LOS ANGELES — The Shutterstock Inc. and Penske Media Corp. deal reported Monday heralds change in the photo licensing arena.

This story first appeared in the June 24, 2015 issue of WWDSubscribe Today.

The New York-based stock photo service, which owns 56 million images and has licensed more than 500 million photos since its inception in 2003, will have exclusive worldwide rights and license to PMC’s archive, including images from its 100-year-old-plus publications Variety and WWD. In addition, the companies will partner to create and license new entertainment and fashion images and videos to media worldwide.

The deal with Shutterstock, which has a market value of $2.2 billion and 1.3 million customers, is expected to bring in more than $50 million in long-term aggregate value for PMC.

The new alliance is likely to cause ripples throughout major cities worldwide where Getty Images has maintained a stronghold on various events. Through PMC’s properties, which include WWD, Variety and Deadline, Shutterstock gains red-carpet access to hundreds of awards shows, movie premieres and fashion shows. It also becomes the exclusive photographer for the more than 50 events, galas, summits and conferences PMC produces annually, including Fairchild Summits, Variety’s Power of Women and multiple filmmaker lounges. More than 55,000 pieces of content are added daily to its libraries.

PMC also owns the Fairchild archives, with more than five million physical assets (black-and-white and color negatives and slides) and more than one million newer digital images. The images date from the mid-Sixties to the present, and comprise published and outtake images from various Fairchild publications such as WWD, DNR, FN and M.

By topic, the Fairchild archives include events and runway shows as well as portraits of various icons of fashion and society. Notable figures include Karl Lagerfeld, Yves Saint Laurent, Diana Vreeland, Elizabeth Taylor, Truman Capote and various American presidents and their families, most notably the Kennedys.

The physical archive also includes original and microform copies of the first issues of WWD and FN, and a collection of original designer fashion sketches and original illustrations created for WWD.

Also strengthening Shutterstock’s position in the editorial arena was the January acquisition of Rex Features — the largest independently owned photographic press agency in Europe — for $33 million, signaling its long-term commitment to the editorial space, a market which it estimates is worth $750 million a year.

For decades, Rex, whose dominance in the U.K. is on par with Getty, has sold photos to the world’s leading magazines, Web sites, newspapers, agencies and broadcasters and has years of experience covering top entertainment and fashion events. While PMC will own all images licensing will be provided through Rex and Shutterstock Premier. Customers will pay either a fixed amount per image ranging from the tens to low hundreds of dollars, or an annual customized subscription rate.