Getty To Push Exclusive RM

Posted on 3/13/2019 by Jim Pickerell | Printable Version | Comments (0)

Getty Images sent out the following notice to image suppliers yesterday. Be sure to also see Getty Simplifying RM Exclusivity where I analyze the pros and cons of this plan for image creators.

Rights-Managed Licensing: Simplifying Exclusivity


Today, we are announcing changes to make the unique benefits of rights-managed (RM) creative stills licensing clearer and more compelling for our customers.

We will soon begin including a base level of Exclusivity into RM licenses called Market Freeze, which will allow customers exclusive use of an image for the combination of use, industry, geography, and duration of any commercial use license. This is sometimes known as “spot” Exclusivity but we’re calling it Market Freeze since this term is well understood in the industry. Market Freeze would not apply to editorial use licenses.

In addition, we will be offering streamlined options for clients to secure additional Exclusivity for specific rights bundles along with industry and total Exclusivity at simplified price points.

By embedding exclusivity into RM, we are taking advantage of usage histories and limited licensing volumes to provide distinct reasons why certain customers would choose rights-managed over royalty-free and commissioned shoots.

Market Freeze will showcase content which is ready for exclusive, commercial licensing. Creative content where we are unable to offer Market Freeze will continue to be available, but only to customers with Premium Access agreements.

To optimize the benefits of Market Freeze, we will be testing its introduction with different mixes of prominence, geography, and customer availability.

In summary, the Market Freeze changes will make it more compelling for commercial customers to license this unique and exclusive content. We believe this change in positioning can stabilize RM returns. 

We’ll let you know when the Market Freeze changes go live. In the meantime, we also have frequently asked questions below if you’d like to know more.

Best wishes,
Paul

Paul Banwell
Senior Director, Contributor Relations


FAQs


Why are you making these changes?
Our goal is to make clear the unique benefits of RM relative to RF, which we can best do by focusing on the unique RM value of Exclusivity and rights history.

What will be the commercial effect of the RM Exclusivity changes for Getty Images and contributors?
Our goal is to make RM content as attractive to customers as possible, in this case focusing on the unique RM value of Exclusivity and comprehensive rights history. These changes should result in an expanded share of licensing opportunities, more higher value licenses, encourage customers to secure a broader set of rights and provide a unique selling proposition to RM vs RF.

How is Market Freeze priced? Are you including Exclusivity at lower prices than before?
We have focused the pricing model on RM Exclusivity around simplicity. Prices are in line with historical realized pricing for exclusive imagery – but have been built in a significantly simplified framework which should encourage broader rights purchasing and more exclusive sales.

Do you plan to make changes to the rights-managed Editorial licensing or the rights-ready video licensing model?
There are no changes planned to either rights-managed Editorial licensing or the rights-ready video licensing model at this time.

??Is Market Freeze included in editorial licenses? 
No, Market Freeze does not include Editorial use.

How are you showing Market Freeze to new customers?
As part of this program, we will be merchandising the Market Freeze benefit of RM, so that new customers have a clear entry path to RM, but one where they are making an informed decision.

It is also important to let you know that the majority of customers who understand the benefits of RM and can afford it already have direct relationships with us via our global sales teams. We know these customers well and believe these changes are the best way to address the decline of RM licensing.

Why does Market Freeze only include imagery that is available for exclusive, commercial licensing?
We want to simplify the rights-managed licensing process for clients as much as possible. This includes giving them the confidence that any RM images can be licensed quickly and exclusively. Supporting Editorial Use Only, Co-exclusive, and Non-exclusive imagery complicates that experience, which we want to avoid.

When will these changes take effect?

You will see these changes coming to the site in the coming months and our sales teams are already beginning to talk to customers.


Copyright © 2019 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-251-0720, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of www.selling-stock.com, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to: http://www.jimpickerell.com/Curriculum-Vitae.aspx.  

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