Commercial image and music provider Shutterstock upped its media libraries Thursday with acquisitions of PremiumBeat, a music and sound effects provider for videos, films, games and other creative projects, as well as Rex Features, Europe’s largest independent photo press agency.
The acquisition of PremiumBeat, at approximately $32 million in cash, comes on the heels of Shutterstock’s launch of its own stock music licensing service, Shutterstock Music. Rex Features, purchased for a reported $33 million, bolsters Shutterstock’s stock image library, especially with celebrity and entertainment imagery.
“We are excited to add such a complementary business in PremiumBeat, with a fast-growing customer base and an extraordinary collection,” said Jon Oringer, Shutterstock founder and CEO. “We understand the intersection between music and video and believe that music licensing will benefit from the same, strong market demand we are capitalizing on with video.”
Both businesses will eventually be folded into Shutterstock’s banner.