Sources at Getty Images report that the company had double-digit (10% or more) growth in stock-footage revenue in 2008. This is particularly significant because footage sales in 2007 were slightly down from 2006.
In 2006 and 2007, Getty Images generated $43.19 million and $42.88 million, respectively, from footage licensing. Growth of 10% would place 2008 revenues at $47.16 million.
This figure dovetails perfectly with Goldman Sachs’ November 2007 projections of $47 million for Getty’s 2008 footage sales. At the time, Goldman Sachs forecast Getty’s 2012 footage sales at $83 million, expecting approximately 12% annual growth.
To grow 2009 revenue, Getty is expected to offer lower price points for certain types of uses. This effort would reach certain corporate, new media and other customers that have not been able to afford the company’s current prices.
After Getty, the largest players in the stock-footage business are Thought Equity Motion and Corbis. Some footage contributors have reported that these companies’ sales may be down for 2008, particularly in the last quarter. Thus, Getty’s apparent success may partially result from taking others’ market share, as opposed to growth in demand.