Shutterstock Inc (SSTK) Founder Jonathan Oringer Is Now A Billionaire
Shutterstock Inc (NYSE:SSTK) founder Jonathan Oringer has become a billionaire. Shutterstock is the world’s largest stock photo and video website. Oringer, 39, owns around 55% of Shutterstock. Shutterstock has around 28 million licensed photos, videos, and drawings that are for sale on their website.
Oringer’s 18.5 million shares are controlled through his investment company Pixel Holdings. Those shares became valued at around $1 billion at 12:25PM EST today.
Shutterstock’s stock price has more than tripled since going public in October. Oringer can now be considered the first billionaire to be created in “Silicon Alley.” Silicon Alley is a group of technology startups that are based in New York.
Founded in 2003, Shutterstock was founded with 30,000 of Oringer’s own photos. Oringer took photos of almost everything he saw in the course of a year. Shutterstock has sold images to 750,000 customers in over 150 countries for usage on websites. The company’s net income rose 117% to $47.5 million last year and revenue increased 41% to $169.6 million.
Some of Shutterstock’s competitors include Getty Images, Corbis Corp., iStockphoto, and Fotolia. Shutterstock works with freelancers that owns the content. Photographers and artists have been paid over $150 million and they retain the ownership of their copyrights. This has helped Shutterstock keep their expenses low.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry