Increase in paid downloads mainly due to new customers. They can thank Pond5 for that 
Oringer says they are adding more high quality content than ever before, that's far from the truth, I see a lot of garbage being approved.

Some press coverage - seems to be viewed as a positive report. Price pressure produced a 10 cent drop in per download revenue. If Adobe's hurting them, it's not immediately obvious?

http://www.fool.com/investing/general/2016/05/04/shutterstock-comes-into-focus-with-strong-earnings.aspx

http://sonoranweeklyreview.com/shutterstock-q1-exceeds-projections-on-eps-and-revenues-affirms-revenue-guidance-nysesstk/

I have to guess that the collection size is just for marketing messages (and it's a risky strategy IMO to rely on your search to hide the piles of rubbish from buyers). Messages of the "We're bigger than Adobe Stock" variety - some analysts had been describing the two libraries as essentially the same content while AdobeStock was cheaper. If you can say that yours is 50% larger or twice the size, perhaps that's seen as an effective way to deal with that investor worry?

Sometime this year they will have 100 million files.

I am amazed I still have sales.

Some press coverage - seems to be viewed as a positive report. Price pressure produced a 10 cent drop in per download revenue. If Adobe's hurting them, it's not immediately obvious?

http://www.fool.com/investing/general/2016/05/04/shutterstock-comes-into-focus-with-strong-earnings.aspx

http://sonoranweeklyreview.com/shutterstock-q1-exceeds-projections-on-eps-and-revenues-affirms-revenue-guidance-nysesstk/

I have to guess that the collection size is just for marketing messages (and it's a risky strategy IMO to rely on your search to hide the piles of rubbish from buyers). Messages of the "We're bigger than Adobe Stock" variety - some analysts had been describing the two libraries as essentially the same content while AdobeStock was cheaper. If you can say that yours is 50% larger or twice the size, perhaps that's seen as an effective way to deal with that investor worry?

Since that man exists, his main argument is "mine is bigger"�
Nothing changed�

Transcript of the call with analysts

http://seekingalpha.com/article/3971237-shutterstock-sstk-jonathan-oringer-q1-2016-results-earnings-call-transcript

"Content matters is something you've heard us say consistentl...With over 100,000 contributors submitting content, we continue to build scale while ensuring our content remains fresh and hot. During the first quarter, we added nearly 10 million high-quality inputs (03:00) for our royalty-free library, twice as many as we added in Q1 of 2015. And Shutterstock now provides over 81 million photos, vectors, illustrations to customers of all types and sizes.

We also continued to expand our unique video offerings with over 4 million video clips, 62% growth from a year ago. ... it's not just the size of the library, but also the quality and diversity of our offering that's being embraced by the creative community."

"Over 1.5 million customers downloaded content over the past 12 months, and we continue to see remarkably high level of revenue retention, with rates exceeding 95% over the past year."

"We now have nearly 28,000 Enterprise [accounts] (06:42), up 80% from the same period a year ago."

"We also saw a 23% increase in paid downloads, primarily from new subscribers but also from a higher level of activity across our existing subscriber base, in conjunction with the new monthly download limit we introduced during the second quarter of 2015"

"Currently, 40% of our revenues are from customers in North America, 34% from European customers, and 26% from the rest of the world. Each of these regions is growing at double-digit growth rates for us, and we continue to see strong momentum in nearly every country and region, including most notably, India, Korea, and Germany."

Jon Oringer was asked about getting customers to adopt the new Editor tool and his answer covered their "tech migration" as well:

"One of the things that's holding us back right now that we continue to work on and we'll be done with a lot of this, this year is our tech migration. We're spending a lot of effort right now moving our tech stack to a services-based architecture set. All of our property and all of our product can be within this one tech stack, and we can use all of our available technologies across all of our products. So, while we're even focused on doing that, we still released some amazing stuff like Editor and like Reverse Image Search. We continue to learn, and we're going to continue to innovate from there."

An analyst asked about Enterprise as a percentage of total revenue and the CFO said:

"What we've said in the past was it was in the low to mid-20%s. It accelerated from there to be between slightly over 25%. And we certainly expect it to continue to grow, given the opportunities we see both at existing and new customers."

Talking about markets in which SS is growing, the CFO said:

"So, as it relates to some of the markets in which we're expanding, Korea and India ...We have not historically been � had a large business there. And so, our growth rates have been significant. We're just hitting a great user base in terms of both larger-sized 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,...."

74 times earnings is still crazy but not uncommon for tech stocks. It so hard to get a handle on stock price because the whole sector is insanely overpriced. If and when interest rates rise expect a crash across the board.

Some press coverage - seems to be viewed as a positive report. Price pressure produced a 10 cent drop in per download revenue. If Adobe's hurting them, it's not immediately obvious?
Messages of the "We're bigger than Adobe Stock" variety - some analysts had been describing the two libraries as essentially the same content while AdobeStock was cheaper. If you can say that yours is 50% larger or twice the size, perhaps that's seen as an effective way to deal with that investor worry?

in the redded line, there is another way to think about it...
ie. who is fooling whom... by cannibalizing their portfolio to adobe???

They seem to think size of collection is of itself good at some point they might wake up and wonder how much its costing them to maintain millions of pics that never sell and their customers may get fed up with wading through the trash.

in the redded line, there is also another way to think about it...
ie. how long can a new or old contributor be happy about 100% and no sales
if that is the only reason why one would submit photos or vectors to a site,
than there have a lot of other agencies to the right of this page to submit
since they too will get you zero downloads.

the last say still depends on the contributor. whether or not ss is letting in "garbage" by newbies
and "mass-rejecting" oldies. anyone would stop submitting their work if they keep getting 100% approval and see zero downloads. 

would you not???