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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Thursday, 28 February 2008 |
 In announcing this week that it will be acquired by a private equity firm, Getty Images essentially confirmed what everyone in stock photography knew: the world's largest image distributor needs a fresh start.
It is not that the company has fallen on hard times. Getty Images made $126 million in net income last year. But the company made $130 million the previous year. The decline highlighted a disturbing trend in Getty's core creative stills business, which has struggled for some time.
So far, the company has blamed the creative stills problem on factors outside its control. The growth of paid search ads that use no images and a shift of advertising dollars to the internet are two reasons frequently mentioned. Many images used on the internet are inexpensive low resolution royalty-free photos. Sometimes, these web uses replace printed applications that command higher image licensing fees.
But the reality is not quite this simple. Even as Getty Images' creative stills business stagnates, a number of other stock photo companies report growth. Competition, including some from Getty's own micropayment stock division, has taken a toll. Image buyers and photographers seem much more open to doing business with other distributors.
The evidence suggests that some of Getty's problems really are partly or entirely under the company's control.
By failing to foster good personal and financial relationships with contributors, by aiding and abetting the creation of industry-wide pricing that makes little sense, and by acting as if technology could substitute for a good sales effort, Getty Images has systematically squeezed the vitality out of its most lucrative product.
So, removing the Getty Images from under the microscope of Wall Street may be an important move. But, it will be validated only if the new Getty Images can make some hard decisions that will be costly in the short run, but which could put a new, more solid foundation under this company.
Here are three unsolicited (possibly unwanted) suggestions for the new Getty Images:
Continue reading Unsolicited Advice . . .at the Stock Asylum (SUBSCRIPTION REQUIRED)
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Written by Alamy Limited
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Wednesday, 27 February 2008 |
Oxfordshire, UK, 27 February 2008--Alamy has terminated the contract of a contributor for falsely stating that an image had a model release.
The company, the largest stock photo site on the web, acted swiftly after being contacted by a member of the public who had appeared on an image marked as released but was confident he had never signed one.
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Last Updated ( Wednesday, 27 February 2008 )
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Written by Getty Images Inc.
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Monday, 25 February 2008 |
SEATTLE, Feb 25, 2008 (BUSINESS WIRE) -- Getty Images Inc. (NYSE:GYI),
the world's leading creator and distributor of visual content and other
digital media, announced today that it has entered into a definitive
merger agreement to be acquired by affiliates of the private equity
firm Hellman & Friedman LLC in a transaction valued at
approximately $2.4 billion, including the assumption of existing debt.
Under the terms of the agreement, Getty Images stockholders will
receive $34.00 in cash for each outstanding share of common stock they
own. This price represents a premium of approximately 55 percent over
the closing price on January 18, 2008, the last trading day before the
Company announced that it was exploring strategic alternatives.
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Last Updated ( Monday, 25 February 2008 )
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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Friday, 22 February 2008 |
Toronto-based Masterfile has furloughed nearly 20 percent of its staff. However, the stock photography company's chief executive says the move is defensive and not an indication of significant financial troubles.
In fact, Steve Pigeon said, revenue over the last year has increased between six and seven percent, "Which, all things considered, isn't bad, but it was not what we needed."
Pigeon said the company was shooting for more than 20 percent growth during the fiscal year that ends Feb. 29. Pigeon also noted that the company is considering starting a micropayment stock photo division.
Continue reading Masterfile Staff Cuts . . .at the Stock Asylum (SUBSCRIPTION REQUIRED)
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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Thursday, 21 February 2008 |
While reading the agenda for the American Society of Media Photographers' Strictly Business 2 seminars I couldn't help being amazed at the breadth and depth of these three-day sessions.
The seminars cover all the important business skills that have little to do with photography per se. They are about essential –– though admittedly boring –– subjects like paperwork, legalities, marketing, pricing and negotiating.
It is a safe bet you did not get into photography because you loved these parts of the job. But, now that you are in the business, you must tend to these matters if you want to thrive as a photographer.
Which brings me to a point I like to make: If you set your business up correctly, you can and should minimize the amount of time spent on these important distractions.
Continue reading Standardize . . .at the Stock Asylum (SUBSCRIPTION REQUIRED)
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Last Updated ( Thursday, 21 February 2008 )
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