Shutterstock, Inc. and Penske Media Corporation 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.
What results is a combination of Shutterstock’s place in the market (and their popularity) and Penske’s “insider access, journalism excellence and event exclusivity.” By the way Shutterstock/Penske are making it sound, it’s kind of a power couple. Both companies are taking a significant step together to build the world’s best editorial service and to drive future growth.
Highlights of the strategic alliance:
- 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.
It is unclear if this move is in response to Adobe Stock, but it is a move that gives more credence to both Shutterstock and Penske in the wake of the newcomer to the market.