Shutterstock Acquires Creative Content Platform PicMonkey
PicMonkey’s templates, tools, and tips help businesses of all sizes optimize their visual content strategies.
Since the late 2000’s, when the internet really started to expand its content library, visual material usage has grown over 9900 percent. Visual content is one of the most important components of modern marketing strategies, and over 63 percent of businesses are projected to rely on it heavily in 2021 and 2022 to power their marketing activities.
This month, leading global creative content platform Shutterstock has announced it is acquiring PicMonkey in a move designed to enable digital marketing teams to create high-quality visual content for their strategies and campaigns. PicMonkey offers its users graphic design and image editing capabilities to create and produce optimized visual assets in the form of presentations, logos, ads, and social media posts.
“Content is at the core of Shutterstock’s offering, and selecting an asset is just one step of the creative process. A key element of Shutterstock’s strategy and vision is providing a suite of solutions for the entire creative journey, regardless of experience or expertise level,” said Stan Pavlovsky, CEO at Shutterstock.
“PicMonkey’s easy-to-use design and editing tools, collaboration features across teams, and robust library of pre-designed templates makes professional publishing assets accessible at scale to anyone, and is expected to allow Shutterstock to enhance and accelerate the delivery of our vision for our customers around the world.”
The integration, valued as a $110 million transaction, aims to give content creators of all skill levels the ability to produce engaging content for their campaigns. Since the company was founded in 2012, PicMonkey has offered its users templates, tools, and tips to advance their visual content.
PicMonkey’s offerings include photo editing, cloud storage, animations, brand kits, and more tools designed to help marketing professionals deliver valuable customer experiences through content.
With the integration, Shutterstock also aims to make content creation more accessible for small businesses. With tools for professional marketing teams and non-professionals, the integration allows businesses of all sizes to take advantage of their content.
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Shutterstock currently owns a massive content library of over 380 million images and over 22 million video clips. The company has customers in over 150 countries across the world and aims to expand its audience reach with its new capabilities.
The integration is projected to add more that 200,000 new subscribers to Shutterstock and be responsible for about 3 percent of the company’s annual revenue metrics.