[UPDATED] Stock photo and video site Shutterstock (NYSE: SSTK) continues to expand its music offering with toady's announcement that it has acquired PremiumBeat, a royalty-free music service with 5,000 curated tracks. Shutterstock paid $32 million in cash for PremiumBeat, with additional considerations due if financial goals are met through 2018.
New Leader For Shutterstock Music
PremiumBeat provides tracks and sound effects for use in videos, films, television, and other creative projects with past customers including Apple, BMW, H2O Wireless, and Molson. With offices in Montreal and Dallas, PremiumBeat will continue under the leadership of Francois Arbour, who will expand his responsibilities to lead music globally for Shutterstock.
Last May, Shutterstock launched Shutterstock Music with 60,00 tracks from Rumblefish. But now its library has grown passed 1 million tracks, thanks to the growing number of tracks that it has licenced directly.
“We are excited to add such a complementary business in PremiumBeat, with a fast-growing customer base and an extraordinary collection,” said Jon Oringer, founder and CEO of Shutterstock. “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 in video.”