LOS ANGELES — Shutterstock Inc. and Penske Media Corporation (PMC), WWD’s parent company, have formed a partnership to create and license entertainment and fashion images and videos to media, publishing and creative companies.
Beginning in 2016, Shutterstock will have exclusive worldwide rights and license to PMC’s archive, including images from its 100-year-old-plus publications Variety and WWD.
By combining Shutterstock’s technology and market presence with PMC’s insider access, event exclusivity and quality journalism, the companies endeavor to build the world’s leading editorial service and 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 chief executive officer 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.”
As part of the strategic alliance, Shutterstock will capture, market and license imagery of global runway shows and fashion parties, and expand its existing coverage of leading Hollywood events such as the Golden Globe Awards and the Academy Awards. In addition, Shutterstock will become the exclusive photographer at the more than 50 events, galas, summits and conferences PMC produces annually, including Fairchild Summits and Variety’s numerous conversations with top film and TV talent at film festivals, premieres, award shows and executive conferences. Also included are red carpet events for PMC brands such as HollywoodLife, Deadline Hollywood and Variety Latino.
The archived and created content, which includes the Fairchild, Variety, WWD, Deadline, DNR, Footwear News, HollywoodLife, BGR and TVLine libraries, will be owned by PMC and available to license through Shutterstock via Rex Features and Shutterstock Premier.
In January, Shutterstock acquired Rex — the largest independently owned photographic press agency in Europe — because of its understanding of the editorial customer. With the Rex acquisition, Shutterstock signaled its long-term commitment to be in the editorial space; Rex has for decades served the world’s leading magazines, Web sites, newspapers, agencies and broadcasters and has years of experience covering top entertainment and fashion events.
Shutterstock also owns Bigstock, a value-oriented stock media agency; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; Skillfeed, an online marketplace for learning, and WebDAM, a cloud-based digital asset management service for businesses. PMC has selected WebDAM to support its editorial and creative teams’ storage, organizational and content management needs.