Getty Images, Inc. reported third quarter revenue of $130.8 million up 2.7% from the $127.7 million in the second quarter of 2003 on the strength of rising prices, not increased sales volume. Despite shifts in search order results on the web site that dramatically favored RM images, the number of RF images sold were still strong, and RM revenues continued to decline, though not to the degree they dropped in the 2nd quarter.
PACA has announced the results of the 2003 Stock Picture Industry Survey, a North American survey that addresses significant industry questions about major trends covering products, revenues, rate of growth, leading areas of content and more.
Stephen Mayes provides insights on the continuing Royalty Free vs. Rights Managed debate. He is Director of Art + Commerce Anthology and previously Creative Director of Image Source, CEO amana america and Senior Vice President of Getty Images.
The StockArtistsAlliance leaders takes issue with many of the points in my Story 580 on ''Re-Evaluation of Royalty Free'' and hope that photographers will not produce RF images. This story lays out some of their arguments.
The Virtual Picture Desk has taken over management of critical activities at Panoramic Images and George Sinclair has been appointed CEO. Doug Segal the current Chairman and President of PI will shift his responsibilities to focus on new business development and the oversight of his new venture, FillPrints.
Goodshoot is a French RF company and General Manager Philippe Bigard provides some interesting details on how the market for RF is developing in France and Europe. Bigard believe the French market requires a special style of photography, and thus he is only interested in working with European photographers.
This issue has short items on Stephen Mayes' move from Image Source to Art and Commerce in New York, Picture Arts launches Botanica, VEER Honored with Two Awards, Do Not Call could benefit stock industry, Kodak's Problems and Wire Transfer Ripoff.
Corbis has eliminated certain positions including those of COO, Tony Rojas; VP of Worldwide Sales, Bruce Cheseborough; and VP Systems, Bob St. Clair in an effort to reduce and flatten the executive organization and ''drive functional decision-making more deeply into the company and maximize efficiencies across all business units,'' according to Steve Davis in an internal memo to the staff.
A photographer asked recently, ''What is your take on the theory that the overall world market for imagery (based on revenue) has been significantly diluted by the emergence of RF and it's generous licensing terms?'' My short answer is that world revenue was flat in the 90's and has dipped slightly in the past couple years, but RF has not been the principle cause. See this article for a more explanation.
Photographers shooting RM need to look at options other than speculative shooting for financing future shoots given the difficulty in getting a significant number of images into marketing. This story explores Performance Bonds that are used to a great extent in Europe.