Shutterstock operates an industry-leading global marketplace for commercial
digital imagery. Commercial digital imagery consists of licensed photographs,
illustrations and video clips that companies use in their visual communications,
such as websites, digital and print marketing materials, corporate
communications, books, publications and video content. Demand for commercial
digital imagery comes primarily from businesses, marketing agencies and media
organizations. We estimate that the market for pre-shot commercial digital
imagery will grow from approximately $4 billion in 2011 to approximately
$6 billion in 2016, based on a study conducted on our behalf by L.E.K.
Consulting LLC. There has been a significant increase in the demand for
commercial digital imagery as rapid technological advances have reduced the cost
and effort required to create, license and use images.