MicrostockGroup
Agency Based Discussion => iStockPhoto.com => Topic started by: Nordlys on September 10, 2010, 17:56
-
Istock just blew themselves up, with all this blabber from the COO - its a real laugh:
-----------
kkthompson
Member is a contributor and has less than 250 Photo, Flash and Illustration downloads in the past 0 months Member is an admin This user has the power to wield the BanHammer, a weapon forged in the fires of hell for that get-off-my-planet quality you can't get anywhere else. You betta reckonize.
Posted 19 mins ago
This week was my 6th anniversary here at iStock. Probably not the easiest week in iStock history to have it on.
It does feel very 'full-circle' though. I remember standing around with Bruce in 2004, agonizing over this new idea — exclusivity for our contributors. It was excruciating. It looked great on paper, but would it fly? Would they really leave competitors to come sell only at tiny little iStock? We had only ever paid out 20% royalties. Would a jump to 40% put us in the poor house? Would competitors follow suit? None of us slept for a week. Besides selling the company, it’s probably one of the toughest decisions of my business life.
Part of the difficulty in that decision was who was on the other end and affected the most. You aren't just contributors, many of you had, even by then, become close friends. There aren’t many businesses that can say that about their suppliers.
Of course that’s what makes these last few days so hard. It's our friends calling us out in the forums, hurt and scared we’ve sold you out.
We know this news has taken you all by surprise, and we're sorry for the anguish it's caused. We know this is a big shift, and we expected that you would have strong feelings about what it means to each of you individually, and iStock as a whole.
Looking back at the decision about Exclusivity all those years ago, the team did a pretty miraculous job with the exclusive program. I’d hazard a guess that it’s a big part of what made iStock really different from the rest. But like every decision, we didn’t get everything right. We set the canister levels to what we thought would be challenging but still attainable over the long term through hard work. What we had no idea at the time was how much and how quickly the site would grow. We expected - and wanted - to pay more and more money out to contributors. But what we quickly realized was that it's one thing for the payout amount to increase over time, it's another thing for that percentage of our total cost to always increase over time. We saw it coming, but we also took the easier road. “Ehh, we’ll cross that bridge when we get to it.”
Tuesday was iStock’s "bridge" day, and we crossed it full on.
Over the last few months we've seen this coming. These decisions have been wrestled with, thought over, adjusted, re-thought and tweaked many times over, with a very close eye on all the hard data we have accumulated over the years, and in the full light of the reaction it would bring. But this is the system we need to go forward with, and there isn't any flexibility for now.
As I've said, we will re-examine targets once the year-end numbers are in, especially if our projections prove wrong. In the meantime, we are going to have to wait and see, and we ask you to do the same, if not with understanding, then at least with patience.
We’ve known this was coming for a long time, but it’s also a pretty good time for it to come. We’re in a position where we can soften the blow a great deal, and we’ve tried to accomplish this as much as possible. Like this past year, we’re pushing for significant growth next year. For those that do happen to fall a level, we’ll push to make that up to you with more sales. For the contributors with files in Vetta or Agency, they should see a significant bump from those collections being sold on Getty Images.
In the last 6 years, easily the thing I’m most proud of is how many lives we’ve changed. We’ve opened a closed industry to tens of thousands of people who love their craft. iStock contributors are earning $1.7 million each week. That number still stupefies me (I wish I could let the 2004 me know!). We expect to bring that number up over $2 million next year.
But money isn’t going to be what makes you all happy. You want to know that this is still the best place to be, to hang out, and sell your work. You may not be convinced today like you were last week, but it’s our job to make sure you feel that way again soon.
Although some of you may still be struggling with the decisions communicated this week, I want you to know that I would tender my resignation at iStock before I had to do something I couldn't stand behind. The same can be said about all Executives here at iStock.
So hang in there. We are focused on getting the work done we need to do before the end of the year.
I've heard some comments that iStock has changed. And it has — we’re a much larger, more successful company. But what hasn't changed is what we value as a company: the people that make iStock kick-ass everyday. The changes we announced this week will keep iStock successful for many years.
-
This statement wil go over in history, as how to destruct your own crowdsource company - amasing to be at whitness to such folishness....
Guess the banking boy who own the place put on the thumbscrews.
Especially enjoy this piece of holy crap:
""But money isn’t going to be what makes you all happy. You want to know that this is still the best place to be, to hang out, and sell your work. You may not be convinced today like you were last week, but it’s our job to make sure you feel that way again soon.""
Apparently IS need money to run the businnes, but the contributers don't! In their oppinion....
Holy smoke - they just blew off both their feet with a double barrled shutgun...
Never ever seen anything like it.
Exodus - BEGIN!
-
It is ridiculous... and the bit about handing in his resignation if he was asked to do something he couldn't stand behind... I suspected at the time that is exactly what Bruce did. KK isn't going there till he's squeezed out the last bit he can.
What a train wreck.
-
I am amazed that we have over 15 active topics on iStock, many with overlapping discussions. I'm almost starting to skip these threads... :-\
-
This can only compare with Gerald Ratner blowing up his own company way back when.
http://www.guardian.co.uk/business/2009/mar/07/gerald-ratner-interview (http://www.guardian.co.uk/business/2009/mar/07/gerald-ratner-interview)
-
I don't know what kind of drug they poured in to Mr. Kelly. Amazing stupidity. They need money, but don't think contributer do in the mist of the worst crisis in 50 years.....
I mean - MAN! It's so stupid I can hardly belive it...
They don't realised that it is the contributers paying them, and not them paying the contributers....
I'm fortunate to have vitnesed this live - it will pass over in history as one of the greatest mistakes in businnes. And the biggest i the stock industry.
-
How can you compare the this with the exclusivity program? The two have no clear similarities.
-
If it's not about money, how about ALL of the management at iStock pledge to take a 25% pay cut to show their solidarity with artists?!?
-
This statement wil go over in history, as how to destruct your own crowdsource company - amasing to be at whitness to such folishness....
Guess the banking boy who own the place put on the thumbscrews.
Especially enjoy this piece of holy crap:
""But money isn’t going to be what makes you all happy. You want to know that this is still the best place to be, to hang out, and sell your work. You may not be convinced today like you were last week, but it’s our job to make sure you feel that way again soon.""
Apparently IS need money to run the businnes, but the contributers don't! In their oppinion....
Holy smoke - they just blew off both their feet with a double barrled shutgun...
Never ever seen anything like it.
Exodus - BEGIN!
yep, you dont need money you just to go to the forums and play and have your ego stroked and 'feelgood'
-
I don't know what kind of drug they poured in to Mr. Kelly. Amazing stupidity. They need money, but don't think contributer do in the mist of the worst crisis in 50 years.....
I mean - MAN! It's so stupid I can hardly belive it...
They don't realised that it is the contributers paying them, and not them paying the contributers....
I'm fortunate to have vitnesed this live - it will pass over in history as one of the greatest mistakes in businnes. And the biggest i the stock industry.
It's all true! My flabber is well and truly gasted.
Are we all witnessing the meltdown of a $1B company, virtually overnight, by the excessive greed of the directors? We have a firestorm on our hands __ absolutely no doubt about it!
-
If it's not about money, how about ALL of the management at iStock pledge to take a 25% pay cut to show their solidarity with artists?!?
Exactly. I didn't even finish reading that sentence "But money isn’t going to be what makes you all happy" and I was thinking "are you kidding me?" Did he just say this? So because you think money isn't what makes us happy it's okay just to take some from us? Just that sentence alone is mind boggling and sums everything up nicely.
Kelly, thanks for the third response. Most people like a nice trip down memory lane before getting screwed.
-
« But money isn’t going to be what makes you all happy »
Indeed, it won't be what makes us happy. We'll have less of it.
-
« But money isn’t going to be what makes you all happy »
Indeed, it won't be what makes us happy. We'll have less of it.
Are we all sharing some bizarre dream/nightmare? It really does feel like it. I literally cannot believe what I'm reading from the Istock management.
-
Posted By GildedCage:
I volunteer 10-15% of the salary of all iStock admins/employees back to 'the man'. It's not like it's making them happy or anything.
Made me LOL
-
I literally cannot believe what I'm reading from the Istock management.
Go get yourself a gallon of kool-aid. Then you shall believe.
Or not.
-
But money isn’t going to be what makes you all happy
Why do we do this then? If I wanted to just feel good and be "stroked", I wouldn't be sending my images to a commercial company expecting to be paid with a "nice job, let us make you feel good"...HELLO!
-
Go get yourself a gallon of kool-aid. Then you shall believe.
Or not.
Well I've just sunk a fair bit of Drambuie after several strong lagers and some red wine __ but it still isn't getting any more believable. Is it me or is it Istock?
-
Omg , the team they hired to write this is almost good. ;D
Hilarious , the company have grown, haha, so what... We are taking almost all from people , and now grabbing into that almost for your benefit . Bring us 1 400 000USD and well rise your % almost to funny again.
-
Go get yourself a gallon of kool-aid. Then you shall believe.
Or not.
Well I've just sunk a fair bit of Drambuie after several strong lagers and some red wine __ but it still isn't getting any more believable. Is it me or is it Istock?
It's just a matter of proportions. Try a 15% / 85% mix. You'll see the light.
-
Huge betrayal. I really thought they would back down but it looks like the bankers will have their way. Tread on the small guy to get greedy and rich. Istock is creating huge profits. I have no idea why they need more money?
-
I really thought they would back down but it looks like the bankers will have their way. Tread on the small guy to get greedy and rich. Istock is creating huge profits. I have no idea why they need more money?
So did I. Surely they have no other option? They've either got bollocks as big as coconuts or brains the size of peanuts __ sadly I suspect it's the latter.
-
'Back in 2004 ... '
this guy can't stop himself.
There he goes again telling us his life story. While Rome is burning.
I feel like sending him a romance novel, red roses, a box of chocolate.
Well, this is it.
15% commission for me, 85% for Getty.
It seems incredible, unreal.
Is this legal?
-
'Back in 2004 ... '
this guy can't stop himself.
There he goes again telling us his life story. While Rome is burning.
I feel like sending him a romance novel, red roses, a box of chocolate.
Well, this is it.
15% commission for me, 85% for Getty.
It seems incredible, unreal.
Is this legal?
20% was low enough... but as I read contributors are uploading... LOL can't wait a week or two??.. I have never missed a week so I will miss a few now!
-
This almost reads like a fairy tale. Unfortunately for Kelly I'm too old for fairy tales.
PS: I'm wondering if he would be interested in all of our personal stories. How we have bills to pay, kids to feed,... I guess he doesn't have much of those problems as a CEO.
-
This almost reads like a fairy tale. Unfortunately for Kelly I'm too old for fairy tales.
PS: I'm wondering if he would be interested in all of our personal stories. How we have bills to pay, kids to feed,... I guess he doesn't have much of those problems as a CEO.
Mr. Kelly is only interested in one thing: His bonus for 2010 and 2011. In february he was given the task to grow IS profits with 50%. He could not do that, so he steals the money out of the contributers pockets.
The money goes towards either: A big deficit from other Getty branches, or
fattening up the balance for bringing Getty up for sale, so the venture capitalist bankers kan net a billion or tw o in profits.
EWither way - You pay...
""We know money are not going to make You happy" (only us)
-
""We know money are not going to make You happy"
I think poor bloke got censored by Getty. Initially must have been "We know LESS money are not going to make you happy"
-
I predict IS will take a massive hit in google rank in the future....
Newer mind - some, especially exclusives will suck it up, and continue to slave in the sweatshop....
Some will make the smart move and leave to other and more green pastures.
In 2 years time IS no longer leads in micro.
Now - it shure was interesting to follow - back to keywording and oploding to my proper paying sites...
Istockers - Woooo Huuuu - what a deal you got!
-
Kelly really has no shame. This 3rd reponse does read like some awful romance novel. In it he is trying to groom us into accepting his shafting. SICKENING!
What does he care? As long as he gets his performance related bonus we can all go to hell. He does not seem to realise the damage he has done. This is a paycut based on greed.
-
This almost reads like a fairy tale.
It is a fairy tale, his description of the events has little or no basis in reality. The man just seems incapable of stopping lying, even creating totally irrelevant lies to tell us.