SSTK
#There's going to be amazing stuff we'll be able to do internally, where we can track customers across all of our products with a single user ID, for one.
Externally, we will be able to ---+ customer-facing features will be a lot easier.
So imagine, as our Editor product grows, we'll be able to deploy that in multiple different environments, on our site, off our site, in WebDAM, across all of our different types of products, Offset, Premier, our enterprise platform, et cetera.
The reason for the migration is that we have a single view of our customer across all of our products.
And when we develop a technology, we can develop it once and use it across all of our products within Shutterstock.
Yes, appreciate the question.
What we are seeing is really nothing that is specific to any one area.
The marketing spend is the outcome of the activity.
We've had some related to timing.
There are things that occur ---+ both product launches, releases and activity that we have.
Our cost per acquisition is growing more predictably year over year.
We've gotten more efficient and better in our SEO and SEM work that we are doing.
There's some events that are pushed to later in the year ---+ the actual event themselves that we had expended some money in the first quarter and prior years.
There's nothing that ---+ it wasn't like, oh, we were trying ---+ we weren't saying, oh, we want to spend less marketing dollars.
I think it's the summation of a number of activities that happened to occur in the quarter.
Of course, we're looking at, obviously, having the highest return on investment we've had over a multiple period.
We are focused on continuing to be able to manage our spend across all of our categories.
But we will also lean in and spend on marketing, as and when appropriate, to drive profitable growth that has high cash return on investment.
Like I say, there is nothing unique that you are missing or that we are not telling you.
I think it is just the activity within the quarter.
But once again, we expect that will pick up in the second quarter.
We have a number of both events, and we also have a product activity in the second quarter which we will be supporting aggressively.
One thing I just want to add is that, over the past 13 years, we have clearly been, in our space, the most aggressive marketers.
We've learned a ton.
There is no one in the space that's spent more money marketing than we have, especially on the performance side.
We have all this data, and we know exactly how to reach our customers.
Some quarters will get more efficient than others.
We won't spend that money, if it doesn't make sense.
During that pullback, you can see some of the stuff that you see this quarter with those numbers.
What we said in the past was it was in the low- to mid-20%s.
It's accelerated from there to be between ---+ slightly over 25%.
We certainly expect it to continue to grow, given the opportunities we see, both with existing and new customers.
I don't have any specifics on the countries you mentioned.
But we continue to grow around the world, across all of our regions and across the many different countries that we do business in.
We continue to get more local.
We continue to learn more about our customers around the world, and that causes us to sell more images and products and video to all of our customers.
So as it relates to some of the markets in which we are expanding, Korea and India and other ---+ not necessarily emerging markets, but developing markets are ones where there is great amounts of advertising and communication, especially when you think about markets like India.
We have not historically had a large business there, and so our growth rates have been significant.
We are just hitting a great user base in terms of both larger size enterprises, as well as small- and medium-sized businesses in those markets.
We have been relatively strong in Germany, and we continue to see strength.
We have an office in Berlin, aggressively pursue the European market with our team there, and continue to see opportunities across both western and eastern Europe to further expand.
Asia Pacific remains a significant opportunity.
And we are focused on continuing to expand not just in India but in other markets in the AsiaPAC region, especially given, as <UNK> said, our ability to be more local, to provide both content as well to the customers, and the customers in those markets.
So we feel real strong about it.
Enterprise is now growing fast internationally.
As we talked about in past quarters, we are seeing greater consistency in Europe as well, versus some of the fluctuations during the economic crisis that they were going through.
Overall, we are seeing good stabilization.
But I think being local in markets and having that network effect is really important for us.
We will continue to do everything we can to continue to grow those opportunities.
Thank you, everybody, for joining us today.
If you have any follow-up questions, please let me know here in New York.
We're happy to help.
Thanks.
