Getty Images
From Wikipedia, the free encyclopedia
Getty Images, Inc. is a stock photo agency, based in Seattle, Washington, USA.
It is a supplier of stock images for business and consumers with an archive of 70 million still images and illustrations and more than 30,000 hours of stock film footage. It targets three markets — creative professionals (advertising and graphic design), the media (print and online publishing), and corporate (in-house design, marketing and communication departments).
Getty has distribution offices around the world and capitalizes on the Internet and CD-ROM collections for distribution. The company also offers custom photo services for corporate clients.
Contents |
[edit] History
In 1993, Mark Getty and Chief Executive Officer Jonathan Klein co-founded Getty Investments LLC, which today is the principal shareholder of Getty Images. Mark Getty is the company's chairman.
In September 1997, Getty Communications, as it was called at the time, merged with PhotoDisc, Inc. to form Getty Images.
In April 2003 Getty Images entered into a partnership with Agence France-Presse (AFP) to market each other's images.[1]
In September 2007, Getty Images adopted a new pricing policy for web image sales that has caused a great deal of controversy among photographers. This policy created a new price package of only $49 for small web images. Controversially, this price was intended to apply to both rights-managed and royalty-free images. In the past, rights-managed images have commanded a price that could easily be 10 times that amount. As a result, a number of international photographers' organizations have complained to Getty. The repricing has occurred at a time when Getty Images' share price and profitability have been under pressure.
The Getty family owns about 20 percent of the company.[citation needed]
[edit] Competition
There are dozens of companies selling stock photography competing with Getty, but the largest is a public company formerly known as Internet.com, named Jupitermedia Corporation, and a private company controlled by Bill Gates, named Corbis. By buying out the many family-owned businesses that created the field, Getty, Jupiter and Corbis—are in the process of "rolling-up" the stock photo business. In recent months, Getty bought out Digital Vision, iStockphoto, and Stockbyte, and Jupiter bought Comstock and PictureArts.
[edit] Acquisitions
In 2004, Getty bought image.net for $20 million USD. [2] On February 9, 2006, the microstock photo website iStockphoto was acquired by Getty Images for $50 million USD. [3] In 2007, Getty successfully purchased its largest competitor, MediaVast, for $207 million. The acquisition meant that Getty Images gained control of WireImage (Entertainment, creative, and sports photography), FilmMagic (fashion and red carpet photography), Contour Photos (portrait and studio photography). Getty Images also acquired a host of other subsidiaries including "Master Delegates" who include: Gallo Images in Johannesburg, Touchline Photo in Cape Town, Isifa Image Service in Prague, Laura Ronchi in Italy[4] On October 23, 2008, Getty Images announced they are to acquire the Jupiterimages division from Jupitermedia for $96 million in cash.[5] The acquisition is technically subject to the approval of shareholders and the receipt of certain regulatory approvals. Getty Images finalized the purchase of Jupiterimages on February 23, 2009. In December of 2008, it was announced that Getty Images was acquiring Redferns Music Picture Library, the London-based music photography collection.
[edit] Sale of company
In February 2008 it was announced that Getty Images would be acquired by Hellman & Friedman in a transaction valued at an estimated US$2.4 billion. [6]
On July 2, 2008, Getty Images announced the completion of its acquisition by the private equity firm Hellman & Friedman. Getty Images common stock ceased trading on the New York Stock Exchange at the close of the acquisition and was delisted from the New York Stock Exchange. [7]
[edit] Copyright enforcement
Getty Images uses a firm called PicScout to scan the web for unauthorized and unlicensed usages of its protected images. Websites that are found to be in violation are sent financial settlements that retroactively licensed the image. However, the settlements also demand damages, which are said to have been incurred against the copyright holder. Thousands of these letters have been sent out, yet according to the Wall Street Journal in October 2005, Getty had not taken any of these potential cases to court.[8][9] However, Getty published a notice to its contributors describing how a court decision in New York makes it more difficult to obtain damages for infringement.[10] The article does not state whether Getty Images was a party involved in the court case.
Recently, Getty Images lost a lawsuit in Germany[11]. Getty claimed unauthorized usage, but the defendant could prove authorized usage as he had bought a retroactive license directly from the photographer.
[edit] References
- ^ "Getty Images and Agence France-Presse (AFP) Enter Into Partnership to Increase Breadth, Depth, Reach and Quality". Getty Images press release. Getty Images. 01 April 2003. http://media.gettyimages.com/article_display.cfm?article_id=66. Retrieved on 2008-11-23.
- ^ image.net — About
- ^ Getty Images Buys iStockPhoto.com For $50 Million (About The Image)
- ^ Getty Images Acquires Its Italian Master Delegate, Laura Ronchi, S.p.A.
- ^ Reuters, "Jupitermedia to sell online image unit to Getty"
- ^ Getty Images Press Release 25 February 2008
- ^ [1]
- ^ "Photo Agencies Scour the Web For Copyright Violations" ( Wall Street Journal)
- ^ Web designers get grouchy over Getty (The Register)
- ^ A message to Getty Images contributors (GettyImages.com)
- ^ "Lost lawsuit" (German newsmagazine DER SPIEGEL)
