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Author Topic: Jonathan Klein video interview with the FT  (Read 8660 times)

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« on: August 28, 2011, 13:55 »
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Here: http://video.ft.com/v/1127631250001/Getty-Images-and-a-digital-revolution

He doesn't say anything unexpected - doesn't even specifically mention iStock, but thought people might be interested, especially in what he says towards the end about Getty's relationship with H&F.

ETA - can't get that link to work directly for some reason, but if you follow the link then enter 'Jonathan Klein' in the search box, the video plays OK.
« Last Edit: August 28, 2011, 13:58 by gclk »


lisafx

« Reply #1 on: August 28, 2011, 14:51 »
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Very interesting.  There seems a lot of nervous laughter at the end as he's talking about H&F.  His body language really changed at that point.  He was very confident throughout the interview until then.   

He talks about the fact that their one shareholder "care very much" about how Getty is run, but that "we paid them a very large dividend last year" so they are happy for the time being. 

Of course we all know on whose backs that dividend was produced.

« Reply #2 on: August 28, 2011, 14:56 »
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Very interesting.  There seems a lot of nervous laughter at the end as he's talking about H&F.  His body language really changed at that point.  He was very confident throughout the interview until then.   

He talks about the fact that their one shareholder "care very much" about how Getty is run, but that "we paid them a very large dividend last year" so they are happy for the time being. 

Of course we all know on whose backs that dividend was produced.

You beat me to it. I was just typing something like that, but I think your words are better anyway.

« Reply #3 on: August 28, 2011, 18:11 »
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Thank you for sharing, that was interesting.

So - obviously, "we" are for still sale...

The part I really dont understand - he says himself the market for images has grown immensly, billions of images are needed. And yet - both getty and istock are very restrictive. getty dislikes similars, istock has severe upload restrictions for non exclusive content. And all the emphasis on V/A makes it look like they want to become even more specialized.Plus all the discouragement of artists, especially mixed media artists.

If the image market and needs have grown so much (and I fully agree) - where is the growth??

And why not encourage the artists to work together to produce more content? Why not encourage the photographers to do video with every shoot they plan and encourage the videographers to take pictures with every set??

Strange.

« Reply #4 on: August 29, 2011, 00:41 »
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When you lob softball questions at executives who are used to making everything sound happy-happy, you get a result like this.  When I think of all the pertinent questions - from a business point of view, forget that some lowly grunts who own the copyrights to everything in your microstock division aren't happy - that weren't asked, this looks like one of those publicity pieces that companies sometimes do.

Thanks for posting the link.

« Reply #5 on: August 29, 2011, 02:24 »
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When you lob softball questions at executives who are used to making everything sound happy-happy, you get a result like this.  When I think of all the pertinent questions - from a business point of view, forget that some lowly grunts who own the copyrights to everything in your microstock division aren't happy - that weren't asked, this looks like one of those publicity pieces that companies sometimes do.

Klein is summarising in 'big picture' terms the history of Getty ... since 1995 ... in fewer than 6 minutes. Not surprising he doesn't go into much detail about the last 12 months at Istock specifically. Like any CEO he's not in the business of saying what a lousy job he's done recently either. I thought the bit about 'their one shareholder' was quite telling though.

Thanks for the heads-up on this.

« Reply #6 on: August 29, 2011, 03:29 »
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It would be bad for business if he talked about problems in an interview like this one. And the fact that he acknowledges that the market is huge and growing is good.

It just makes what happened in the last 12 months at istock difficult to understand. I wonder if he is even aware about whatis happening there.

But obviously, I don't expect him to mention it in the interview. That is just PR.

I hope next time they pay a healthy dividend, the money comes from growing the business and more sales.

« Reply #7 on: August 29, 2011, 04:22 »
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I like his quip when asked if H&F are looking for an exit any time soon: "Well they're private equity, which means that they were looking for an exit before they made their entrance, 'cos that's how their model works"

lisafx

« Reply #8 on: August 29, 2011, 13:41 »
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I hope next time they pay a healthy dividend, the money comes from growing the business and more sales.

+1

...rather than shafting their contributors!

RT


« Reply #9 on: August 29, 2011, 14:23 »
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He talks about the fact that their one shareholder "care very much" about how Getty is run, but that "we paid them a very large dividend last year" so they are happy for the time being. 

Contributor commissions - Unsustainable

Very large dividends for shareholders - Sustainable

« Reply #10 on: August 29, 2011, 14:40 »
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...But obviously, I don't expect him to mention it in the interview. That is just PR...


I wouldn't expect Klein to bring problems up - I would expect an interviewer to do that though.

At Getty as well as at iStock there have been major upheavals with suppliers. There were no follow up questions about how long that "dividend" payment would keep H&F happy and what the issues with selling the company might be now, in 1/3/5 years time.

We have other examples (Mark Hurd at HP comes to mind) of established companies that made themselves look more healthy than they really were by looting something - in HP's case it was dropping R&D spending which is the lifeblood of continued success for a tech company.

Questions about what happens with Getty long term once H&F have their money and have moved on seem more than pertinent to me.


 

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