Shutterstock appoints new chief marketplace officer

NEW YORK - Shutterstock , Inc. (NYSE: NYSE:SSTK), a global creative platform with a market capitalization of $1.2 billion known for its extensive library of licensed content, has announced the appointment of Matt Furlong as the new Chief Marketplace Officer effective Monday, January 13. The announcement comes as the stock shows strong momentum, gaining over 13% in the past week. According to InvestingPro analysis, the company appears to be trading above its Fair Value. Furlong, a former executive at GameStop (NYSE:GME), will join Shutterstock's leadership team to steer the company's Marketplace division, which includes a range of individual user products and ecommerce solutions.

Furlong's role will involve shaping the strategy, operations, and expansion of the division, aligning with Shutterstock's broader business goals. His responsibilities will extend to overseeing the integration of Shutterstock's various creative content brands, such as PremiumBeat, Pond5, and TurboSquid, as well as managing the Global Customer Success team. The company has maintained steady growth with revenue increasing by 3.09% over the last twelve months, while offering shareholders an attractive 3.48% dividend yield.

Shutterstock's CEO, Paul Hennessy, expressed confidence in Furlong's leadership capabilities and operational expertise, anticipating that he will significantly contribute to the company's focus and growth, enhancing service to Marketplace customers.

Before joining Shutterstock, Furlong led GameStop as CEO, focusing on customer experience and business transformation. His prior experience includes a significant tenure at Amazon (NASDAQ:AMZN), where he held leadership positions and served as the Country Manager for Amazon Australia. Furlong began his career at Procter & Gamble, spending 12 years before his stint at Amazon.

In a statement, Furlong expressed enthusiasm about joining Shutterstock during a transformative period for the company, which prides itself on empowering creatives with a wide array of visual content. He aims to leverage his background in customer innovation and brand leadership to further develop the Shutterstock Marketplace.

Shutterstock serves as a key resource for brands, digital media, and marketing companies, offering a comprehensive selection of creative content, including 3D models, videos, music, photographs, vectors, and illustrations. The company's platform facilitates storytelling with its diverse content and innovative technology.

This leadership update is based on a press release statement from Shutterstock, Inc. The company maintains a FAIR financial health score according to InvestingPro, with analysts setting price targets between $50 and $56. For deeper insights into Shutterstock's financial metrics and growth prospects, including additional ProTips and comprehensive analysis, explore the full Pro Research Report available on InvestingPro.

In other recent news, Getty Images and Shutterstock have announced a definitive agreement to merge, creating a premier visual content company valued at approximately $3.7 billion. The combined entity is expected to offer customers an extensive selection of visual content and provide the contributing community with expanded global reach. The merger is projected to result in revenues ranging from $1.979 to $1.993 billion, with EBITDA forecasted to be between $569 million and $574 million before synergies.

The leadership of the merged company will see Craig Peters, current CEO of Getty Images, at the helm, and an eleven-member Board of Directors formed, including representatives from both companies. The ownership of the combined company will be approximately 54.7% for Getty Images stockholders and 45.3% for Shutterstock stockholders on a fully diluted basis.

In more recent developments, Shutterstock reported a record revenue of $251 million in the third quarter of 2024, a 7.4% increase from the previous year. The company's CEO, Paul Hennessy, attributed this growth to the successful integration of AI-generated content and the recent acquisition of Envato. The company also raised its full-year revenue guidance to between $935 and $940 million. These are the recent highlights for both Getty Images and Shutterstock.

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