More Changes At iStock

Posted on 12/5/2014 by Jim Pickerell | Printable Version | Comments (0)

iStock contributors have been advised that on January 15, 2014, the accounting operations of Getty Images and iStock will be combined into one unified system. Since Getty acquired iStock in February 2006 the two brands have been operated as separate businesses with separate accounting departments.

iStock revenue has been falling for some time and this move seems to be part of a continuing effort to cut costs. Sources tell Selling-Stock that Getty’s Midstock revenue for Q3 2014 was in the neighborhood of $63 million. The Midstock segment of Getty’s business includes the iStock and Thinkstock brands. The Q3 Midstock revenue was down about 10% compared to a year earlier and Getty Images revenue overall has declined each quarter for the last seven quarters.

In a message to iStock contributors Getty said, “The benefits of this unified approach are increased cross-selling to customers, increased cross-placement of content to maximize sales potential and a more efficient business allowing us to increase investment in customer-facing improvements. We are still early in realizing the benefits of this unification and are now ready to incorporate iStock into the Getty Images global legal structure to set the foundation for further progress.”

The iStock Team supplied contributors with the following information about the change:
    On December 15, 2014, we will amend the Artist’s Supply Agreement (ASA) to change the Compensation section to reflect that you will no longer be required to request payments. The ASA amendment will be made available on the site for your review and acceptance at least 30 days in advance of any changes to the payment systems.

    After the new ASA has taken effect (January 15, 2015), and once the ability to request payment has been removed (the last day to request payment will be January 21, 2015), account balances of $100 and over will be paid to contributors automatically on a monthly basis. Additionally, on January 31, 2015, your contributor agreement will be assigned by iStockphoto LP to Getty Images (US), Inc. All of the revised 2014 ASA terms will remain exactly the same except the agreement will be with Getty Images (US), Inc., not iStockphoto LP.

    As a U.S. company, Getty Images (US), Inc. is required to follow Internal Revenue Service regulations, therefore withholding taxes may apply to your payments beginning in early 2015. As part of this change and to aid you with the transition, we will have an automated online interview process on iStock that will help determine the appropriate documentation each contributor should provide to Getty Images. Additionally, through this online interview process you can complete the appropriate forms and submit them. Links to this process will be available in the Contributor Tools section of your iStock profile starting January 22, 2015. 2014 payments will not be impacted by this change.

    What do I need to do now?

    We recommend that you ensure that your mailing address and contact information are correct on your Profile page.

    We also recommend that you create an account with either PayPal or Payoneer if you do not currently have an account. This can be done directly on the PayPal or Payoneer websites. Skrill (Moneybookers) will no longer be a payment option once the ability to request payment has been removed.

    We wanted to give you some advance notice about what is happening so you can be ready for the coming changes. We will provide you with additional details regarding payment and tax as we get closer to launch.

    In the meantime please take this opportunity to review the FAQs and make note of these important dates.

Copyright © 2014 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 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of, 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:  


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