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Author Topic: Getty Is Twenty Years Old  (Read 23723 times)

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Semmick Photo

« Reply #1 on: March 13, 2015, 08:16 »
+4
Quote
Under Kleins leadership, Getty Images led the industry into the digital age and has been responsible for every major innovation in the visual content business. From moving the industry online to driving the growth of royalty-free photography, disrupting the industry with the introduction of crowd-sourcing through iStock by Getty Images and establishing market leadership in news, sport and entertainment imagery as well as in video, Getty Images has always been at the forefront.

They attributing credit to Klein for doing that when in fact, if I am correct, it was Bruce Livingstone who should be credited.

Semmick Photo

« Reply #2 on: March 13, 2015, 08:17 »
+5
Quote
More recently, Getty Images shook up the industry with the decision to make its imagery available for easy sharing for non-commercial use at no cost through its embed tool. The success of the tool serves as the foundation of Getty Images consumer businesses.

Who says it was a success? Is that self claimed success, or is there a public figure backing that up? I dont think it has been a great success at all.

« Reply #3 on: March 13, 2015, 10:26 »
+3
So Klein is being complimented out of the CEO position and they are claiming all the changes in the industry were hisof course....

This could be really interesting news. At least it is a real opportunity to bring in someone younger with a real  vision how to run an internet company.

Who will it be??

Yuri? ;) Or again someone from the old boys network?
« Last Edit: March 13, 2015, 10:28 by cobalt »

« Reply #4 on: March 13, 2015, 11:31 »
0
There is always some small element of truth in any political spin.  ;-)

« Reply #5 on: March 13, 2015, 11:37 »
+18
So Carlyle is ticked off about crappy financial performance and is moving Klein out of the way to get someone else to fix things.

I hold zero good feelings about Klein and what he's done to other agencies, not just iStock, so good riddance. The real issue for iStock contributors is what the new person in charge is going to do trying to restore the business to the financial health Carlyle seeks.

Private equity firms do not invest in the long term of any business they own. All they care about is their 3-5 years and making a hefty profit when they unload what they bought on someone else.

« Reply #6 on: March 13, 2015, 12:43 »
+3
Quite a mixture of corporate-speak gibberish and truth-economies... 

In one of the few instances where I could understand the mangled verbiage, it was interesting that iStock was labelled as a "midstock" offering... 

I have no clue what the "consumer and data space" might be...  unless that is a reference to their embedded image giveaway option... 

I did however have a look at their " bold new consumer website" ...  confusingly, when I clicked through to the Subscription & Custom Solutions page, the iStock Subs are listed as $199 and $499 for Essentials and Signature respectively, but when I clicked through to the iStock page, these subs are $99 and $199 ??  

My fault... the http://www.gettyimages.co.uk/subscribe website lists in Dollars, which changes to UKPounds on clickthru to iStock... 

[thanks to Tickstock for clearing up my confusion]
« Last Edit: March 13, 2015, 13:10 by lewis larkin »

« Reply #7 on: March 13, 2015, 12:48 »
+5
Whoever they bring in, I hope he/she will cut down on the corporate 1980`s doublespeak and really be interested in building the business. They still have a lot of great artists and a   large sales team, if someone is ready to lead with honesty, they still have a chance.

But if it is another 12 month "super excited" short term MBA type with no roots in the industry, adobe and shutterstock will be splitting the market between themselves pretty soon.

They will probably have to let go of a few more people in management if they want to bring in a modern business culture, the CEO is not enough, there are all the old "favorites" clinging to their seats.
« Last Edit: March 13, 2015, 12:51 by cobalt »

« Reply #8 on: March 13, 2015, 12:52 »
+2
Whoever they bring in, I hope he/she will cut down on the corporate 1980`s doublespeak and really be interested in building the business. They still have a lot of great artists and a   large sales team, if someone is ready to lead with honesty, they still have a chance.

I do have 2 sales this month!

« Reply #9 on: March 13, 2015, 12:52 »
0
Quite a mixture of corporate-speak gibberish and truth-economies... 

In one of the few instances where I could understand the mangled verbiage, it was interesting that iStock was labelled as a "midstock" offering... 

I have no clue what the "consumer and data space" might be...  unless that is a reference to their embedded image giveaway option... 

I did however have a look at their " bold new consumer website" ...  confusingly, when I clicked through to the Subscription & Custom Solutions page, the iStock Subs are listed as $199 and $499 for Essentials and Signature respectively, but when I clicked through to the iStock page, these subs are $99 and $199 ??
Where are you located, I only see subs listed as $199 and $499 for the month plan or $166 and $333 for the yearly.


« Reply #11 on: March 13, 2015, 13:21 »
+1
That is a much better article. I wonder who they can attract given the company situation and the strong competition? Who will be ready for this challenge??

« Reply #12 on: March 13, 2015, 14:21 »
+5
Bruce Livingstone should apply!  ;-)

« Reply #13 on: March 13, 2015, 15:09 »
+4
Seattle Times on the change:

http://www.seattletimes.com/business/technology/co-founder-of-getty-images-steps-down-as-ceo-amid-heated-competition/


The market pricing some of its loans at 55c on the dollar sounds like a pretty severe judgement on how the last couple of years have gone and where things are heading.

« Reply #14 on: March 13, 2015, 15:19 »
+12
Quote
Jonathan and I could not be more proud of where Getty Images is today. From digitization to e-commerce, crowd-sourced imagery, keyword and image search technologies, visual trend expertise and novel content partnerships, Getty Images, the biggest player in the visual content business, continues to embrace disruption and drive the global industry forward, said Mark Getty, Co-Founder and Chairman, Getty Images. Jonathan has successfully and passionately driven our company forward for 20 years as CEO. He moves on to his new role at a time when Getty Images is in strong shape and well placed to continue to lead.

Is this the new corporate script they're running with? Claiming to embrace disruption even though the very company that originally disrupted Getty and they therefore acquired hasn't fully grown into the flagship product they predicted it would a few years ago?

This whole thing is just so grossly disingenuous, acting like everything is perfect and that they "could not be more proud" of where they're at. It's such an empty statement, and really a flat-out lie. Of course they could be more proud. I think they'd be more proud if iStock were still the top microstock company. Or if they didn't have Shutterstock showing them up. Or now had to worry about Adobe putting pressure on them. Or they had a respectable relationship with contributors and had high-profile photographers wanting to work with them instead of leaving them and publicly speaking out against them. Thomas Hawk comes to mind. There are literally dozens of ways they could be more proud.

This reads like they're happy with where they are. And if they are indeed happy with where the company is today, it's hard to imagine that they even want to attempt to fix any of the glaring problems they have, not to mention growing beyond that and regaining any semblance of respectability in the industry.

The press release reads like something from a company that is likely to crumble under their own hubris. I, for one, would be glad to see some other company grow into the Getty of the next 20 years while this current Getty fades away.

« Reply #15 on: March 14, 2015, 04:09 »
+6

« Reply #16 on: March 14, 2015, 04:54 »
+3
Why the Blurry Outlook for Getty Images?

http://www.bloomberg.com/news/videos/2015-03-02/why-the-blurry-outlook-for-getty-images-

Thanks for posting that, though they missed some points it was a much better analysis of the situation than you usually get from news channels.


« Reply #17 on: March 14, 2015, 18:45 »
+4
I don't think these stories had been linked in this thread:

http://www.bloomberg.com/news/articles/2015-03-13/getty-images-ceo-jonathan-klein-steps-down-amid-photo-price-war

http://www.bizjournals.com/seattle/blog/techflash/2015/03/getty-images-ceo-co-founder-to-step-down-as.html

55 cents on the dollar went to 50 cents by close of business Friday.

The Laura Keller (blurry outlook) interview linked above missed a few key points, IMO. Particularly that Getty was healthy and thriving with subscriptions (primarily from Shutterstock, but others too) in the marketplace several years ago. What took them from thriving to limping along was a series of management changes and dreadful choices about their own business that gave other companies an opening which they happily grabbed.

Part of the reason for the hasty personnel and policy changes was the need to service the crippling debt courtesy of H&F and Carlyle. I don't think Klein ever got what was going on with the "amateurs" he so clearly didn't respect, and that didn't help.

So I really think this picture of succumbing to the pressures of nimble competitors in one segment of the market is deeply misleading, but now the competition has an opening, they'd be idiots not to exploit that for all it's worth.

« Reply #18 on: March 14, 2015, 19:24 »
+7
I cringe every time I hear the "amateur" photo mid stock site thing, just shows again and again that Klein never got it.

They left out many important things and especially like Jo Ann said, that it was Kleins mismanagement that ruined istock. Under Bruce it was the dominant agency and it would have certainly staid that way with him at the helm, but Klein and his team ruined a thriving business in a really short time. The culture of denial and always blaming others was the worst problem. They are still doing it now, trying to pin their lack of success on the strong competition to deflect from their incompetence.

I wonder if Klein actually got out because he realized that the company might blow up and took the golden parachute so that others can either clean up the mess or he cant be blamed if the company is closed.

I genuinely hope this is an opportunity to bring in someone new with a vision and not the first step to splitting it up and selling of the parts.

Semmick Photo

« Reply #19 on: March 14, 2015, 19:54 »
+2
I cringe every time I hear the "amateur" photo mid stock site thing, just shows again and again that Klein never got it.

They left out many important things and especially like Jo Ann said, that it was Kleins mismanagement that ruined istock. Under Bruce it was the dominant agency and it would have certainly staid that way with him at the helm, but Klein and his team ruined a thriving business in a really short time. The culture of denial and always blaming others was the worst problem. They are still doing it now, trying to pin their lack of success on the strong competition to deflect from their incompetence.

I wonder if Klein actually got out because he realized that the company might blow up and took the golden parachute so that others can either clean up the mess or he cant be blamed if the company is closed.

I genuinely hope this is an opportunity to bring in someone new with a vision and not the first step to splitting it up and selling of the parts.


http://en.wikipedia.org/wiki/Olympus_scandal

http://en.wikipedia.org/wiki/Michael_Woodford_(executive)

Same situation, new CEO brought in, to take a fall. Didnt work out well for Olympus

« Reply #20 on: March 15, 2015, 01:12 »
0
Since it's twenty years old does that make it an Antique and outdated?

« Reply #21 on: March 15, 2015, 01:16 »
0
I cringe every time I hear the "amateur" photo mid stock site thing, just shows again and again that Klein never got it.

They left out many important things and especially like Jo Ann said, that it was Kleins mismanagement that ruined istock. Under Bruce it was the dominant agency and it would have certainly staid that way with him at the helm, but Klein and his team ruined a thriving business in a really short time. The culture of denial and always blaming others was the worst problem. They are still doing it now, trying to pin their lack of success on the strong competition to deflect from their incompetence.

I wonder if Klein actually got out because he realized that the company might blow up and took the golden parachute so that others can either clean up the mess or he cant be blamed if the company is closed.

I genuinely hope this is an opportunity to bring in someone new with a vision and not the first step to splitting it up and selling of the parts.
Very well said!

dpimborough

« Reply #22 on: March 15, 2015, 02:17 »
+3
Jo Ann should be the CEO of Getty she speaks more sense on MSG than I ever saw out of their management :)


« Reply #23 on: March 15, 2015, 15:43 »
+2
The Seattle Times updated a report from Friday as a piece in Sunday's Business section:

http://www.seattletimes.com/business/local-business/getty-attempts-to-sharpen-its-focus/

"The move was announced as a 20th-anniversary transition but bore the marks of a private equity owner dissatisfied with managements turnaround efforts."

In the article, a quote from Moody's includes this:

To the extent they need more cash, they can cut back on capital spending and other discretionary items, he said. Im comfortable that they can manage their liquidity (although) its not as good as it used to be.

« Reply #24 on: March 17, 2015, 00:45 »
+1
That is a much better article. I wonder who they can attract given the company situation and the strong competition? Who will be ready for this challenge??

Scott Braut??
« Last Edit: March 17, 2015, 04:51 by onepointfour »

MxR

« Reply #25 on: March 17, 2015, 04:42 »
+3
when I was 20 years i did to many stupid things...


« Reply #26 on: March 17, 2015, 05:02 »
+1
That is a much better article. I wonder who they can attract given the company situation and the strong competition? Who will be ready for this challenge??

Scott Braut??

He has the online leadership skills and people trust him. But would he want to clean up the debt situation and all the other mess? At SS he had an ultramodern work environment and leadership style, getty is very corporate, very eighties. Bringing Getty into the very direct talking, open to critique 21st century thing will be very, very difficult.

And would they even be able to recognize his abilities?? I mean if Klein stays on as chairman, isnt there a risk that he will undermine any promising candidate because if someone succeeds where he failed, it will make him look even worse?

I wonder how much the CEO can really do if Klein stays on the board.

from bloomberg: "As chairman, Klein will remain instrumental in determining strategy, the company said in a statement Friday."

bizjournal: "Jonathan will transition his CEO responsibilities over time and will play a critical role in hiring the right person to lead Getty Images into the future."

A new CEO is a real opportunity, but if the old CEO keeps breathing down his or her neck...it will not be an easy working climate from the start.
« Last Edit: March 17, 2015, 05:10 by cobalt »


« Reply #27 on: March 17, 2015, 06:53 »
+2
In a year they'll be old enough to drink in U.S.

« Reply #28 on: March 18, 2015, 18:44 »
+6
Seriously, some people make me sick... 

"MR Jonathan Klein

First, thank you for everything, I joined IS when it was already part of Getty. Therefore you are responsible for everything positive that happened to me and my family through IS/GI. Thanks to you I am free because I am doing what I love to do. I am a full timer here and beside differences during all this time, I got much more positive than negative from your company. Thank you again.

Please, reconsider your resignation, your plan is working, and we are seeing the beginning of the results now. We need you here because you are the person with more experience in the stock industry and competition now is bigger than ever. Many people here, I am sure, will support you. We want to fight competition and we need you as the captain of the boat we are all in.

Mr Klein, we need your expertise and experience to prevail in this business, all of us. Again, please, reconsider your decision. Dont leave us now.

Regards

Juan Monino
http://www.istockphoto.com/forum_messages.php?threadid=365997&page=2#post7091635"


Must go back to the toilet to keep vomiting

« Reply #29 on: March 20, 2015, 18:03 »
0
That is a much better article. I wonder who they can attract given the company situation and the strong competition? Who will be ready for this challenge??

Scott Braut??

Now that is a pot-stirrer guess.  ;D ;D

« Reply #30 on: July 23, 2015, 12:00 »
+2
That is a much better article. I wonder who they can attract given the company situation and the strong competition? Who will be ready for this challenge??


Scott Braut??


Now that is a pot-stirrer guess.  ;D ;D


So, it's NOT Getty! ADOBE got him!

http://www.microstockdiaries.com/adobe-scoops-up-shutterstocks-scott-braut-as-new-head-of-content.html

« Reply #31 on: July 23, 2015, 12:14 »
+3
That's a very interesting hire. Certainly Scott can help Adobe understand their competitive situation better than almost anyone else :)

Shelma1

« Reply #32 on: July 23, 2015, 13:15 »
+1
Good hire by Adobe. I'm sure Scott will be successful in his new gig.

« Reply #33 on: July 23, 2015, 13:38 »
0
Oh, this is really interesting! Never a dull moment in this industry!

« Reply #34 on: July 23, 2015, 15:35 »
0
Getty is 20?  They act more like a reckless teenager.

ShadySue

« Reply #35 on: July 23, 2015, 15:50 »
+1
Getty is 20?  They act more like a reckless teenager.
They've entered their dotage.

Hongover

« Reply #36 on: July 23, 2015, 17:05 »
+4
Getty kinda remind me of Kodak and Sony. Fighting to hold on to the past glories and failed to keep up with changing times.


 

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