Author Topic: Istock being absorbed into Getty ... (Read 42860 times)

gostwyck · « **on:** November 25, 2014, 12:26 »

... with some implications for contributors;

Dear Contributor,

As you may know, iStock has been operating as a separate business unit in the Getty Images family and all of iStock’s customer and contributor relationships have been tied to iStockphoto LP, a Calgary-based company.

Over the past several years, we have been taking steps to integrate and operate as a unified business. The benefits of this unified approach are increased cross-selling to customers, increased cross-placement of content to maximize sales potential and a more efficient business allowing us to increase investment in customer-facing improvements. We are still early in realizing the benefits of this unification and are now ready to incorporate iStock into the Getty Images global legal structure to set the foundation for further progress.

How does this affect me?

On December 15, 2014, we will amend the Artist’s Supply Agreement (ASA) to change the Compensation section to reflect that you will no longer be required to request payments. The ASA amendment will be made available on the site for your review and acceptance at least 30 days in advance of any changes to the payment systems.

After the new ASA has taken effect (January 15, 2015), and once the ability to request payment has been removed (the last day to request payment will be January 21, 2015), account balances of $100 and over will be paid to contributors automatically on a monthly basis. Additionally, on January 31, 2015, your contributor agreement will be assigned by iStockphoto LP to Getty Images (US), Inc. All of the revised 2014 ASA terms will remain exactly the same except the agreement will be with Getty Images (US), Inc., not iStockphoto LP.

As a U.S. company, Getty Images (US), Inc. is required to follow Internal Revenue Service regulations, therefore withholding taxes may apply to your payments beginning in early 2015. As part of this change and to aid you with the transition, we will have an automated online interview process on iStock that will help determine the appropriate documentation each contributor should provide to Getty Images. Additionally, through this online interview process you can complete the appropriate forms and submit them. Links to this process will be available in the Contributor Tools section of your iStock profile starting January 22, 2015. 2014 payments will not be impacted by this change

What do I need to do now?

We recommend that you ensure that your mailing address and contact information are correct on your Profile page

We also recommend that you create an account with either PayPal or Payoneer if you do not currently have an account. This can be done directly on the PayPal or Payoneer websites. Skrill (Moneybookers) will no longer be a payment option once the ability to request payment has been removed.

We wanted to give you some advance notice about what is happening so you can be ready for the coming changes. We will provide you with additional details regarding payment and tax as we get closer to launch

In the meantime please take this opportunity to review the FAQs and make note of these important dates.

Sincerely,

The iStock Team

Sean Locke Photography · « **Reply #1 on:** November 25, 2014, 12:52 »

First step to your %20 flat rate.

Photobomb · « **Reply #2 on:** November 25, 2014, 12:56 »

How and when will I be paid?

Payments will be processed on the 25th of the following month and paid using the payment details you have entered in your account. If the 25th falls on a weekend or U.S. holiday, the payment will be made on the first business day prior to that.

This has to be a huge financial windfall for iStock - holding our money all month and then not paying out for an additional 25 days.

Thanks for nothing.

ShadySue · « **Reply #3 on:** November 25, 2014, 12:57 »

Quote from: Sean Locke Photography on November 25, 2014, 12:52

First step to your %20 flat rate.

You're probably right.
At the rate my sales are dwindling, it's moot for me anyway, but clearly it will impact many people seriously.

BTW, I didn't get the email.

Mantis · « **Reply #4 on:** November 25, 2014, 13:01 »

Quote from: Sean Locke Photography on November 25, 2014, 12:52

First step to your %20 flat rate.

I'm safe at 16%.....for now anyway.

Nikovsk · « **Reply #5 on:** November 25, 2014, 13:19 »

So besides getting less sales, now I have to pay 30% tax to US...

Cesar · « **Reply #6 on:** November 25, 2014, 14:05 »

no skrill??

kaboom · « **Reply #7 on:** November 25, 2014, 14:06 »

Removing Skrill... Thank you very much!

MichaelJayFoto · « **Reply #8 on:** November 25, 2014, 14:25 »

Quote from: Nikovsk on November 25, 2014, 13:19

So besides getting less sales, now I have to pay 30% tax to US...

Why? Your country has no tax treaty with the US?

Red Dove · « **Reply #9 on:** November 25, 2014, 14:27 »

I'm thinking I can handle any tax changes coming out of this, either by claiming them back internally or being covered by existing treaties (England) to pay zero at source.

What makes my blood really boil is the fact their bean counter toadies have finally figured out a way to hang on to their cash flow for as long as possible - by delaying payment to me for as long as possible.

gostwyck · « **Reply #10 on:** November 25, 2014, 14:40 »

I can't see Istock HQ still being open in Calgary by the end of 2015.

I know Lobo is insisting on the IS forum that "The Calgary HQ isn't going anywhere". I'm sure he is correct. Those offices will still be in Calgary ... just being rented by a different business.

stock-will-eat-itself · « **Reply #11 on:** November 25, 2014, 14:43 »

Quote from: Red Dove on November 25, 2014, 14:27

I'm thinking I can handle any tax changes coming out of this, either by claiming them back internally or being covered by existing treaties (England) to pay zero at source.

What makes my blood really boil is the fact their bean counter toadies have finally figured out a way to hang on to their cash flow for as long as possible - by delaying payment to me for as long as possible.

No different from SS they always payout once per month.

Red Dove · « **Reply #12 on:** November 25, 2014, 14:44 »

Quote from: stock-will-eat-itself on November 25, 2014, 14:43

Quote from: Red Dove on November 25, 2014, 14:27
I'm thinking I can handle any tax changes coming out of this, either by claiming them back internally or being covered by existing treaties (England) to pay zero at source.

What makes my blood really boil is the fact their bean counter toadies have finally figured out a way to hang on to their cash flow for as long as possible - by delaying payment to me for as long as possible.

No different from SS they always payout once per month.

On the 7th !!!!

tickstock · « **Reply #13 on:** November 25, 2014, 14:50 »

Quote from: Red Dove on November 25, 2014, 14:44

Quote from: stock-will-eat-itself on November 25, 2014, 14:43
Quote from: Red Dove on November 25, 2014, 14:27
I'm thinking I can handle any tax changes coming out of this, either by claiming them back internally or being covered by existing treaties (England) to pay zero at source.

What makes my blood really boil is the fact their bean counter toadies have finally figured out a way to hang on to their cash flow for as long as possible - by delaying payment to me for as long as possible.

No different from SS they always payout once per month.

On the 7th !!!!

They say by the 15th, do they always pay out on the 7th?

EmberMike · « **Reply #14 on:** November 25, 2014, 14:52 »

Quote from: Sean Locke Photography on November 25, 2014, 12:52

First step to your %20 flat rate.

Without a doubt. Getty isn't in the business of paying people more than 20%. Surely this is another step towards correcting that anomaly that is (or was) iStock.

I actually thought this would have happened by now, though. Kind of surprised the royalty rate flattening hasn't been pushed through this year. Probably by this time next year it will happen.

tickstock · « **Reply #15 on:** November 25, 2014, 14:55 »

Quote from: EmberMike on November 25, 2014, 14:52

Quote from: Sean Locke Photography on November 25, 2014, 12:52
First step to your %20 flat rate.

Without a doubt. Getty isn't in the business of paying people more than 20%. Surely this is another step towards correcting that anomaly that is (or was) iStock.

I actually thought this would have happened by now, though. Kind of surprised the royalty rate flattening hasn't been pushed through this year. Probably by this time next year it will happen.

Getty pays 30-40% for RM, will they be lowering that to 20% also?

ultimagina · « **Reply #16 on:** November 25, 2014, 15:02 »

It will be great if they could combine the old Getty accounts together with the iStock account and get a single Getty payment, be it once a month.

But I doubt!
They were not able to combine Getty Moment (former Flickr) with Getty Editorial.
If reaching the payout threshold for Getty Moment is not really a problem, it is rather tough for Getty Editorial. So Getty will continue sleep on my few editorial dollars forever!

Sean Locke Photography · « **Reply #17 on:** November 25, 2014, 15:02 »

Quote from: tickstock on November 25, 2014, 14:55

Quote from: EmberMike on November 25, 2014, 14:52
Quote from: Sean Locke Photography on November 25, 2014, 12:52
First step to your %20 flat rate.

Without a doubt. Getty isn't in the business of paying people more than 20%. Surely this is another step towards correcting that anomaly that is (or was) iStock.

I actually thought this would have happened by now, though. Kind of surprised the royalty rate flattening hasn't been pushed through this year. Probably by this time next year it will happen.
Getty pays 30-40% for RM, will they be lowering that to 20% also?

I think we all know RM is a different beast, and while they would like to pay %20, they're forced to a pay a higher royalty for the unique or harder to find work.

tickstock · « **Reply #18 on:** November 25, 2014, 15:07 »

Quote from: Sean Locke Photography on November 25, 2014, 15:02

Quote from: tickstock on November 25, 2014, 14:55
Quote from: EmberMike on November 25, 2014, 14:52
Quote from: Sean Locke Photography on November 25, 2014, 12:52
First step to your %20 flat rate.

Without a doubt. Getty isn't in the business of paying people more than 20%. Surely this is another step towards correcting that anomaly that is (or was) iStock.

I actually thought this would have happened by now, though. Kind of surprised the royalty rate flattening hasn't been pushed through this year. Probably by this time next year it will happen.
Getty pays 30-40% for RM, will they be lowering that to 20% also?

I think we all know RM is a different beast, and while they would like to pay %20, they're forced to a pay a higher royalty for the unique or harder to find work.

Like exclusive work? I think they would get rid of exclusivity if they were going to make everyone 20%, probably no exclusives would stick around if they were getting that.

Red Dove · « **Reply #19 on:** November 25, 2014, 15:08 »

Quote from: tickstock on November 25, 2014, 14:50

Quote from: Red Dove on November 25, 2014, 14:44
Quote from: stock-will-eat-itself on November 25, 2014, 14:43
Quote from: Red Dove on November 25, 2014, 14:27
I'm thinking I can handle any tax changes coming out of this, either by claiming them back internally or being covered by existing treaties (England) to pay zero at source.

What makes my blood really boil is the fact their bean counter toadies have finally figured out a way to hang on to their cash flow for as long as possible - by delaying payment to me for as long as possible.

No different from SS they always payout once per month.

On the 7th !!!!
They say by the 15th, do they always pay out on the 7th?

On average between the 5th and 7th. The point being that worked because I could expect two/three payments a month at IS to top up the coffers but now i'll have to adjust to one and wait a lot longer for it. Never mind, I've got more important things to worry about - like feeding the cat.

Shelma1 · « **Reply #20 on:** November 25, 2014, 15:09 »

I feel kinda bad for the folks left in Calgary. But once iStock was bought by Getty, the writing was on the wall.

tickstock · « **Reply #21 on:** November 25, 2014, 15:11 »

Quote from: Red Dove on November 25, 2014, 15:08

Quote from: tickstock on November 25, 2014, 14:50
Quote from: Red Dove on November 25, 2014, 14:44
Quote from: stock-will-eat-itself on November 25, 2014, 14:43
Quote from: Red Dove on November 25, 2014, 14:27
I'm thinking I can handle any tax changes coming out of this, either by claiming them back internally or being covered by existing treaties (England) to pay zero at source.

What makes my blood really boil is the fact their bean counter toadies have finally figured out a way to hang on to their cash flow for as long as possible - by delaying payment to me for as long as possible.

No different from SS they always payout once per month.

On the 7th !!!!
They say by the 15th, do they always pay out on the 7th?

On average between the 5th and 7th. The point being that worked because I could expect two/three payments a month at IS to top up the coffers but now i'll have to adjust to one and wait a lot longer for it. Never mind, I've got more important things to worry about - like feeding the cat.

Well I better get my payment by the 7th or you'll hear about it.

Shelma1 · « **Reply #22 on:** November 25, 2014, 15:24 »

Hmmm...I wonder if this also means all our images will now be available for free through Getty embedding? I was happy to be left out of that (not that it seems to be going much of anywhere).

Micky_Mango · « **Reply #23 on:** November 25, 2014, 15:49 »

Quote from: Red Dove on November 25, 2014, 14:27

I'm thinking I can handle any tax changes coming out of this, either by claiming them back internally or being covered by existing treaties (England) to pay zero at source.

What makes my blood really boil is the fact their bean counter toadies have finally figured out a way to hang on to their cash flow for as long as possible - by delaying payment to me for as long as possible.

Are you aware of how many hoops you have to jump through to fill in the forms? I and a number of other just gave up and paid the 30% tax witholding on Getty incomes. You don't have to pay again once that income is in the UK ( there is a principal that you only pay tax on income once) but you would probably pay less tax in UK.

tickstock · « **Reply #24 on:** November 25, 2014, 15:50 »

Quote from: Micky_Mango on November 25, 2014, 15:49

Quote from: Red Dove on November 25, 2014, 14:27
I'm thinking I can handle any tax changes coming out of this, either by claiming them back internally or being covered by existing treaties (England) to pay zero at source.

What makes my blood really boil is the fact their bean counter toadies have finally figured out a way to hang on to their cash flow for as long as possible - by delaying payment to me for as long as possible.

Are you aware of how many hoops you have to jump through to fill in the forms? I and a number of other just gave up and paid the 30% tax witholding on Getty incomes. You don't have to pay again once that income is in the UK ( there is a principal that you only pay tax on income once) but you would probably pay less tax in UK.

Check the iStock forum, it looks like rules have changed. At least for UK contributors.

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Author Topic: Istock being absorbed into Getty ... (Read 42860 times)

gostwyck

Sean Locke Photography

Photobomb

ShadySue

Mantis

Nikovsk

Cesar

kaboom

MichaelJayFoto

Red Dove

gostwyck

stock-will-eat-itself

Red Dove

tickstock

EmberMike

tickstock

ultimagina

Sean Locke Photography

tickstock

Red Dove

Shelma1

tickstock

Shelma1

Micky_Mango

tickstock

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