Getty gets gobbled
In a move set to stabilise the foundations of creative stock providers; online giant Getty Images has been acquired by private equity and investment firm; Hellman and Friedman on the 25th February 2008
The shock acquisition also includes iStockphoto.com; currently the leader in rights-free, community-based stock photography. The acquisition not only means that Getty will continue to exist despite its recent problems, but it also highlights some interesting developments in the stock-image market
Could the way forward for other big-hitters be to hide their financial secrets and flaws by becoming privately-owned?
An interesting article posted on blackstar.com by Scott Baradell discusses what is happening to professional stock photographers as they compete with the ever-growing community of semi-professional snappers selling their wares online. Microstock sites, such as the ever-popular iStockphoto, are adding to the woes of professional stock photographers with a trend called ‘crowdsourcing’, coined by Wired editor Jeff Howe.
Wired defines ‘crowdsourcing’ as ‘the act of taking a job traditionally performed by a designated agent and outsourcing it to an undefined, generally large group of people in the form of an open call.” – Specifically what sites like iStockPhoto and Sxc.hu are renowned for!
For designers and purchasers of stock imagery, crowdsourcing has its benefits, but like any other double-edge sword, also has many downfalls. We may be able to buy rights-free images at a massively reduced price and have a much wider selection – but the quality of these shots and the necessity to sift through countless millions of lower quality options in order to make the savings produce their own countless issues.
For professional photographers the threat is very real and the benefits not as apparent as some of the microstock sites would have them believe!
An article by Ron Rovtar explains this concept very well – however you will need to register to read.
Whether or not Getty takes a turn from the current grave status is yet to be seen – but one thing’s for sure: stock imagery will still be around supporting web design for a long, long time.
