterstock, Inc. (SSTK) Q2 2024 Earnings Call Transcript:

Financial Performance:

• For Q2 2024, Shutterstock delivered revenue of $220 million, showing a 5.4% growth, and adjusted EBITDA of $62 million with a 28% margin.

• Content revenue was at $170 million, marking a 9% decline compared to the previous year.

Business Progress:

• Shutterstock successfully acquired Envato, enhancing its Content business and aligning with long-term financial goals.

• Introduced GenAI 3D capabilities in collaboration with NVIDIA, and announced commercial API access beginning September.

• Expanded the Data, Distribution and Services business significantly, showing hypergrowth of 129% in the quarter.

• Announced a new partnership with Databricks for Shutterstock ImageAI.

Opportunities:

• The acquisition of Envato aims to bolster Shutterstock's subscription services and content diversity.

• New GenAI capabilities, in partnership with NVIDIA and Databricks, present growth avenues in AI-driven content creation.

Risks:

• Soft new customer acquisition and subdued growth in small- and medium-sized customers present ongoing challenges for the Content business.

More details: Shutterstock IR

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