Getty Images has reported the photo agencies Q3 figures and they, like ShutterStock are reporting growth …including annual subscribers up nearly 50%!
“Getty Images reported strong performance in the third quarter, with growth across Getty Images, iStock, and Unsplash+, as well as across all customer categories, and a nearly 50 percent increase in our subscribers compared to the LTM period,” said Craig Peters, Chief Executive Officer for Getty Images. “As we look ahead to closing out the year and into 2025, I am confident in our trajectory. Our differentiation, execution, and commitment to providing durable value to our customers will continue to drive our success.”
Here’s the highlights:
• Revenue Growth of 4.9%, Currency Neutral Growth of 5.4%
• Corporate, Media, and Agency Customer Categories in Growth
• Getty Images, iStock, and Unsplash+ in Growth
• Annual Subscribers Grew Nearly 50%
• Annual Subscriber Revenue Represents 52.4% of Total Revenue
• Raises Revenue and Adjusted EBITDA Outlook
Third Quarter 2024 Financial Summary:
‑ Revenue for the period was $240.5 million, an increase of 4.9% year‑over‑year and 5.4% on a currency neutral basis.
‑ Net Loss of $2.5 million, compared to Net Loss of $18.4 million in Q3’23. Included in Q3’24 results is a $28.7 million unrealized loss primarily related to the change in fair value of the Company’s Euro Term Loan, compared to an unrealized gain of $16.5 million in Q3’23. Separately, the Q3’23 results included $106.1 million Loss on Litigation related to the previously disclosed warrant litigation, partially offset by $60.0 million Recovery of Loss on Litigation from the Company’s D&O insurance policy. Net Loss Margin for Q3’24 was 1.1% compared to Net Loss Margin of 8.0% in Q3’23.