What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-02-14 compared with 2022-02-10 · 66 added, 97 removed, 233 unchanged (41% of the section changed)

Shutterstock, Inc.

(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.

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.

Our key offerings include:

(referred to herein as the “Company,” “we,” “our,” and “us”) is a global creative platform for transformative brands and media companies.

The Company’s 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.

Contributors upload their content to the Company’s web properties in exchange for royalty payments based on customer download activity.

Beyond content, customers also leverage the Company’s platform to assist with the entire creative process from ideation through creative execution.

Our key content 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.

• 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.

(“TurboSquid”) on February 1, 2021.

• Creative Design Software - consisting of our online graphic design and image editing platform.

On September 3, 2021, we completed the acquisition of substantially all of the assets and assumption of certain liabilities from PicMonkey, LLC (“PicMonkey”).

In addition, in July of 2021, through our newly formed entity Shutterstock.AI, Inc.

(“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.

Shutterstock.AI will commercialize the underlying metadata of our existing content library.

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.

• 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.

Our offerings are distributed to customers under the following brands:

Shutterstock;

and Splash News.

Shutterstock, our flagship brand, includes various content types such as image, footage, music and editorial.

For customers seeking specialized solutions, Shutterstock Studios extends our offerings by providing custom, high-quality content matched with production tools and services at scale.

In addition, our collection of images, footage clips, music tracks and 3D models is also distributed through our Computer Vision offering which is used by large technology companies to train AI models.

Pond5 is a video-first content marketplace which expands the Company’s content offerings across footage, image and music.

PicMonkey is a leading online graphic design and image editing platform.

TurboSquid operates a marketplace that offers more than one million 3D models and a 2 dimensional (“2D”) marketplace derived from 3D objects.

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.

PremiumBeat offers exclusive high-quality music tracks and provides producers, filmmakers and marketers the ability to search handpicked production music from the world’s leading composers.

Bigstock maintains a separate content library tailored for creators seeking to incorporate cost-effective imagery into their projects.

The Company also offers its content customers additional services through our Creative Flow Applications Suite (“Creative Flow”) and an Application Programming Interface (“API”) driven infrastructure to further enhance and streamline our customers’ workflow and project management needs.

Creative Flow consists of the Company’s suite of workflow applications that connect our content library with a powerful editing and design platform, easy-to-use collaboration tools, and artificial intelligence (“AI”) powered insights so that creatives and marketers can make, share, validate and organize their creative work all in one place.

Our API allows 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.

We believe that we benefit from scale and network effects between customers and contributors.

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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.

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, as well as our effective use of current and emerging technology to attract and retain customers and contributors.

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:

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.

Bigstock maintains a separate content library tailored for creators seeking to incorporate cost-effective imagery into their projects.

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.

TurboSquid operates a marketplace that offers more than one million 3D models and a 2 dimensional (“2D”) marketplace derived from 3D objects.

For customers seeking specialized solutions, Shutterstock Studios extends our offerings by providing custom, high-quality content matched with production tools and services at scale.

Shutterstock Studios delivers end-to-end custom creative services providing data-driven content strategy and full-scale production for our customers.

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.

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.

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.

In addition to workflow applications, Shutterstock continues to invest in making it easier for customers to find the content they need, faster.

Our efficient search capabilities include:

• Our Music Match Tool - an AI-powered search feature that allows customers to find the perfect song based on a song they already know.

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.

• 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.

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.

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.

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.

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 .

In October 2022, Shutterstock announced our strategic partnership with OpenAI, an AI research and deployment company.

In 2023, Shutterstock integrated Dall-E 2, OpenAI’s tool for AI-generated content into the Shutterstock platform to enable our customers to input keywords and generate unique images based on their specific criteria.

Sales and Distribution Channels

Our online platform provides a freely searchable collection of content that our users can license, download and incorporate into their work.

We encourage all our customers to take advantage of our creative platform’s comprehensive search capabilities, our credit card-based payment options and the immediate digital delivery of licensed content.

We encourage all our customers to take advantage of our creative platform’s AI-Powered search capabilities, our credit card-based payment options and the immediate digital delivery of licensed content.

We strive to offer simple, transparent purchase options designed to cater to customers’ specific needs.

We believe the ability to search for, select, license, download and customize content on our creative platform offers our users a streamlined workflow, convenience and speed, and enables us to achieve greater economies of scale.

We believe the ability to search for, select, license, download and customize content on our creative flow platform offers our users a streamlined workflow, convenience and speed, and enables us to achieve greater economies of scale.

We also have contractual arrangements with third-party resellers and affiliates to license content to customers in markets where we may not have a significant sales and marketing presence.

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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.

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.

Customers in our enterprise sales channel may also benefit from access to (i) Shutterstock Editorial, which includes our library of editorial images and videos, (ii) Shutterstock Studios, our offering which provides custom, high-quality content matched with production tools and services at scale, and (iii) Computer Vision, our offering which provides metadata associated with our content collection, used to train AI models.

Our range of solutions, including the depth of our API platform integrations, 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.

Revenues generated from each of the sales channels are as follows (in thousands):

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Whether providing graphic design, web design, interactive design, advertising, public relations, communications or marketing materials, these professional users and teams support organizations of various sizes including the largest global agencies, large not-for-profit organizations and Fortune 500 companies.

These customers may also utilize our content library, through our Computer Vision offering, to train their AI models.

• Media and Broadcast Companies.

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As the use cases for our creative solutions expand, we believe our customers are seeking alternative means to consume our offerings.

As a result, we have seen strong growth in customers purchasing monthly subscription products, including our suite of multi-asset subscriptions, launched in 2021.

As a result, we have seen continued demand for our monthly subscription products, including our suite of multi-asset subscriptions, launched in 2021.

These multi-asset products are credit-based and enable customers to license images, footage and music in a single subscription.

Our subscriptions provide for either a fixed number of content licenses or credits that may be used to download content during the month.

Our monthly subscriptions provide for either a fixed number of content licenses or credits that may be used to download content during the period.

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.

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Customers that purchase one of our monthly recurring products for a continuous period of at least three months are considered subscribers.

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).

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:

* Subscribers and Subscriber Revenue from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination.

Accordingly, the metrics include Subscribers and Subscriber revenue from TurboSquid beginning February 2022 and from PicMonkey beginning September 2022.

These metrics exclude the respective counts and revenues from our acquisitions of Pond5 and Splash News.

Content Contributors and Content Review Process

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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.

Our contributor website and mobile application operate in 21 languages and contributors can register and upload content directly within the mobile application.

We use proprietary computer vision technology along with a trained team of reviewers to complete a comprehensive evaluation of all content submissions.

Our contributor website operates in 21 languages and contributors can register and upload content directly through our website or within our mobile application.

We use proprietary AI driven technology along with a trained team of reviewers to complete a comprehensive evaluation of all content submissions.

Our content review process is highly efficient, and our content review team generally evaluates and processes images and footage within 72 hours of submission to make them available for license on our sites, while working to continually improve our process to reduce review time.

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We guide our contributors to provide terms that not only describe literally the objects in the image or clip, but also what is conveyed conceptually and thematically.

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.

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.

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.

As of December 31, 2021, over 625 million images and footage clips have been submitted from verified contributor accounts.

For each content submission that is not approved during the review process, we notify the contributor by email with an explanation why the image was not published, including guidance on our standards and insight into customers’ expectations.

We provide technical keywording assistance to contributors through our suggested keyword tools, which include a tool that leverages our proprietary AI driven technology to automatically suggest keywords based on visually similar images.

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 AI driven 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 marketplace, 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.

Contributors are notified within the contributor portal when a content submission is not approved during the review process.

This notification includes an explanation of why the image was not selected for publication.

We believe that this feedback is valuable to contributors and enhances the quality of future content submissions as well as our customers’ experience.

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Contributors of content typically earn a royalty each time their work is licensed.

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 earn royalties based on

a tiered earnings rate schedule that is tied to annual licensing volume.

The earnings tier of the contributor at the time of licensing, as well as the purchase option under which the content was licensed, are used to calculate the royalty earnings for each licensing event.

Contributors may choose to remove their content from our collection, subject to the terms of service that govern our contributor relationships.

We provide valuable tools and insights to our contributors.

Our contributors can monitor download activity by content type and geography, as well as by self-defined imagery themes.

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.

Our contributors can monitor download activity by content type and geography.

We also provide insights into trends we see with seasonal and current customer search behaviors to help our contributors plan future content submissions accordingly.

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.

In certain cases, we enter into arrangements with contributors or strategic partners whereby we guarantee a minimum royalty, in exchange for exclusive rights to distribute content when we believe such exclusivity provides us with a distinct competitive advantage.

When we license content that has been obtained through direct acquisition, we pay no royalties.

We also license content from our wholly-owned library.

We continuously enhance our collection through the direct acquisition of content and by entering into other strategic agreements and partnerships and we continue to seek opportunities for direct acquisition and strategic partnerships to enhance our collection and provide customers with relevant and high-quality content.

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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.

Further, we have continued to build and launch innovations to the customer experience.

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.

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.

Shutterstock is helping solve our customers' problems by expertly navigating the availability of content.

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.

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.

Our Music Match Tool, also launched in 2021, is an AI-powered search feature that

allows customers to find the perfect song based on a song they already know.

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.

We are also committed to investing in applications and technology targeted at enhancing our customers’ project management needs and to enable efficient search capabilities.

These workflow solutions include:

• Our Catalog application allows Enterprise customers to centralize access to content anytime, and anywhere.

With Catalog , customers can tag, organize, comment on and approve content together, as well as share content across departments, companies, and time zones.

• Our Plan application is a single content plan and calendar for teams and clients to access, fostering real-time collaboration.

Plan enables quick access to collections of content, and keeps teams organized, on the same page, and confident in what they are creating.

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.

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By using cloud services providers, we believe we are able to dedicate an increasing proportion of our technology resources to scaling our business, better serving our rapidly growing collection of content and meeting global customer demand.

We believe continued use of third-party cloud hosting, along with improvements to our platform, allow us to further diversify our product offerings, reach new customers and contributors around the world and enable our developers to rapidly deploy new products, features and functionality.

We believe continued use of third-party cloud hosting, along with improvements to our platform, allow us to further diversify

our product offerings, reach new customers and contributors around the world and enable our developers to rapidly deploy new products, features and functionality.

We have expanded our use of content delivery network solutions to help enable our customers around the world to have sustained and reliable high-speed access to our platform.

As we continue to grow our business, our technological needs continue to expand and therefore, we continually invest in our technology to enhance existing products and services and develop new products and services.

As we continue to grow our business, our technological needs continue to expand and therefore, we plan to continually invest in our technology to enhance existing products and services and develop new products and services.

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.

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.

An important driver of our growth is customer acquisition, which we achieve primarily through online and offline marketing efforts and directly through our sales force.

Online marketing includes paid search, online display advertising, print advertising, trade shows, email marketing, direct mail, affiliate marketing, public relations, social media and partnerships.

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Regardless of customization, indemnification only applies to claims for damages attributable to our breach of the express representations and warranties provided in our license agreement and is generally conditioned on our timely receipt of an indemnification claim and our right to assume the defense of such claim.

Our license agreements generally cap our indemnification obligations at amounts ranging from $10,000 to $250,000, with exceptions for certain products for which our indemnification obligations may be uncapped.

Our license agreements generally cap our indemnification obligations at amounts ranging from $10,000 to $250,000, with

exceptions for certain products for which our indemnification obligations may be uncapped.

We maintain commercially reasonable insurance intended to protect against the costs of intellectual property litigation and our indemnification obligations under 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.

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 own a portfolio of trademarks, including “Shutterstock,” “Shutterstock Editorial,” “Asset Assurance,” “Offset,” “Bigstock,” “Rex Features,” “PremiumBeat,” “TurboSquid,” “PicMonkey,” “Pattern89,” “Shotzr,” “Pond5,” “Splash News,” “Shutterstock Studios,” and “Shutterstock Editor” and their associated logos.

We will pursue additional trademark registrations to the extent that we create any additional material and registrable trademarks or logos.

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 are the registered owner of a variety of the shutterstock.com, bigstock.com, offset.com, premiumbeat.com, rexfeatures.com, turbosquid.com, picmonkey.com, pond5.com and splashnews.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.

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.

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.

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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• The Children’s Online Privacy Protection Act and the Prosecutorial Remedies and Other Tools to End Exploitation of Children Today Act of 2003, which regulate the collection or use of information, and restrict the distribution of certain materials, as related to certain protected age groups.

In addition, the Protection of Children From Sexual Predators Act of 1998 provides for reporting and other obligations by online service providers in the area of child pornography.

In addition, the Protection of Children

From Sexual Predators Act of 1998 provides for reporting and other obligations by online service providers in the area of child pornography.

• The Federal Trade Commission Act and numerous state “mini-FTC” acts, which bar “deceptive” and “unfair” trade practices, including in the contexts of online advertising and representations made in privacy policies and other online representations.

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and therefore, the full impact of the TCJA on our tax provision may continue to evolve.

Further, we continue to remain subject to uncertainty related to foreign jurisdictions’ potential reactions to the TCJA, as well as evolving regulatory views and legislation regarding taxation of e-commerce businesses such as the Organization for Economic Cooperation and Development (“OECD”) Base Erosion and Profit Shifting (“BEPS”) proposals and other country specific digital tax initiatives.

Further, we continue to remain subject to uncertainty related to foreign jurisdictions’ potential reactions to the TCJA, as well as evolving regulatory views and legislation regarding taxation of e-commerce businesses such as the Organization for Economic Cooperation and Development (“OECD”) Base Erosion and Profit Shifting (“BEPS”) proposals, specifically the adoption of BEPS Action II and its ancillary impacts to other areas of TCJA related laws and regulations as well as and other country specific digital tax initiatives.

As these and other tax laws and related regulations continue to evolve, our financial results could prospectively be materially impacted.

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Some of our currently and potentially significant competitors include:

• other online platforms that feature marketplaces for stock content or creative workflow tools such as Getty Images and its iStockphoto offering, AdobeStock, VimeoStock, Canva and Pond5;

• other online platforms that feature marketplaces for stock content such as Getty Images and its iStockphoto offering, AdobeStock, Freepik and Storyblocks;

• specialized visual content companies that are established in local, content or product-specific market segments, such as Visual China Group;

• providers of commercially licensable music such as Universal Music Publishing Group, Sony/ATV Music Publishing and Warner/Chappell Music;

• websites focused on providing creative workflow tools such as Canva, Picsart and Bending Spoons;

• websites focused on image search and discovery such as Google Images;

• websites for image hosting, art and related products such as Flickr;

• providers of free images, photography, music, footage and related tools;

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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.

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.

Our Diversity, Equity, and Inclusion (“DEI”) goal is to build a workforce, contributor network and content library that is representative and inclusive of the diverse global community we serve.

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.

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.

In addition, we focused on increasing the number of historically excluded contributors in our network through our Create Fund program.

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.

One of the principles that has guided and continues to guide our decision-making during the COVID-19 pandemic is to safeguard the health of our employees.

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.

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.

We continue to enhance our practices to remain aligned with federal, state, local and international regulations and guidelines.

Our eight employee resource groups and our DEI team have helped to raise awareness about inclusion and advocate for various historically excluded groups.

We continued our focus on building leaders' and managers' cultural competency and inclusive leadership skills, as well as building a diverse pipeline of talent by establishing relationships with diverse talent communities and achieving greater representation in our content library through our Create Fund program.

Our operating results may fluctuate from quarter to quarter as a result of a variety of factors.

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Our common stock is listed on the New York Stock Exchange under the symbol “SSTK”.

Our corporate headquarters and principal executive offices are located at 350 Fifth Avenue, 21st Floor, New York, NY 10118, and our telephone number is (646) 710-3417.

Our corporate headquarters and principal executive offices are located at 350 Fifth Avenue, 20th Floor, New York, NY 10118, and our telephone number is (646) 710-3417.

We maintain a website at investor.shutterstock.com, where our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports are available without charge, as soon as reasonably practicable following the time they are electronically filed with or furnished to the SEC.

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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.

What changed 10-K

Item 1. Business