Pictor International Limited in the UK is insolvent and asking their creditors to agree to a payment plan that would pay them, over a three year period, a total of approximately 4 percent of the $2,229,000 they are owed. Creditors owed another $14 million will probably receive nothing.
Getty Images, Inc. has reported better than expected fourth quarter 2001 revenue of $101.8 million. This compared to $129.4 million in the fourth quarter of 2000. Total revenue for 2001 was $451 million, down 7% from $484.8 million in 2000. E-commerce revenues were $62 million representing 61% of sales.
While some companies are moving out of New York, ImageState is consolidating their far flung operations in the heart of Manhattan. Their production operation currently located in Seattle will be moved to NY, and many of the European operations will also move there.
The French news staff of the Corbis brands Sygma, Kipa and Tempsport instituted a work stoppage on January 28th. Additional stories in this Random Thoughts include: Corbis Acquires Sekani, Ad Sales Down in 2001 and Expectations for 2002, Zefa Opens London Office, National Geographic CD-ROM's Missing Some Pictures, Hemera Technologies and TimePix Changes Directions.
Getty Images has announced that they will close the Seattle design studio that produces catalogs and advertising material and move the operation to London. A main emphasis of the Seattle studio had been the design of marketing products for PhotoDisc.
SuperStock has developed a new two-tier online search strategy that will allow them to make many more images available for customer viewing than is the case with most other agencies.
SuperStock has changed their production strategy and closed their three studios in Jacksonville. In the past they had employed between 4 and 6 staff photographers and 3 producers. Now they believe they can get all the images they need from the photographers who work with them on contract.
Creative Eye, a photographer cooperative, is in financial trouble. Founded in the summer of 2001 as a way to save the MIRA stock photo database originally developed by ASMP, it now is asking photographers to buy Preferred Stock shares at $1,000 each.
The French Royalty Free agency, PR Direct has taken control of the bankrupt editorial agency GlobalPhoto. Photographers may receive no royalties for images licensed by GlobalPhoto before the bankruptcy was filed.
This story looks at some of the issues raised in the Saunders article on Tony Stone (Story 452) and offers some alternative points of view and things to think about.