News Analysis
Getty's 2nd quarter sales were $115.9 million. They expect sales to continue to fall off for the rest of the year and estimate 3rd and 4th quarter sales at between $100 and $110 million each quarter making the gross for 2001 around $449 million. This would be a drop of 7% from 2000.
This article contains an update on the Pictor bankruptcy, proposed sale of Sipa to Reuters, Getty's closing of Colorific, a new agency called Raw Talent, and Corbis selling images to mobile phone users in Japan.
This contains short items on Sensitive Issues, New Argus portal, Decision Time for SAA Photographers, Photo 20-20 Joins Lonely Planet and Blackwell Named Senior VP at Getty Images.
Speedpix has run out of money and will cease to deal directly with clients at the end of July 2001. In future photographers will handle sales directly and will be responsible for all scanning and keywording of new images. Speedpix has hopes of raising funding for promotion somethime in the future.
This issue has stories on Ad Sales Down, Tasini Wins, NY Times Rights Grab, Pictor Inc. Bankrupt, Index Get More Capital and Reduces Photographer Percentage, Sub-Agent Shake Up, CEPIC Congress, and Stock Industry Statistics.
Getty Images, Inc. announced today that their sales for the quarter ending June 30, 2001 are expected to be about $115 million down from the $124 million in Q1. They had announced on April 25th that they expected sales for Q2 to be between $120 million and $130 million.
In a 7-2 decision the Supreme Court has ruled in favor of Jonathan Tasini in his case against The New York Times. Electronic databases are not revisions of print uses according to the Court. While this is good news, damages have not been assessed and there are still hurdles ahead.
Pictor International Inc.'s bankruptcy creditors meeting held on June 21st provides rare insights into the operation of the agency as well as information about the plight of their photographers.
This story includes information about a new Getty catalog strategy, New York Times misuse of images, Klein's income for 2000, Down Advertising Sales and the inadequacy of bankruptcy clauses in most photographer contracts.
Sub-agents that represent major brands are facing difficult decisions and potential loss of the right to represent certain catalogs. This could mean falling revenue for some sub-agents. Primary supplying agents may find it difficult to get their catalogs into the international market.
This story provides analysis of the recent PACA and CEPIC surveys of Stock Agencies in the U.S and Europe. I have focused my analysis on market size, and the percentage of sales that are Editorial compared with Commercial. The data provide some surprises.
Index Stock Imagery has sent a letter to their photographers asking them to accept a reduced percentage of sales from 50% to 40% of net revenues collected on Rights Protected sales. The article outlines several factors related to this decision. I think most photographers will find it beneficial to sign this agreement and continue their representation by Index.
This story is a report of various information and insights I picked up at the 8th annual CEPIC Congress in Amsterdam. CEPIC is a confederation of picture agency associations in Europe. There were over 400 individuals in attendance representing 238 firms from 37 countries.
This story contains short items on: The end of Getty's Art.com, GlobalPhoto and StockMedia alliance, Royalty Free Growth and RF in Europe, new online sports agency, Eyewire moves to Seattle, U.S. Photographers Joining PACA, and more.
Index Stock Imagery, Inc. has closed the last $4.5 million of its $20 million mezzanine funding round and is on track for reaching profitability by the end of the year according to Bahar Gidwani.
An analysis by the lawyer retained by StockArtistsAlliance (SAA) of the new Getty Images photographer contract.
This issue has stories on 2001 Photographer Profits Survey, Flat Sales At Getty, Dilemma For Getty Photogs., Tony Stone Is Back, Zefa Acquire Benelux, Masterfile, Greenbery Win Court Battle With National Geographic, and more.
In response to yesterday's announcement that Pictor International, Inc. had filed Chapter 11 bankruptcy in the U.S., Pictor International, Ltd. has made the following statement.
This series of short items covers: Copyright Alert to stop the Hatch-Leahy Ammendment, Getty Shooter seems to have found the key to success, ASMP's Co-op Business Plan, Catalog selling on the web, Objections To Getty's Photographer Contract Grows and CEPIC to Release Industry Statistics.
On May 3rd Pictor International, Inc., a subsidiary of Pictor International, Ltd. filed Chapter 11 bankruptcy in the District of Columbia. The company had total assets of $635,000 and debts of $1,278,341. The bankruptcy affects the U.S. subsidiary, not the parent.
Getty Images has announced sales of $125.8 million for the first quarter of 2001. This was about 4% below the $130 to $133 million guidance provided by the company on February 8th, and less than a million above the 4th quarter 2000 revenue of $124.9 million.
Only 97 photographers responded to this year's survey. They had total stock income of $8,877,211 in 2000 and additional photographic income of $5,579,669 for a total photographic income of $14,456,880. Analysis of the data is in this report.
The Bridgeman Art Library has acquired Giraudon, the prestigious French fine art picture archive from Getty Images, Inc. This acquisition strengthens Bridgeman's position as the world's leading source of fine art images.
Opus Solutions UK provides technology services in the UK to Picture Libraries and Photo Agenices. About 40 agencies have almost 200,000 images in their system. Peter Arnold uses the service in the U.S. CORRECTION: I made some incorrect statements about Opus in my Random Thoughts 31 and this story serves to correct that mis-information and set the record straight.
I want to apologize to Corbis Corporation, its employees and my readers for an erroneous story about Corbis that I published in my Random Thoughts 31 on Monday, April 16th.