Later today Shutterstock will announce another challenge to Getty Images’ in the editorial business arena by signing a deal with Variety magazine owner Penske Media Corporation – PMC. ‘PMC is a leading digital media, publishing, and information services company founded in 2003. PMC engages with thriving audiences across the web, television, mobile, print and social media – reaching more than 140 million consumers monthly (comScore, 2014), and was recently named one of the Top 100 Private Companies in the United States & North America.’
Both media content providers have ‘agreed to form an alliance that will create and license entertainment and fashion images and videos to the world’s top media, publishing and creative companies.’
‘By combining Shutterstock’s technology and innovative marketplace with PMC’s insider access, journalism excellence and event exclusivity, both companies are taking a significant step together to build the world’s best editorial service and to drive future growth.’
“We are thrilled to team up with another trailblazing company to accelerate our progress in editorial imagery,” said Jon Oringer, Founder and CEO of Shutterstock. “We believe there are ways to productively improve the editorial market to better serve its influential customers and remarkable photographers and create a great business opportunity.”
“The Shutterstock team has the most compelling vision for the future direction of editorial imagery, while recognizing the value of PMC’s unique content and access across our portfolio of brands,” said Jay Penske, Chairman and CEO of Penske Media Corporation. “This alliance alters the existing model of editorial access to fashion and entertainment photography and we are thrilled to usher in a new era together.”
Shutterstock announced their interest in the editorial photo market with the purchase of Rex Features in January this year.
Highlights of the Shutterstock / PMC deal include:
• Commencing in 2016, Shutterstock will have an exclusive worldwide right and license to PMC’s archive, including images from its legendary, 100-year-old publications Variety and WWD.
• At the more than 50 events, galas, summits and conferences PMC produces annually, Shutterstock will capture the unique moments, as well as market and license the imagery to the world’s media.
• Leveraging PMC’s insider access, Shutterstock will document leading Hollywood events which may include the Golden Globe Awards and the Academy Awards, as well as capture the latest fashion industry trends including global runway coverage and exclusive parties.
• PMC has chosen Shutterstock’s digital asset management service, WebDAM, to support its editorial and creative teams’ needs to store, organize and manage visual content on the leading cloud-based platform.
The archived and created content will be owned by PMC and available to license through Shutterstock initially via Rex Features and Shutterstock Premier.
Read a few interesting quotes on the deal via an FT report