In early March
Selling-Stock reported that many of iStockphoto’s most experienced videographers were very upset with the proposed royalty share for iStock's new Vetta collection. At least 25 of the most productive contributors with a combined total of about 45,000 clips decided not to participate in Vetta. Most concluded they were likely to earn more if their clips were licensed at the lower Exclusive prices because they would continue to receive a higher royalty rate. It is also expected that clips available at the lower Exclusive prices will sell more frequently than those at the higher Vetta prices. Illustrators who produce Vector art were faced with the same problem.
In today’s stock photo world creatives often feel they have no alternative but to accept whatever distributors decide to offer. In this case a number of iStock’s leading videographers made it clear to iStock that they would not participate in Vetta unless some adjustments were made in the royalty share being offered for this new brand. Kelly Thompson, CEO of iStock, listened to the leaders of this group -- simonkr, uberstock, morganl, and multifocus -- and decided to significantly increase the royalty percentages for those who participate on Vetta video.
Royalty percentages are based on the number of redeemed credits in the previous year. (This relates to the amount the videographer earned in the previous year, but is not necessarily a direct dollar for dollar comparison.) The chart below shows what was originally offered and the revised percentage.
| Redeemed |
Non- |
|
Vetta |
|
Revised |
| Credits |
Exclusive |
Exclusive |
TAC |
|
Vetta share |
| 1,250,000 |
20% |
45% |
30% |
|
40% |
| 160,000 |
19% |
40% |
28% |
|
38% |
| 85,000 |
18% |
35% |
26% |
|
36% |
| 40,000 |
17% |
30% |
24% |
|
34% |
| 14,500 |
16% |
25% |
22% |
|
32% |
| Default |
15% |
25% |
22% |
|
32% |
Below is a list of the number of credits currently required to purchase an Exclusive clip compared with the prices for a Vetta or The Agency Collection (TAC) clip.
| |
Exclusive |
Vetta |
| |
Credits |
or TAC |
| Small Web |
20 |
not offered |
| Small Web |
30 |
55 |
| Big Web |
50 |
90 |
| HD 720 |
85 |
120 |
| HD 1080 |
95 |
150 |
A
statement from Kelly Thompson is available on the iStockphoto website.