InformationWeek has ranked Getty Images seventh in its list of 500 most innovative corporate users of information technology. Getty Images is the highest-scoring company in the media and entertainment category.
Because value received should be the basis for pricing image use, just as it is for pricing uses in these other areas of commerce. When a customer asks why you charge them more than you're charging "X" to use a particular image, the answer is that in your judgment, the customer is receiving more economic benefit.
The explosion of growth in content means the average return per image (RPI) will fall. However, it is no less expensive to produce images than it used to be. In the last four years, Getty's gross revenue from still-image licensing has grown about 50%, but not nearly as fast as the number of images added to the collection. As a result, image suppliers must produce more images each year just to stay even.
According to Jupitermedia CEO Alan Meckler, there is a strong possibility that Jupiterimages will enter the celebrity imagery space. Though Meckler is still unsure of any specifics, he promises the new offering will be original if it launches. In addition, there has been speculation about the possibility of a similar move by the Associated Press.
At yesterday's Goldman Sachs 2007 Communacopia Conference, Jonathan Klein told investment analysts that about 75% of Getty Images' business is down. "Our core stock-photography business has stopped growing. In fact, it is declining," he said. Analysts were not surprised, noting that Getty stock hit a 52-week low last Tuesday.
Masterfile Corp.'s lawsuit against J.V. Trading concluded with the District Court of New York awarding the stock agency five times its usual licensing fee for online use of rights-managed imagery. The court granted the full extent of damages requested, including statutory damages and attorney's fees, for a total of $46,816.91.
Basing price on the size of a digital file is extremely unfair to the customer, as well as the seller. File size has almost no relationship to how an image will eventually be used, or the value the customer will receive from its usage.
If an amateur produces a great photo that meets the needs of a commercial customer, there is no reason why the commercial customer should expect to pay the amateur less than a pro. The price should be based on the value of the image to the customer, regardless of who produced it.
Alamy CEO James West has announced the agency's plans to launch a number of new products designed to broaden the agency's customer base and expand its pricing strategy. In a more surprising move, the privately held Alamy will also make its financial information public.
Corbis has launched a microsite to provide images and footage to ad agencies, campaigns and news outlets during the 2008 U.S. elections. The company pegs related ad spending as exceeding $3 billion, or nearly double that of the last presidential race. The two areas of significant spending increases are anticipated on the Web and in newspapers.
With the launch of the PhotoShelter Collection, the company that previously specialized in providing online archiving and e-commerce solutions has gone into the business of stock licensing.
The soon-to-launch royalty-free portal BrightQube.com is starting to make viral circles around the blogosphere. Though promises of revolutionizing image search no longer impress industry insiders, BrightQube's search interface is a new, techno-savvy and time-efficient twist on the industry-standard engine.
There has been an explosion of customers who want to use imagery, but the majority of these new clients have small budgets for photography. Meanwhile, sales to traditional stock photo customers have been sluggish for some time, and there are signs their needs will decline.
Getty Images has decided to reduce the duration of rights-ready and rights-managed images available under its new Web-use license to three months from the previously announced one year.
Attributor Corp., a California-based company that bills itself as the world's first Web-wide content monitoring and analysis platform, has signed Reuters as a client.
The current disparity of prices is the greatest in the history of stock licensing. Some images are available for $1 for perpetual use; others command thousands while imposing time, distribution and medium restrictions. Somewhere between the extremes is the new buzzword midstock, a concept that attempts to bring some order to the chaos of image pricing.
As more amateur photographers submit images to microstock, the line between amateur and professional blurs. In some areas, amateurs are giving pros a run for their money.
To outline a new model means it is necessary to come to some general agreement on several of the industry's fundamental issues. In a nine-part series, Jim Pickerell will discuss several key ones. Each installment will explore the impact on the future of the stock photo business. Part I: The New Business Model
TNS Media Intelligence reports that the second quarter of 2007 is the first time since 2001 that ad spending declined for two consecutive quarters. Though the overall decline is only 0.3% ($190 million) compared to the first half of 2006, some industries are seeing more significant declines. The biggest hit is the B2B mag category.
The Visa pour l'Image festival saw the launch of Noor, a new agency established by nine documentary photographers of global acclaim. The launch received much attention at the Perpignan-based photo festival. In addition to its exhibits and awards, Noor also promised to be a trendsetter.
a21, the Jacksonville, Fla.-based owner of SuperStock, Purestock and ArtSelect, is consolidating and restructuring to improve profitability and prepare for upcoming growth initiatives.
The Brentwood, Tenn.-based microstock Web site Dreamstime.com has launched a workshop program. The first one-on-one workshop and stock shoot will be hosted by well-known stock photographer Ron Chapple in Maui, Hawaii.