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Author Topic: iStock From July 1, 2022, we will be increasing the minimum customer price  (Read 2355 times)

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« on: May 27, 2022, 07:51 »
+4
iStock Royalty Rate Card Change
From July 1, 2022, we will be increasing the minimum customer price per file for Exclusive Signature and Signature+ video to $10.00 USD, up from the current levels of $0.75 and $4.15 USD respectively. This will apply to subscriptions on iStock.com.

Why Are We Making This Change?
As customer demand for video continues to grow and outpace other file types, we want to reward our talented Exclusive videographers and encourage them to shoot even more high‑quality 4k video because we understand the increased investment that video content requires.

For Exclusive video contributors, it increases the value of high‑quality video in our Premium + Video subscription product, bringing it more in line with the relative value we assign to high‑quality video licensed using credits.

This change will help put more royalties into the pockets of contributors who create the great, Exclusive video content our customers need. (If youre not already Exclusive and have a strong portfolio, find out more about applying for Exclusivity.)

What are the details?
For files licensed using a subscription on iStock.com, the royalty rate is applied to the price per file. Subscription licenses have a minimum customer price per file applied, so you will always get your royalty rate on every subscription download at or above the minimums.

On July 1 we will update the iStock Rate Card minimum customer price per file table as highlighted below, increasing the minimum customer price per file for Exclusive Signature and Signature+ video to $10.00 USD.
 ‌
iStock Rate Card English   
 ‌
When will I see these changes reflected on my royalty statement?
iStock.com subscription downloads dated July 1 and after will have the new minimum customer price per file for Exclusive video Signature and Signature+ files. (The royalty statement for July, available August 20, will likely have a lot of June downloads on it, for subscriptions which calculated prior to this July 1 effective date.)

If you want to benefit from rising customer demand, take the opportunity to add high quality video to your portfolio today!
 
Not sure what to shoot? Discover what content customers are searching for in our current video briefs.

Best wishes,
Contributor Relations

https://app.engage.gettyimages.com/e/es?s=1591793372&e=9341401&elqTrackId=178baed6532740e59ffea78497faafe5&elq=c82d120d6f724bdcb13dce39ada17642&elqaid=49458&elqat=1&elqcst=272&elqcsid=25098


wds

« Reply #1 on: May 27, 2022, 08:03 »
+3
Wonder if they are doing this because they are losing exclusive video contributors? Seems radical on the surface that an exclusive clip gets 100x the royalty amount vs. a non-exclusive clip...or am I missing something?

« Reply #2 on: May 27, 2022, 08:04 »
+4
iStock has finally discovered a point where low sales prices produce low royalties that discourage the contributors. Now they need to find the point where higher prices damage volume sales (to near zero sales) enough that contributors are again discouraged. Somewhere in the middle is a price where royalty rates times sales volume is the best income for contributors (and likely iStock also). However, even at that point, we still don't know if the contributor income is enough to sustain his business.

Remember this is only for Video in the Exclusive Signature and Signature+ collections. I suspect there are not many of us fitting these categories - hence the incentive to get on board.

« Reply #3 on: May 27, 2022, 08:18 »
+7
Presumably it's a reaction to Shutterstock buying Pond 5.

« Reply #4 on: May 27, 2022, 08:42 »
+7
Wonder if they are doing this because they are losing exclusive video contributors? Seems radical on the surface that an exclusive clip gets 100x the royalty amount vs. a non-exclusive clip...or am I missing something?

It also seems radical that even at 100x it's only $10. Perhaps the problem is $0.10.

« Reply #5 on: May 27, 2022, 09:29 »
+2
  ---- so you will always get your royalty rate on every subscription download at or above the minimums.----
So you get 25%, 30%. 35%. 40%....? from the $10 per DL.
Its not much for an exclusive video i think.

« Reply #6 on: May 27, 2022, 09:42 »
+12
From the perspective of a former exclusive video provider and soon to be a former photo provider...

... Sorry Getty Images, you lost me with your greed. I make much more spreading my video content out to three additional agencies and could not be bothered going through your arduous process of uploading for mere pennies, even at $10 it's not worth the effort.

Too little way too late.

That is my 0.02c
 

« Reply #7 on: May 27, 2022, 11:50 »
+4
Either way don't care why or how this is finally good news in the industry!!!

« Reply #8 on: May 27, 2022, 13:33 »
+2
In a nutshell, all these "exciting update" emails we get from agencies all boils down to this:

"We've come to the conclusion that artists are earning too much from us, so we're going to re-write the game to address this problem, but we'll spin the wording in the announcement email in such a way to make it sound like we're making exciting updates for the better of the community as a whole and make it more difficult for individual contributors to see what's really going on."

« Reply #9 on: May 27, 2022, 14:02 »
+5
I'm not accepting anything bellow 30$ for HD video.

« Reply #10 on: May 27, 2022, 16:12 »
+10
Well, well, well. Will wonders never cease. An agency actually putting up prices - and from the iStock/Getty camp as well.

I am not commenting on the income because it still seems too low for top quality videos - but they obviously see a vulnerability with P5 Exclusives now that SS has bought them - and decided to capitalize on it.

Smart move by iStock. I would love to be a fly on the wall now at SS and AS.

Take note, SS and AS - the answer to everything is NOT always down-pricing!

« Last Edit: May 27, 2022, 16:31 by Annie »

« Reply #11 on: May 27, 2022, 16:39 »
+2
Can anyone translate all that please? Are we not having anymore of those cent sales or not?

« Reply #12 on: May 27, 2022, 18:04 »
+6
Can anyone translate all that please? Are we not having anymore of those cent sales or not?

This $10 thing is just a red herring, pure deception. What I have noticed with IS is that exclusive or not the royalties are pure garbage. The only difference between the two is the actual selling price $13 or $36 for photos and $66 or $188 for video. Combine the ever changing game of meeting targets and the subscription royalty and premium access you always get a small amount of royalty.

Being exclusive with any agency these days is the kiss of death. I used to be pro exclusive but that is no longer my view. I would not recommend anyone to be exclusive to any agency.
« Last Edit: May 27, 2022, 18:06 by CantFixStupid »

« Reply #13 on: May 27, 2022, 20:08 »
+3
The only thing that email did was convince me to stop uploading videos to iStock. I am not going exclusive and 10 cents is ridiculous.

« Reply #14 on: May 28, 2022, 01:05 »
+5
The only thing that email did was convince me to stop uploading videos to iStock. I am not going exclusive and 10 cents is ridiculous.
Kinda suicidal to go exclusive in 2022, they will chase all non exclusive contributors away. The cost to produce video is just too expensive to be paid cents.


Sent from my iPhone using Tapatalk

JamoImages

  • Stock Producer & Blogger: jamoimages.com
« Reply #15 on: May 28, 2022, 10:32 »
+5
Too big risk to go Exclusive. Agencies don't seem to get it as it seems. Why go exclusive when you don't know when the next royalty cut is coming? There's no trust anymore. Built the trust first and maybe then one could consider...

« Reply #16 on: May 28, 2022, 20:32 »
+7
I went exclusive on Pond 5 and I made less. Exclusive just doesn't work.


« Reply #17 on: May 28, 2022, 22:37 »
+3
It is good news because it shows that quality video cannot be attracted at low prices.

Video providers are a much smaller group than photos and it is simply not such a widespread hobby as photography.

I wonder if they will start taking editorial video.

« Reply #18 on: May 29, 2022, 15:11 »
+2
The only thing that email did was convince me to stop uploading videos to iStock. I am not going exclusive and 10 cents is ridiculous.
Kinda suicidal to go exclusive in 2022, they will chase all non exclusive contributors away. The cost to produce video is just too expensive to be paid cents.


Sent from my iPhone using Tapatalk

Its not 10c, its $10.00, and its their MINIMUM selling price. Contributors will receive between 25% to 45% commission depending on how many they sell. And its not for just any videos. You have to be eligible for their video Signature collection, which are top quality, highly sought -after footage. And of course, are willing to go exclusive.

10c is the minimum for contributors who do not take up this offer.

I am not saying that its a good deal, nor that the price is fair for top videos, or going exclusive is a good thing - I just want to clarify the pricing. But it looks like they are aiming at the P5 exclusives market who may now be worried about SS's acquisition. And especially now that SS often pays extremely low for some top quality 4k footage.

And I tend to agree with Cobalt above, because at the very least, they are acknowledging that they need to pay more to attract good footage.
« Last Edit: May 29, 2022, 15:19 by Annie »

wds

« Reply #19 on: May 29, 2022, 16:32 »
0
As an indicator of what happens when you literally get $0 for a download, look at the free sites....from what I saw, they are seriously (if not totally) lacking in well produced content....especially shots with people. That's the future for these agencies at some point if they keep pushing royalties down and down and down.

« Reply #20 on: May 29, 2022, 18:57 »
0
As an indicator of what happens when you literally get $0 for a download, look at the free sites....from what I saw, they are seriously (if not totally) lacking in well produced content....especially shots with people. That's the future for these agencies at some point if they keep pushing royalties down and down and down.

I agree.

I do want to add though, that P5 (non-exclusive) is still going relatively ok for me. So far this month I have had 7 clip sales plus 2 photo sales on P5, with an RPD of $30.50. So I am sitting tight and just waiting to see what happens long term with the SS acquisition.

(I decided to share my screen print because there are some interesting licenses there (including the 2 photo sales, marked L and XL) - and perhaps compare that later to see what happens if SS makes any changes to their structure. )
« Last Edit: May 29, 2022, 19:17 by Annie »

« Reply #21 on: May 30, 2022, 00:26 »
+1
Great move from Istock/Getty. They also needed this for their survival in the video department. They lost the music market a long time ago. They are still very strong with still images but I think many clients are looking for videos elsewhere. Not because of prices but because there is not enough variety.

Do any search of any subject on any of the competitors. Many more results. That means that clients are leaving . Less royalties for exclusives that don't see the advantage of exclusivity anymore. That move is to revers those desertions and also attract some new exclusives, specially now with SS buying P5.

I have returned to photo exclusivity, as trying the non-exclusive camp was not worth it. (I did not supply SS and Adobe was much more disappointing that I thought comparing to my exclusive income)
But video is another thing. I do well being non exclusive .

I have all my editorial work as P5 exclusive , this would be not possible being exclusive as Istock does not take editorial content and that is a significant and growing part of my video revenue. So for me, I will keep being non-exclusive with video and exclusive with photography for the time being

« Reply #22 on: May 30, 2022, 03:43 »
+2
What I learned from this is that istock actually pays 10c for non exclusive video! To anyone providing for them at those prices, how can you look at yourself in a mirror?

« Reply #23 on: May 30, 2022, 04:43 »
0
What I learned from this is that istock actually pays 10c for non exclusive video! To anyone providing for them at those prices, how can you look at yourself in a mirror?
Totally not worth it. I think they gonna drive. On exclusives away and I dont know if theres that many people that wanna go exclusive.

« Reply #24 on: May 30, 2022, 19:32 »
+2
Yes I realise it is not 10 cents if you go exclusive but as I won't be going exclusive I will no longer upload any videos to them because I am not willing to accept 10 cents for video sales.

The only thing that email did was convince me to stop uploading videos to iStock. I am not going exclusive and 10 cents is ridiculous.
Kinda suicidal to go exclusive in 2022, they will chase all non exclusive contributors away. The cost to produce video is just too expensive to be paid cents.


Sent from my iPhone using Tapatalk

Its not 10c, its $10.00, and its their MINIMUM selling price. Contributors will receive between 25% to 45% commission depending on how many they sell. And its not for just any videos. You have to be eligible for their video Signature collection, which are top quality, highly sought -after footage. And of course, are willing to go exclusive.

10c is the minimum for contributors who do not take up this offer.

I am not saying that its a good deal, nor that the price is fair for top videos, or going exclusive is a good thing - I just want to clarify the pricing. But it looks like they are aiming at the P5 exclusives market who may now be worried about SS's acquisition. And especially now that SS often pays extremely low for some top quality 4k footage.

And I tend to agree with Cobalt above, because at the very least, they are acknowledging that they need to pay more to attract good footage.

« Reply #25 on: May 30, 2022, 21:23 »
+1
Yes I realise it is not 10 cents if you go exclusive but as I won't be going exclusive I will no longer upload any videos to them because I am not willing to accept 10 cents for video sales.

Hi Merrillie. I think I can see where the confusion is now. This deal only changes the exclusivity rates for Signature collection contributors. You will continue to receive whatever royalties you've had on your previously uploaded videos. i.e. 20% of whatever they sell your videos for. So, no need to stop just because of this new deal - just base your decision on what your current/previous royalties have been.  Cheers from fellow Aussie, Annie.

Quote from iStock

On July 1 we will update the iStock Rate Card minimum customer price per file table as highlighted below, increasing the minimum customer price per file for Exclusive Signature and Signature+ video to $10.00 USD.


 

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