Shutterstock has acquired two new online agencies, with the increased portfolio of both images and music further strengthening the company’s online stock offering.
On Thursday night the provider of stock images, video and music announced an initial US$32m deal with PremiumBeat, a provider of exclusive, high-quality music and sound effects for use in videos, films, television, apps, games and other creative projects.
Then this morning Shutterstock released details of its similarly priced purchase of Rex Features, the largest independently owned photographic press agency in Europe.
The deal for Rex perhaps makes more sense for people who thought all Shutterstock did was provide stock imagery for the masses. However, the company has just surpassed the milestone of more than 1m video clips licensed.
“Given the rising importance of video and interactive content, creators around the world increasingly seek affordable, high-quality music to bring their projects to life,” Shutterstock said in a statement.
“Earlier this year Shutterstock set out to make licensable music accessible to any business with the launch of Shutterstock Music; the acquisition of PremiumBeat will help to accelerate this mission.”
A break from the norm
As TechCrunch reports, Shutterstock has always been pretty conservative about its acquisitions. The company purchased BigStockPhoto before going public in 2013.
“Last year (Shutterstock) acquired digital asset management service WebDAM,” TechCrunch reported. “Announcing two acquisitions in a single day may seem a bit out of character for the company, but both PremiumBeat and Rex Features have a clear place in its strategy.”
Business people shaking hands image via Shutterstock, of course