Shutterstock, Inc.
−Removed: is a leading global creative platform offering full-service solutions, high-quality content, and tools for brands, businesses and media companies.
−Removed: Our platform brings together users and contributors of content by providing readily-searchable content that our customers pay to license and by compensating contributors as their content is licensed.
−Removed: The content licensed by our customers includes:
+Added: (referred to herein as the “Company,” “we,” “our,” and “us”) is a leading global creative platform offering full-service solutions, high-quality content, and creative workflow solutions for brands, businesses and media companies.
+Added: Our platform brings together content creators and contributors by providing readily-searchable content that our customers pay to license and by compensating contributors as their content is licensed.
+Added: Our key offerings include:
• Images - consisting of photographs, vectors and illustrations.
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• Music - consisting of high-quality music tracks and sound effects, which are often used to complement images and footage.
−Removed: • 3D Models - following our acquisition of TurboSquid, Inc.
−Removed: on February 1, 2021, we now offer 3D models, used in industries such as advertising, media & video production, gaming, retail, education, design and architecture.
−Removed: For customers seeking specialized solutions, we also create custom, on-brand content by matching our global contributor network to the unique needs of our customers.
−Removed: This solution allows us to offer customers a fast and scalable way to produce cost-effective content that is in line with the visual footprint of their brand.
−Removed: We typically offer a royalty-free non-exclusive license and the processes we maintain to properly license content and the indemnification protections we provide, allow individuals and businesses of all sizes, including media agencies, publishers, production companies and creative service providers, to confidently utilize such content for their unique commercial or editorial needs.
+Added: • 3 Dimensional (“3D”) Models - consisting of 3D models, used in a variety of industries such as advertising, media and video production, gaming, retail, education, design and architecture, following our acquisition of TurboSquid, Inc.
+Added: (“TurboSquid”) on February 1, 2021.
+Added: • Creative Design Software - consisting of our online graphic design and image editing platform.
+Added: On September 3, 2021, we completed the acquisition of substantially all of the assets and assumption of certain liabilities from PicMonkey, LLC (“PicMonkey”).
+Added: In addition, in July of 2021, through our newly formed entity Shutterstock.AI, Inc.
+Added: (“Shutterstock.AI”), we acquired Pattern89, Inc., Datasine Limited, and assets from Shotzr, Inc., three artificial intelligence (“AI”) entities that provide data driven insights and predictions about creative content’s propensity to perform through their AI platforms.
+Added: Shutterstock.AI will commercialize the underlying metadata of our existing content library.
+Added: In addition, with AI tools obtained from these acquisitions, we plan to develop predictive performance capabilities to help customers make more data-informed content decisions.
We believe that we benefit from scale and network effects between customers and contributors.
−Removed: We have managed to build a world class library of images, footage clips and music, sourced from our vast network of contributors.
+Added: We have managed to build a world class library of images, footage clips, music and 3D models, sourced from our vast network of contributors.
Our extensive content library and contributor network enables us to attract a global and diverse customer base representing businesses of all sizes and from all major industries.
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We believe that our licensing model and creative platform drive a high volume of download activity that in turn provides a high volume of search, download and other customer behavioral data that enables us to continuously improve the quality and accuracy of our proprietary search algorithms, including keyword, search localization and similar image identification, and encourages the creation and contribution of new content to meet our customers’ needs.
−Removed: We enable users to search and discover content to meet their unique needs by searching our collection and previewing our content at no cost prior to licensing.
+Added: We enable users to search and discover content to meet their unique needs by searching our collection and previewing our content alongside its propensity to perform and global utilization, at no cost prior to licensing.
We also leverage, to the greatest extent possible, the global nature of our user interfaces and marketing efforts, including local languages, currencies and payment methods, and our effective use of current and emerging technology and marketing channels to attract and retain customers and contributors.
+Added: We typically offer a royalty-free, non-exclusive license, and the processes we maintain to properly license content and the indemnification protections we provide allow individuals and businesses of all sizes, including media agencies, publishers, production companies and creative service providers, to confidently utilize such content for their unique commercial or editorial needs.
Our high-quality content is distributed to customers under the following brands:
−Removed: Shutterstock, our flagship brand, Bigstock, Offset and PremiumBeat.
+Added: Shutterstock — our flagship brand, Bigstock, Offset, PremiumBeat and TurboSquid.
Our Shutterstock brand includes various content types and offerings such as image, footage, editorial, music and studios.
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Our Offset brand provides authentic and exceptional content for high-impact use cases that require extraordinary images, featuring work from top assignment photographers and illustrators from around the world.
−Removed: PremiumBeat’s library of exclusive high-quality music tracks provides producers, filmmakers and marketers the ability to search handpicked production music from the world’s leading composers.
−Removed: Our tools are provided to enhance our customers’ project management needs and to enable efficient search capabilities.
−Removed: These include:
−Removed: • Our robust search engine , with highly sophisticated search capabilities, leverages our artificial intelligence (“AI”) based search algorithms to enhance the speed and curation of images, footage and audio files.
+Added: PremiumBeat’s library of exclusive high-quality music tracks provides producers, filmmakers and marketers
+Added: the ability to search handpicked production music from the world’s leading composers.
+Added: TurboSquid operates a marketplace that offers more than one million 3D models and a 2 dimensional (“2D”) marketplace derived from 3D objects.
+Added: For customers seeking specialized solutions, Shutterstock Studios extends our offerings by providing custom, high-quality content matched with production tools and services at scale.
+Added: Shutterstock Studios delivers end-to-end custom creative services providing data-driven content strategy and full-scale production for our customers.
+Added: Shutterstock Editorial provides imagery and video content for the latest news, sports and entertainment, and Shutterstock Editorial also offers the Newsroom, for global breaking news, exclusives and archival content.
+Added: In addition to our content-driven solutions, we are committed to investing in applications and technology targeted at enhancing our customers’ workflow management needs and to enable efficient search capabilities.
+Added: During 2021, we launched Catalog and Plan applications, which form the beginnings of Shutterstock’s Creative Flow, a suite of applications powered by creative insights designed to enhance creativity and encourage collaboration.
+Added: In addition to workflow applications, Shutterstock continues to invest in making it easier for customers to find the content they need, faster.
+Added: Our efficient search capabilities include:
+Added: • Our Music Match Tool - an AI-powered search feature that allows customers to find the perfect song based on a song they already know.
+Added: Enterprise customers searching for music for film and media projects can now access our Music Match Tool, enabling them to streamline their process for finding the right music for every project.
+Added: • Our robust search engine , with highly sophisticated search capabilities, leverages our AI based search algorithms to enhance the speed and curation of images, footage and audio files.
We obtain a high volume of data generated from these user searches and content downloads, which enables us to continuously improve our search algorithms.
Our behavioral and keyword data, along with our investments in technology and our experience in developing AI-based search algorithms, enable us to deliver a rich user experience by increasing the chances that our users can efficiently find the content they require.
−Removed: • Shutterstock Editor and Editor Pro are feature-filled cloud-based workflow tools that provide a robust solution for creators to quickly size, edit and enhance images for immediate use in presentations, social media posts or advertisements.
−Removed: These tools are designed to simplify the process of editing Shutterstock’s millions of photos and illustrations into compelling presentations.
+Added: Subsequent to our acquisition of PicMonkey in September 2021, we also offer our customers access to a leading online graphic design and image editing platform.
+Added: This application enables creators of any skill level to design high-quality visual assets – from presentations, advertisements and logos, to business cards and banners – for an array of use cases, including digital marketing, advertising and social media posts.
+Added: While some professional design applications require formal training, the integration of PicMonkey into Shutterstock will further empower our customers, regardless of their skill level or expertise, to create beautiful, best-in-class content with efficiency and ease in just a few clicks.
Also, our Application Programming Interface (API) driven infrastructure further enhances and streamlines our customers’ workflow and project management needs by allowing businesses to gain access to our content without leaving their platform.
Through our API, content can be integrated into the platforms of our Enterprise sales channel customers and can also be distributed to end users through our partnerships with several social media, software and marketing technology platforms including Microsoft Audience Network, Facebook Ads, Hubspot, Google Ads and Wix.
−Removed: In addition, we have developed plug-ins that our customers can use to seamlessly access our content directly from Apple’s Final Cut Pro® X video editing application, several Microsoft applications, Adobe Creative Cloud® desktop applications and Google SlidesTM.
+Added: In addition, we have developed plug-ins that our customers can use to seamlessly access our content directly from Apple’s Final Cut Pro® X video editing application, several Microsoft applications, Adobe Creative Cloud® desktop applications and Google Slides TM .
Sales and Distribution Channels
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• E-commerce:
−Removed: The majority of our customers license content directly through our self-service web properties, including our Shutterstock.com, bigstock.com and premiumbeat.com websites.
−Removed: We offer a variety of subscription plans across images, footage and music content.
−Removed: Customers in our e-commerce sales channel have the ability to purchase plans that are paid on either a monthly or annual basis or to license content on a transactional basis.
−Removed: Customers in our e-commerce sales channel generally license content under our standard or enhanced licenses, with additional licensing options available to meet customers’ individual needs.
+Added: The majority of our customers license content directly through our self-service web properties.
+Added: Customers in our e-commerce sales channel have the flexibility to purchase a subscription-based plan that is paid on either a monthly or annual basis or to license content on a transactional basis.
+Added: These customers generally license content under our standard or enhanced licenses, with additional licensing options available to meet customers’ individual needs.
• Enterprise:
−Removed: We offer tailored and turnkey solutions to customers with unique content, licensing and workflow needs.
−Removed: These customers benefit from communication with our dedicated sales, service and research teams which provide a number of personalized enhancements to their creative workflows including non-standard licensing rights, multi-seat access, ability to pay on credit terms, multi-brand licensing packages, increased indemnification protection and content licensed for use-cases outside of those available on our e-commerce platform.
−Removed: Customers in our enterprise sales channel may also benefit from our API platform as well as access to Shutterstock Editorial, which includes our library of editorial images and videos and Shutterstock Studios, our offering which provides custom, high-quality content matched with production tools and services.
+Added: We also have a base of customers with unique content, licensing and workflow needs.
+Added: These customers benefit from communication with our dedicated sales, service and research teams which provide a number of tailored enhancements to their creative workflows including non-standard licensing rights, multi-seat access, ability to pay on credit terms, multi-brand licensing packages, increased indemnification protection and content licensed for use-cases outside of those available on our e-commerce platform.
+Added: Customers in our enterprise sales channel may also benefit from our API platform as well as access to Shutterstock Editorial, which includes our library of editorial images and videos and Shutterstock Studios, our offering which provides custom, high-quality content matched with production tools and services at scale.
Our range of solutions, including the depth of our API integration, appeals to a broad and diverse customer base and enables us to adapt and evolve with the needs of our more high touch clients to deliver capabilities that embed deep within their workflows.
−Removed: Our Other sales channel historically included revenue from Webdam’s digital asset management offerings which were made available through annual software-as-a-service subscription plans.
−Removed: On February 26, 2018, we completed a sale transaction of our digital asset management business (the “Sale of Webdam”) for an aggregate purchase price of $49.1 million.
Revenues generated from each of the sales channels are as follows (in thousands):
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Enterprise 283,203 254,165 258,282
−Removed: Other — — 2,711 16,022 11,017
Total Revenue $ 773,415 $ 666,686 $ 650,523
−Removed: $ 666,686 $ 650,523 $ 623,250 $ 557,111 $ 494,317
−Removed: (1) Effective January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) using the modified retrospective approach.
−Removed: Historical revenue totals reflect those previously reported and have not been restated.
−Removed: The historical presentation of the allocation of revenue by sales channel for the periods prior to January 1, 2018 have been adjusted to conform to current presentation.
+Added: An important driver of our growth is customer acquisition, which we achieve primarily through online marketing efforts and directly through our sales force.
+Added: Online marketing includes paid search, online display advertising, print advertising, trade shows, email marketing, direct mail, affiliate marketing, public relations, social media and partnerships.
+Added: Over the past several years, our investments in marketing have represented a significant percentage of revenue.
+Added: This spend considers, among other things, the blended average customer lifetime value across our various purchase options so we can manage customer acquisition costs and aim to achieve targeted returns.
+Added: We believe that another important driver of growth is the quality of the user experience we provide on our websites, especially the efficiency and speed with which our search interfaces and algorithms help customers find and download the content that they need, the degree to which our websites have been localized for our global user base, the degree to which we make use of the large quantity of data we collect about image, footage and music and search patterns, and the security of user information on our platform.
+Added: To this end, we have invested aggressively in product development and cloud-based hosting infrastructure, and we intend to continue to invest in these areas, to the extent that we can improve the customer experience and increase the efficiency with which we deploy new products and features.
Our Customers
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Organizations of all sizes utilize creative content for a wide range of internal- and external-use communications such as websites, print and digital advertisements, merchandise, brochures, employee communications, newsletters, social media, email marketing campaigns and other presentations.
−Removed: These organizations and users vary in size and type of organization and include prosumers ranging from sole proprietors to social media influencers.
+Added: These organizations and users vary in size and type of organization and include casual creatives ranging from sole proprietors to social media influencers.
As the use cases for our creative solutions expand, we believe our customers are seeking alternative means to consume our offerings.
−Removed: As a result, we have seen strong growth in customers purchasing monthly subscription products.
−Removed: Our subscriptions provide for a fixed number of content licenses that may be downloaded during the month.
+Added: As a result, we have seen strong growth in customers purchasing monthly subscription products, including our suite of multi-asset subscriptions, launched in 2021.
+Added: These multi-asset products are credit-based and enable customers to license images, footage and music in a single subscription.
+Added: Our subscriptions provide for either a fixed number of content licenses or credits that may be used to download content during the month.
Our subscription-based pricing model makes the creative process easier because customers can download content in our collection for use in their creative process without incremental costs, which provides greater creative freedom and helps improve work product.
−Removed: Customers may also purchase licenses through other contractual plans where the customer commits to buy a predetermined quantity of content licenses that may be downloaded over a period of time, generally between one month to one year.
+Added: In addition, customers may also purchase licenses through other contractual plans where the customer commits to buy a predetermined quantity of content licenses that may be downloaded over a period of time, generally between one month to one year.
For users who need less content, individual content licenses may also be purchased on a transactional basis, paid for at the time of download.
Customers that purchase one of our monthly recurring products for a continuous period of at least three months are considered subscribers.
−Removed: Our number of subscribers and our subscriber revenue have grown by 45% and 12%, respectively, as of December 31, 2020 compared to December 31, 2019.
−Removed: Subscriber growth has outpaced subscriber revenue growth due to the popularity and expansion of our smaller subscription plans.
+Added: Our number of subscribers and our subscriber revenue have grown by 22% and 14%, respectively, as of and for the three months ended December 31, 2021 compared to December 31, 2020 (excluding PicMonkey and TurboSquid).
+Added: Subscriber growth has outpaced subscriber revenue growth due to the popularity and expansion of our smaller subscription plans, but we expect this relationship to evolve as changes in product mix occur.
Our quarterly number of subscribers and subscriber revenue are as follows:
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Our collection of content is provided by a community of contributors from around the world and is vetted through our proprietary technology and by a specialized team of reviewers to ensure that it meets our standards of quality and licensability.
−Removed: Whether photographers, videographers, illustrators, designers or musicians, our community of more than 1.6 million approved contributors as of December 31, 2020 ranges from part-time enthusiasts to full-time professionals, and all content from our contributors is reviewed to ensure it meets our quality standards.
−Removed: The content contributed by our five highest-earning contributors was together responsible for less than 5% of downloads in 2020, demonstrating the breadth and depth of our contributor population.
+Added: Whether photographers, videographers, illustrators, designers or musicians, our community of more than 2.0 million approved contributors as of December 31, 2021 ranges from part-time enthusiasts to full-time professionals.
+Added: The content contributed by our five highest-earning contributors was together responsible for less than 6% of downloads in 2021, demonstrating the depth and diversity of our contributor population.
The breadth and quality of our content offerings are critical to our success, and we have created an easy-to-use online and mobile account creation process, where we enable contributors to create an account, become verified, submit content, and once approved for submission, upload content onto our platform for licensing.
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We provide technical keywording assistance to contributors through our suggested keyword tools, which include a tool that leverages our proprietary computer vision technology to automatically suggest keywords based on visually similar images.
−Removed: We have compiled a vast amount of data relating to the content in our collection, including keywords and aggregated customer behavioral data, which combined with our proprietary computer vision and artificial intelligence technology, drives discovery of content through our search algorithms and search engine optimization (SEO), therefore empowering customers to discover the content best suited for their needs.
+Added: We have compiled a vast amount of data relating to the content in our collection,
+Added: including keywords and aggregated customer behavioral data, which combined with our proprietary computer vision and artificial intelligence technology, drives discovery of content through our search algorithms and search engine optimization (SEO), therefore empowering customers to discover the content best suited for their needs.
We evaluate submissions based on certain technical and legal criteria to ensure we maintain the quality and integrity of our content library, including whether applicable releases have been obtained, whether third-party intellectual property is excluded, and seeking to minimize other technical concerns such as excess noise or focus issues.
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Content accepted into our collection is added to our web properties where it is available for search, selection, license and download.
−Removed: Contributors are paid based on how many times their content has been licensed in the previous month.
+Added: Contributors of content typically earn a royalty each time their work is licensed.
+Added: Contributors earn royalties based on our published earnings schedule that is based on annual licensing volume, which determines the contributor’s earnings tier and the purchase option under which the content was licensed.
Contributors may choose to remove their content from our collection, subject to the terms of service that govern our contributor relationships.
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We also provide data on search trends, allowing content creators to see which images and subjects are popular on our site, and to plan new content themes accordingly.
−Removed: We operate a forum for the photographers, videographers, illustrators and composers that make up our contributor community, allowing them to share tips with one another and to showcase their work.
−Removed: Our rigorous acceptance standards for new submissions provide contributors with a sense of challenge, accomplishment and exclusivity that makes our forums more useful and valuable.
−Removed: Contributors of content typically earn a royalty each time their work is licensed.
−Removed: Contributors earn royalties based on our published earnings schedule that is based on annual licensing volume, which determines the contributor’s earnings tier and the purchase option under which the content was licensed.
In addition to content sourced through direct submission to our e-commerce platform, we also obtain all types of content through exclusive distribution agreements with strategic partners or through the direct acquisition of content, content libraries or archives.
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In developing, improving and enhancing these sites and systems, we focus our internal development efforts on creating and enhancing specialized proprietary software that is unique to our business and we leverage commercially available and open source technologies for our more generalized needs.
−Removed: Our customer-facing software enables users to search the millions of images, vectors, illustrations, footage and music tracks available in our collection or request custom branded content and then select, organize, pay for, license and download the content that suits their individual needs.
−Removed: Our search platform evolves automatically based on behavioral data, with each search and download that a user performs on our platform providing our search engine with additional information to improve search results in subsequent queries.
+Added: Our customer-facing software enables users to search the millions of images, vectors, illustrations, footage, music tracks and 3D models available in our collection or request custom branded content and then select, organize, pay for, license and download the content that suits their individual needs.
+Added: Our search platform evolves automatically based on our own 1st party behavioral data, with each search and download that a user performs on our platform providing our search engine with additional information to improve search results in subsequent queries.
We consider the data that we have collected and the search technology that it powers to be an important proprietary asset and competitive advantage that allows us to provide exceptional service to our customers and enable our business.
We continuously invest in the localization of our creative platform across many countries and regions, allowing customers to search and make purchases in a variety of languages and currencies.
−Removed: Further, we have continued to build and launch innovations to the customer experience.
−Removed: Over the last few years, we have launched additional tools on our platform, such as our image editing tools, Shutterstock Editor and our Shutterstock Editor software development kit (SDK), as well as integrations with third party creative tools, content management systems (CMS) and workflow platforms to further improve the customer’s workflow and eliminate time-consuming steps in the creative process.
−Removed: We continued to improve the features, functionality and availability of these tools during 2020.
We also maintain an API driven infrastructure, enabling integration of our content platform with various other software tools and services, which enables businesses, and their customers, to gain access to our content without leaving their platform.
−Removed: We have developed contributor-facing web properties, which operate in 21 languages and enable individuals and creative professionals to become contributors, upload and tag content, receive feedback on their submissions from our review team, see reports on earnings and payouts, and participate in online discussion forums with other contributors, among other activities.
+Added: Further, we have continued to build and launch innovations to the customer experience.
+Added: Through Shutterstock.AI, we acquired Pattern89, Inc., Datasine Limited, and assets from Shotzr, Inc., three artificial intelligence entities that provide data driven insights through their artificial intelligence platforms.
+Added: With these three acquisitions, Shutterstock.AI plans to develop its own predictive performance capabilities to help creatives and customers accomplish their goals by making more data-informed content decisions.
+Added: Shutterstock is helping solve our customers' problems by expertly navigating the availability of content.
+Added: By developing predictive creative AI models and leveraging cutting edge technology, Shuttertstock.AI plans to help customers make more informed content choices and provide more confidence about the performance of what they produce.
+Added: In addition to our predictive performance capabilities, Shutterstock continues to invest in making it easier for customers to find the right music they need, faster.
+Added: Our Music Match Tool, also launched in 2021, is an AI-powered search feature that
+Added: allows customers to find the perfect song based on a song they already know.
+Added: Enterprise customers searching for music for film and media projects can now access our Music Match Tool, enabling them to streamline their process for finding the right music for every project.
+Added: We are also committed to investing in applications and technology targeted at enhancing our customers’ project management needs and to enable efficient search capabilities.
+Added: During 2021, we launched Catalog and Plan applications, which form the beginnings of Shutterstock’s Creative Flow, a suite of applications powered by creative insights designed to enhance creativity and encourage collaboration.
+Added: These workflow solutions include:
+Added: • Our Catalog application allows Enterprise customers to centralize access to content anytime, and anywhere.
+Added: With Catalog , customers can tag, organize, comment on and approve content together, as well as share content across departments, companies, and time zones.
+Added: • Our Plan application is a single content plan and calendar for teams and clients to access, fostering real-time collaboration.
+Added: Plan enables quick access to collections of content, and keeps teams organized, on the same page, and confident in what they are creating.
+Added: We also develop and continuously invest in contributor-facing web properties, which operate in 21 languages and enable individuals and creative professionals to become contributors, upload and tag content, receive feedback on their submissions from our review team, see reports on earnings and payouts, and participate in online discussion forums with other contributors, among other activities.
We have also developed proprietary tools to enable our contributors to improve their success on our web properties, including our keyword trends tool that allows contributors to see what terms customers are searching for and how those search terms are trending over time, which, in turn, allows contributors to anticipate demand and generate content that customers may want to license.
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We view our investments in technology as integral to our long-term success and we intend to continue to investigate, develop and make capital investments in technology and operational systems that support our current business and new areas of potential business expansion.
−Removed: We market to new customers through a diverse set of performance and brand marketing channels including paid search, online display advertising, print advertising, trade shows, email marketing, direct mail, affiliate marketing, public relations, social media and partnerships.
+Added: An important driver of our growth is customer acquisition, which we achieve primarily through online marketing efforts, TV campaigns and directly through our sales force.
+Added: Online marketing includes paid search, online display advertising, print advertising, trade shows, email marketing, direct mail, affiliate marketing, public relations, social media and partnerships.
+Added: Over the past several years, our investments in marketing have represented a significant percentage of revenue.
+Added: This spend considers, among other things, the blended average customer lifetime value across our various purchase options so we can manage customer acquisition costs and aim to achieve targeted returns.
We also use customer relationship management (CRM) marketing to grow the lifetime value of our existing customers.
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Under our various license agreements, we expressly represent and warrant that unaltered content downloaded and used in compliance with our license agreements and applicable law will not infringe any copyright, trademark or other intellectual property right, violate any third-party’s rights of privacy or publicity, violate any U.S.
−Removed: law, be defamatory or libelous, or be
−Removed: pornographic or obscene.
+Added: law, be defamatory or libelous, or be pornographic or obscene.
Provided that a customer has not breached the license agreement or any other agreement with us, we will defend, indemnify, and hold a customer harmless from direct damages attributable to breaches of the express representations and warranties provided in our license agreements.
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We protect our intellectual property through a combination of patent, trademark, copyright and domain name registrations, as well as trade secret protections.
−Removed: We own a portfolio of trademarks, including “Shutterstock,” “Offset,” “Bigstock,” “Rex Features,” “PremiumBeat,” “Shutterstock Editorial,” “Shutterstock Select” and “Shutterstock Editor” and associated logos.
+Added: We own a portfolio of trademarks, including “Shutterstock,” “Shutterstock Editorial,” “Asset Assurance,” “Offset,” “Bigstock,” “Rex Features,” “PremiumBeat,” “TurboSquid,” “PicMonkey,” “Pattern89,” “Shotzr,” “Shutterstock Studios,” “Shutterstock Editor” and associated logos.
We will pursue additional trademark registrations to the extent that we create any additional material and registrable trademarks or logos.
−Removed: We are the registered owner of a variety of the shutterstock.com, bigstock.com, offset.com, premiumbeat.com, and rexfeatures.com internet domain names and various other related domain names.
+Added: We are the registered owner of a variety of the shutterstock.com, bigstock.com, offset.com, premiumbeat.com, rexfeatures.com, turbosquid.com and picmonkey.com internet domain names and various other related domain names.
We have successfully recovered infringing domain names in the past and intend to continue to enforce our rights in the future.
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These intellectual property rights are important to our business and marketing efforts.
−Removed: The duration of the protection afforded to our intellectual property depends on the type of property in question, the laws and regulations of the relevant jurisdiction and the terms of our license agreements with others.
+Added: The duration of the protection afforded to our
+Added: intellectual property depends on the type of property in question, the laws and regulations of the relevant jurisdiction and the terms of our license agreements with others.
With respect to our trademarks, trade names and patents, laws and rights are generally territorial in scope and limited to those countries where a mark has been registered or protected.
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We encourage employee engagement through regular employee events, productive communication, our global recognition program and by creating a culture of belonging.
−Removed: Our Diversity, Equity and Inclusion (“DEI”) mission is supported by the work of our employee resource groups, our DEI Council, senior leadership and our employees across the globe.
+Added: Our Diversity, Equity, and Inclusion (“DEI”) goal is to build a workforce, contributor network and content library that is representative of the diverse global community we serve.
+Added: We have a long-term commitment to creating an inclusive culture, embedding DEI throughout our recruiting and retention efforts and promoting representation and inclusion throughout our platform.
+Added: In 2021, we focused on building leaders' and managers' cultural competency and inclusive leadership skills, as well as increasing our access to a diverse pipeline of talent.
+Added: In addition, we focused on increasing the number of historically excluded contributors in our network through our Create Fund program.
+Added: In addition, we have eight employee resource groups that partner with our DEI team to help raise awareness about inclusion and advocate for various historically excluded groups.
During the COVID-19 pandemic, our commitment to our employees has been put into action.
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We are following all local and national government guidance in implementing mandatory work-from-home policies and in March 2020, our global workforce effectively transitioned to working remotely.
−Removed: While we re-opened certain office spaces by the end of 2020, in order to ensure the safety of our employees, our voluntary work-from-home program has been extended through June 2021, and a one-time stipend was paid in December 2020 to employees who are below the level of Vice President, to offset any remote working expenses.
+Added: While we re-opened certain office spaces by the end of 2020, in order to ensure the safety of our employees, our voluntary work-from-home program has been extended through March 2022.
For those employees who voluntarily elect to work from the office (where local law and public health authorities permit offices to operate), we have taken steps to ensure their safety, including providing training, deep cleaning our facilities on a regular basis, installing hand sanitizer stations, providing face masks, installing plexi-glass where appropriate, encouraging hygiene practices advised by health authorities, implementing social distancing policies and restricting business travel and site visitors.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.