Move signals Shutterstock's expansion into the credit-based stock photo market
New York, NY, September 23, 2009. Shutterstock, the world's largest subscription-based stock photo agency, announced that it has acquired BigStockPhoto, a leading credit-based stock photo agency, headquartered in Davis, California. Financial terms of the deal were not disclosed.
"With the addition of BigStockPhoto, one of the leading agencies for high quality, royalty-free stock photos, Shutterstock is able to expand into the global, credit-based market," said Adam Riggs, president and CFO of Shutterstock. "This move reinforces our leadership position in the stock photo industry, as it enables us to better serve the diverse payment preferences of stock photo buyers worldwide."
According to the deal, BigStockPhoto will remain a separate entity, and Shutterstock plans to grow the company's global presence by investing heavily in marketing, infrastructure and user experience.
BigStockPhoto was founded in 2004 to provide an alternative to high-priced stock photography, and to create a marketplace for photographers to sell their work. In addition to its diverse library of 3.7 Million royalty-free photos and vectors, the agency has created a vibrant community of image buyers and submitters from around the world.
Founded in 2003, Shutterstock is the largest subscription-based stock photo agency in the world. Its outstanding collection of premium photos, illustrations, and vectors combined with a selection of innovative, user-friendly subscription plans has made Shutterstock a trusted resource for an expanding global customer base. An industry pioneer in selling royalty-free stock by subscription, Shutterstock was also the first online photo agency to offer editorial photos and launch a video library. Shutterstock Footage offers a comprehensive library of royalty-free video clips available on a per-clip basis or by subscription. For more information, visit www.shutterstock.com.