Shutterstock announced that it has signed an exclusive three-year partnership deal with English Premier League football club, West Ham United. This is the latest in a string of partnerships that Shutterstock has signed, including with the English Football League (EFL), Fulham, Birmingham City, QPR and Hull City.
Shutterstock (SSTK) will be allowed to capture and distribute real-time photographs for all on-and-off the pitch events, including behind-the-scenes coverage of training sessions, signings, press conferences, community appearances and feature work.
Commercial partners and publishers will gain access to real-time action shots of all of West Ham’s home and away, Premier League, FA Cup and League Cup games, through Shutterstock’s global distribution platform, Editorial.
Koby Geddes, Head of Content at West Ham United Football Club, said, “Our partnership with Shutterstock will ensure the exciting live moments on the pitch are captured and distributed globally, expanding West Ham United’s reach and providing our supporters with high quality visual coverage inside the Club.”
Current COVID-related restrictions have denied fans the opportunity of physically travelling to the stadiums to watch their favorite sports stars in action.
“With restrictions currently preventing fans from passing through the turnstiles, we know there’s a huge appetite to get as close to the action as possible. We’re thrilled to be in the position to amplify West Ham United’s games to audiences around the globe,” said Candice Murray, VP of Editorial at Shutterstock. (See SSTK stock analysis on TipRanks)
JMP Securities analyst Ronald Josey reiterated his Buy rating on SSTK three months ago and raised his price target from $72 to $85 (11% upside potential).
Josey is positive on the company’s position as the largest marketplace for stock media. “Management is prioritizing industry levels of growth, margin expansion, and efficient capital allocation,” and he expects Shutterstock shares to “compound higher.”
Shutterstock shares have gained around 66% in value over the last year.
Consensus among analysts is a Strong Buy based on 4 Buy recommendations. The average price target of $82 suggests upside potential of around 7% over the next 12 months.
Shutterstock scores an 8 out of 10 on Tipranks’ Smart Score rating, indicating that it has a strong chance of beating market expectations.
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