Shutterstock Success Story
Shutterstock is a provider of photography, recording, musk and editing tools. Shutterstock currently has its headquarters in New York City. Shutterstock was founded in 2003 by a forographer and programmer named Jon Oringer. Initially, it was just a sort of subscription site but has now become a big company since 2008 and has been traded on the New York Stock Exchange in 2012.
Shutterstock has acquired several companies, called Bigstock in 2009, a provider of WebDAM's digital asset management software in 2014, Rex Features and PremiumBeat in 2015. Shutterstock is now also working with the Associate Press. Growing big, Shutterstock has 125 million free royalty photo stocks, vector graphics and illustrations and 4 million video clips and music tracks.
Shutterstock and Jon Oringer did not achieve this success in an instant. There is a long story behind the success. The idea offered by Oringer was very valuable and well liked market. Check out his story below.
Shutterstock was founded by Oringer by photographing 100,000 images he could find over six months. He only has a Canon Digital Rebel camera cap for $ 800 at that time, he selects his image to 30,000 best and puts it on a website. He felt the need to develop the website in various ways.
Oringer started everything at his own expense. The first intention is not for the business but to meet the needs that can not be obtained. He never borrowed capital for some of the companies he founded. He needs a picture with a price that is not cheap, at least $ 500. That should make him contact others to get the copyright. Unexpectedly, many people bought Oringer's picture. As digital camera prices get more affordable, he knows that everyone can become a professional photographer. he uses an old media model where he collects as many photos as possible by buying photos from photographers.
You can believe it or not, Oringer does it all by himself. He does not want to spend a lot of money. That's how he learns. He became a photographer for his own company, he answered emails from customers, and programmed sites in Perl. A lot of experience that he went through. He spends more money on business than on his own.
There are many risks that Shutterstock should take especially when many contributed photographers. Oringer opened Shutterstock to all the world and created a community of contributors. He paid all the photographers and started a subscription product program that still belongs. The idea is that buyers can download 25 images in one day at a price of $ 249 per month. The seller gets paid depending on the type of account he owns.
This move was thought by Oringer out of business and created a perfect market model. Models like this have never been made. This is an all you can eat model and contributors should also get paid per image. Initially, Shutterstock did not need an injection of funds. But finally in 2007, he started buying stocks. It's a risky move and he needs to find a smart investor to help him improve management and build the company bigger.
Currently, Shutterstcok has expanded its wings in many different directions. Shutterstock is enabled in 10 different languages and continues to translate images. They are constantly looking for tastes from customers or contributors. Many ways are done so that customers get the images they want.