More news in the ever-dynamic stock photo industry! This time, from membership-based stock media platform Storyblocks, which announced it has recently been acquired by Great Hills Partners, a private equity firm.
Per the announcement, this sale is the result of the company pursuing its next steps, and Great Hills aligns perfectly with the agency’s long-term plans, which lean towards building an integrated solution for creative workflows.
While the financial details of the transaction were not disclosed, Storyblocks’s CEO JT Leonard did comment to Techcrunch on the acquisition and what it means.
According to him, Storyblocks will continue to operate on its platform and to invest in their content library and business model, which is built on the base of unlimited subscriptions and affordable pricing.
The company that started focused on stock footage –back in the day under the name Videoblocks–, later expanded onto stock audio, stock graphics and finally stock photography. Rebranded Storyblocks, they now have a large offering in all media types.
Their plans for the future are to go beyond stock media and onto creative workflow tools. What this translates to in the practice, is yet to be known. But they feel their new acquisitor is in the same wavelength and is the ideal strategic partner to accelerate the agency’s growth and help reach 5-year plans and milestones in three years.
Another point Storyblocks made clear at the time of the announcement, is that the company was not raising funds nor was the leading team looking for an exit. As a matter of fact, they have seen a considerable growth –especially on the stock footage segment– that only increased as the Covid19 pandemic spread over the past couple months. In other words, Storyblocks is as healthy as ever.
For them, the transaction that put them under Great Hill direction is a strategic play moving forward.
So now it’s a matter of waiting to see what Storyblocks comes out with next!