Shutterstock reports robust growth in 2015 helped by downloads increase
Shutterstock, a stock photography based in America, said its revenues for the year 2015 has increased 30% to $425.1 million. This increase in revenue was helped by a 17% jump in new paid downloads and 10% growth in revenue per download.
The company's earnings per share amounted to $0.38 during the fourth quarter of 2015. While, revenues for the period totalled $116 million. The results were below earlier estimation of earnings at $0.33 per share on revenues of $117.2 million. The company expects 2016 revenues between $495 million and $510 million.
Small Business TRENDS quoted chief executive officer, Jon Oringer, who said that 2015 was a year of robust financial development and that the company offered high-quality image content to its customers. He added that Shutterstock handled innovative workflow tools to provide high-end products to users. In addition, the company expects to record robust financial results for 2016 by investing in high technologies as well as widening business portfolio.
Many small organisations have profited from the company's image service. With the help of Shutterstock's royalty free images, these small businesses promoted their marketing strategies in an efficient manner. The company is growing its business services by providing high-quality images, videos, vectors, photographs etc.
Moreover, Shutterstock, which currently provides over 70 million images for publications and bloggers, has unveiled new discovery and search structures to help its customers. This new reverse image feature will be powered by Shutterstock's neural network. The reverse image discovery will allow customers to simply upload a photo from any collection and provide images like the original. In addition, this new feature overwhelms restrictions of keyword search.
Computer vision enables the system to scrutinise pictures by breaking down the images and handling them on pixel data. While commenting on this innovation, Jon Oringer said that the company is implementing various high-defined technologies to boost its services. He added, "Doing this in the video is a breakthrough and as the technology continues to learn and recognize what's inside an image or a clip, it promises more possibilities. We know we've only scratched the surface in how we use this deep machine learning to better understand and serve our customers.
According to VentureBeat, the reverse image technology has been used by many myriad services like TinEye, ImageBrief, Snaplay and even Google provides this advanced image feature. Very soon the company, which has plenty of video clips, is expected to launch the similar reverse technology in videos also.
Shutterstock is the leading provider of licensed vectors, images, videos, illustrations to many content marketing businesses. The company's strong financial performance signifies reflects its interest in applying high-quality technologies to boost growth.