updated 11:02 pm EDT, Tue May 20, 2014
Site now offers music for commercial use under two pricing structures
Stock photography site Shutterstock has announced another revenue source with its introduction of music licensing. With the launch of its new service, Shutterstock Music, the company now offers 60,000 songs for use thanks to a deal with Rumblefish, and is aimed at the growing need for licensed music in commercial video projects.
The music service mirrors the easy use of Shutterstock's existing search, building upon its features to find a tune without the need to sort through alphabetical lists or unrelated artists. Songs can be found by sorting by mood, genre or tempo, then sampled to see if the will fit the customer's needs. Potential customers can go through a list of songs one by one until they find something they like enough to add to their cart.
"Our customers have been asking us for this in a very long time," Shutterstock Vice President of Product Wyatt Jenkins told Forbes. "Video footage is one of our fastest-growing products, and all that video needs music. It's such a natural fit."
Licensing for a song will only cost $79 for the life of the project, though the standard license is currently on sale for $49. Each license will be good for up to one million broadcast listeners. An enhanced, unlimited license is currently priced at $419, but will return to $499 when the promotion comes to an end.
Formation of the music division happened under interesting circumstances. Thanks to Jenkins's earlier employment at a company that sold electronic music to DJs, Jenkins had previously worked for a music startup called Beatport, which was purchased by SFX Entertainment in 2013. SFX would eventually cut members of the team, only to have Shutterstock pick them up to begin work on their music project.