How Getty Is Killing the Stock Photo Industry - A Picture's Worth
When we created the PhotoShelter Collection, we aimed to change the face of the stock photography industry by fundamentally altering the dynamics of how photographers were treated, and in turn, providing visual diversity to buyers that simply didn't exist. Tens of thousands of photographers from over 130 countries signed up and started uploading their images to PhotoShelter, and the buyers have followed. Each month we have stolen sales with major clients away from Getty and have become an increasingly large thorn in their side.
So it's flattering to hear that Getty Images is validating our approach and recognizing our success by reaching into the flickr community. No other competitor in their history has forced Getty to change their model. This is a great sign of encouragement for us. Getty's CEO Jonathan Klein describes this new endeavor as "the best imagery from a fresh collection of high-quality images chosen by us from Flickr's diverse and prolific community." If it sounds familiar, it should be, something very similar is printed on our homepage.
But rather than compare lexicon, let's clarify some of the key points and differences of this announcement.
Klein stated in a Seattle Times piece that the deal "for us is not significant, but it's strategically extremely important." Flickr GM Kakul Srivastava corroborated this by saying, "From our perspective, on the Flickr side, we're not expecting this will be a huge stream of monetization for our members...The relationship, in the licensing piece, is purely between the photographer - the Flickr member - and Getty Images itself."
So, if it's not really about making money, what is it about?