Shutterstock Purchases PicMonkey for $110 Million

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Shutterstock’s empire of creative assets is expanding as the company announced a $110 million acquisition of PicMonkey.

assorted photos on beige wooden table
Photo by Soragrit Wongsa

Purchasing PicMonkey for its vast array of editing tools geared towards users of all skill levels, Shutterstock is expanding its consumer-side offerings to give customers a selection of some of the best content out there that can be used for everything from business cards to digital marketing.

What really attracted Shutterstock to PicMonkey’s platform is just how easy and professional output on it can be and all without any prerequisite knowledge of editing. In what Shutterstock describes as an “efficient” process designed to generate “best-in-class content,” the integration of PicMonkey into the company’s wider ecosystem that “allows creators to access thousands of templates, graphics and fonts, with tips and tutorials for producing sophisticated visual designs with an editorial look and feel for a diverse array of channels.”

Chief Executive Officer at Shutterstock Stan Pavlovsky said in a press release detailing the acquisition, “Content is at the core of Shutterstock's offering, and selecting an asset is just one step of the creative process. A key element of Shutterstock's strategy and vision is providing a suite of solutions for the entire creative journey, regardless of experience or expertise level…PicMonkey's easy-to-use design and editing tools, collaboration features across teams, and robust library of pre-designed templates makes professional publishing assets accessible at scale to anyone, and is expected to allow Shutterstock to enhance and accelerate the delivery of our vision for our customers around the world.”

As some of you will probably recall, Shutterstock purchased TurboSquid not too long ago for their 3D assets and a partnership with Drone Base to provide content from that field so it looks like the company is dedicated to its vision of creating the most robust content platform out there for digital creatives and marketing specialists.

What do you think of Shutterstock’s purchase of PicMonkey? Is Shutterstock becoming too big of a force in this area or is there more than enough room for competition? Let us know your thoughts on Shutterstock’s amazing growth in the comments below.

Check out some of our other photography news on Light Stalking at this link right here.

[PR Newswire]

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Kehl is our staff photography news writer and has over a decade of experience in online media and publishing and you can get to know him better here

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