Shutterstock (SSTK) Data Business Update Presentation summary

Expanding data demand and content diversification

• Demand for data is increasing across various content types as use cases grow and models become multi-modal.

• Recognized revenue from GenAI training data deals has shifted, with images dropping from 85% in 2022 to 47% in 2024 YTD, while audio, footage, and 3D assets have grown in share.

GenAI partnership engagement models and financials

• Engagement models include licensing, licensing plus equity participation, and revenue share, tailored to customer type.

• Licensing deals are most common, with 20 customers and $238M in lifetime deal value, averaging $4M per statement of work.

• Licensing plus equity participation involves 2 customers, $48M in deal value, and a higher average SoW size of $24M.

• Revenue share agreements are less common, with no recognized revenue yet and 2 customers.

• Revenue recognition depends on contract structure, asset delivery, and may include both cash and equity components.