“Yeah I mean we use a ton of data to inform ourselves on all of our customers. It’s important to use your own data from years gone by to develop the right products for them and hopefully hit that sweet spot from a pricing standpoint too.”įor Ben Giles, Director of Media for the UK and the DACH region, data is key to developing successful subscriptions offerings. And then looking at your different types of customers and the volume of content that they may need to solve that problem. It’s about starting with the customer use case and focussing on what problem businesses are trying to solve. At the core of that is focussing on what our customers need and packaging up all of our products and services to meet those needs. “We’ve become a pretty comprehensive ‘one stop shop’ for our customers. As Murray explains, the key to expanding the product portfolio in a successful way over the years has been to put the customer needs first and develop dedicated solutions from there. Of course, all of these products are not dreamed up out of thin air. We acquired PremiumBeat, which is our music collection, and have continued to build, getting into custom production through our Shutterstock Studios brand.” “Fast forward 18 years, and in addition to building out the licenses we offer to our customers and the creation of an enterprise sales organisation, we’ve launched a number of different product offerings from creative footage to editorial, and a highend photo collection named Offest. But, the core of that offering included a subscription that the customers would come and acquire from Shutterstock.” And also that was very much focussed on creative imagery to start with. We started very much as a frictionless, two-sided marketplace where contributors could upload content and buyers – or licensees – could come and license content. “Shutterstock has evolved quite a bit over the last 18 years. ![]() In opening the interview, Murray broke down the company’s development over the last two decades: With revenues of US $667m in 2020 and 700 employees around the world, as well as an extended network of content contributors, the stock image, video, music, and wider content company earlier this year rolled out its Newsroom product, for 24/7 access to breaking news and content in real-time. Founded in 2003 and now traded on the New York Stock Exchange (NYSE), Shutterstock is one of the original digital media subscription success stories.
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