Shutterfly 2014 Annual Report Download - page 18
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• Self-publishing companies and services such as Lulu, CafePress, and Zazzle;
• Cloud-based storage services and file-syncing services such as Dropbox, SugarSync, Box,
Amazon Cloud Drive, and iCloud;
• Specialized companies in the photo book and stationery business such as Hallmark, Cardstore
by American Greetings, Minted, Picaboo, Blurb, Mixbook, MOO, Smilebox, Creative
Memories, and Photobook America;
• Photo-related software companies such as Apple, Microsoft, Adobe, Corel, and FotoFlexer;
• Internet portals and search engines such as Yahoo!, AOL, and Google that offer broad-
reaching digital photography uploading and storage as well as related products and services to
their large user bases;
• Home printing service providers such as Hewlett-Packard, Epson, Canon, and Kodak that are
seeking to expand their printer and ink businesses by gaining market share in the digital
photography marketplace;
• Enterprise digital and print communications companies such as RR Donnelley and Sons
Company, O’Neil Data Systems, Inc., Quad/Graphics, Inc. and Viatech Publishing
Solutions, Inc.;
• Regional photography companies such as Ritz Camera that have established brands and
customer bases in existing photography markets; and
• Camera and photographic supply companies that rent equipment nationwide both online and
in brick-and-mortar stores such as LensRentals.com, LensProToGo, Cameralends, AbelCine,
and Adorama.
Many of our competitors have significantly longer operating histories, larger and broader customer
bases, greater brand and name recognition, greater financial, research and development and distribution
resources, and operate in more geographic areas than we do. Well-funded competitors may be better able
to withstand economic downturns and periods of slow economic growth and the associated periods of
reduced customer spending and increased pricing pressures. The numerous choices for digital photography
services can cause confusion for consumers, and may cause them to select a competitor with greater name
recognition. Some competitors are able to devote substantially more resources to website and systems
development or to investments or partnerships with traditional and online competitors. Well-funded
competitors, particularly new entrants, may choose to prioritize growing their market share and brand
awareness instead of profitability. Competitors and new entrants in the digital photography products and
services industry may develop new products, technologies or capabilities that could render obsolete or less
competitive many of our products, services and content. We may be unable to compete successfully against
current and future competitors, and competitive pressures could harm our business and prospects.
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