Shutterstock doesn’t sell digital assets, they sell the license to use assets. The value of a stock photograph for marketing has decreased YoY, but the value of

Shutterstock doesn’t sell digital assets, they sell the license to use assets. The value of a stock photograph for marketing has decreased YoY, but the value of the license to use that photograph has only gone up. The consolidation is a trick they play on shareholders to convince them they are gaining value through assets, even though the value of assets is $0. That is why a good portion of their earnings calls are about miscellaneous vague initiatives defined as an acronym and how much they saved on operating capital through acquisitions and layoffs. The only way to increase the value of a license is with exclusivity. In which case the only remaining innovation is to direct the value back to the contributor. Which in turn would shrink the company.