Shutterstock is teaming up with Penske Media Corporation to create and license images and videos of the biggest events in entertainment and fashion, the companies will announce Monday.
The alliance combines the technology of one of the biggest stock-image providers in the world with PMC’s insider access and event exclusivity, establishing an innovative way of offering editorial images to media, publishing and creative businesses. The deal will include archival editorial photos as well as event photography from Variety, WWD and all other PMC brands.
“We believe there are ways to productively improve the editorial market to better serve its influential customers and remarkable photographers and create a great business opportunity,” said Jon Oringer, founder and CEO of Shutterstock.
“The Shutterstock team has the most compelling vision for the future direction of editorial imagery, while recognizing the value of PMC’s unique content and access across our portfolio of brands,” said Jay Penske, chairman and CEO of PMC. “This alliance alters the existing model of editorial access to fashion and entertainment photography and we are thrilled to usher in a new era together.”
Shutterstock will document the biggest events in the entertainment world, as well as capture the latest fashion industry trends including global runway coverage and exclusive parties. Shutterstock will also photograph the 50-plus events, galas, summits and conferences PMC produces annually, as well as market and license the imagery.
Commencing in 2016, Shutterstock will have an exclusive worldwide right and license to PMC’s archives, which also includes Fairchild, Deadline, W, DNR, FN, HollywoodLife, BGR, and TVLine content libraries.
This partnership will bolster Shutterstock’s January acquisition of Rex Features, the largest independently-owned photographic press agency in Europe. While the archived and created content will be owned by PMC, it will initially be available via Rex.
PMC has chosen Shutterstock’s digital asset management service, WebDAM, to support its editorial and creative teams’ needs to store, organize and manage visual content on a cloud-based platform.