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Business News Digital Labels & Publishers
Shutterstock acquires music library service
By Chris Cooke | Published on Monday 19 January 2015
Stock photo firm Shutterstock upped its credentials in the library music space last week by buying PremiumBeat, a Montreal-based provider of royalty free music to video and digital content makers.
Shutterstock followed its rival Getty into the music space last May by launching Shutterstock Music. It’s thought that PremiumBeat, acquired in a cash deal worth a reported $32 million, will be rolled into that business down that line.
Confirming the deal, Shutterstock founder and CEO Jon Oringer said: “We are excited to add such a complementary business in PremiumBeat, with a fast-growing customer base and an extraordinary collection. We understand the intersection between music and video and believe that music licensing will benefit from the same, strong market demand we are capitalising on with video”.
Clearly in an acquisitive mood, Shutterstock also announced last week that it had bought European photo press agency Rex Features.
