Author Topic: Investor open letter to Getty Images Board - increase shareholder value (Read 8284 times)

Jo Ann Snover · « **on:** April 11, 2023, 13:49 »

https://www.prnewswire.com/news-releases/trillium-capital-issues-open-letter-to-getty-images-board-301794027.html

I can't imagine any of the suggested actions Trillium lists would bring about anything good for the business long term or contributors, short or long term.

Getty did two rounds with private equity owners and IMO current woes can be traced back to that * era. Sale to a "strategic buyer" seems unlikely - they ended up with the SPAC deal because they couldn't find one of those as I recall.

"A substantial cost restructure and reduction in labor should be announced and implemented by Getty." - Royalties are costs to agencies...

Paying down debt sounds great, but they wouldn't have all that debt except for the prior iterations of looting. And as for a debt restructure so they can do stock buybacks, I'm left speechless (not really - it's a terrible idea for everyone except those hoping to sell their shares and get out).

They also ding Getty execs with doing a poor job courting the investor community and think they need to buy more stock on the open market so they have more "skin in the game".

Getty's stock is down 6.55% so far today - I assume as a reaction to this investor letter?

Not much that contributors can do about this, but it's worth staying aware of the businesses which license our work.

offisapup · « **Reply #1 on:** April 12, 2023, 08:00 »

I suppose "cost restructure and reduction" means "Maybe you don't need to pay those 2 cents you pay people for their pictures".

Jo Ann Snover · « **Reply #2 on:** April 20, 2023, 14:29 »

Trillium's unsolicited advice keeps coming - I am assuming Getty won't "Create a strategic relationship with Adobe to combine with their extensive imaging collection..." but who knows?

https://www.prnewswire.com/news-releases/trillium-capital-outlines-path-for-revenue-growth-for-getty-301798322.html

The stock price continues to fall though: "5.49 -0.85 (-13.41%) As of 03:28PM EDT. Market open."

cobalt · « **Reply #3 on:** April 21, 2023, 06:02 »

If Getty sends their exclusive images over to Adobe, why would anyone still buy from Getty? Every buyer uses Photoshop, Getty would literally lose them all if their content was available.

f8 · « **Reply #4 on:** April 21, 2023, 10:22 »

Quote from: cobalt on April 21, 2023, 06:02

If Getty sends their exclusive images over to Adobe, why would anyone still buy from Getty? Every buyer uses Photoshop, Getty would literally lose them all if their content was available.

You are as usual very ill informed. Every buyer does not use Photoshop. Many do, but not all.

f8 · « **Reply #5 on:** April 21, 2023, 10:29 »

The reason Getty is a sinking ship is for a few reasons. You can only screw contributors so far before they move on. Getty used to be good as was Istock. I still do contribute to them but in all honesty they are low on my upload list for a few reasons, the disambiguation process is very time consuming and the 0.02 sales do not justify my time. The overall ownership/management is perhaps the most disrespectful of all the agencies out there.

cobalt · « **Reply #6 on:** April 21, 2023, 13:25 »

Quote from: f8 on April 21, 2023, 10:22

Quote from: cobalt on April 21, 2023, 06:02
If Getty sends their exclusive images over to Adobe, why would anyone still buy from Getty? Every buyer uses Photoshop, Getty would literally lose them all if their content was available.

You are as usual very ill informed. Every buyer does not use Photoshop. Many do, but not all.

I bow to your superior knowledge oh wise on and thank you for enlightening me.

The world is now a better place.

The people that use photoshop often also buy stock on Adobe. They are our paying customers.

Those who prefer free or nearly free software are like the people who use free stock photo sites or create free files with ai.

Not my target group.

So for Adobe it would be a bonus if the exclusive content from Getty was added, but then the Adobe collection will overall be more attractive then what Getty has.

Without their exclusive content, what would Getty do to attract buyers?

Do they have any other unique selling point?

They are not a software house, selling digital media is their only product.

f8 · « **Reply #7 on:** April 21, 2023, 13:58 »

Quote from: cobalt on April 21, 2023, 13:25

Quote from: f8 on April 21, 2023, 10:22
Quote from: cobalt on April 21, 2023, 06:02
If Getty sends their exclusive images over to Adobe, why would anyone still buy from Getty? Every buyer uses Photoshop, Getty would literally lose them all if their content was available.

You are as usual very ill informed. Every buyer does not use Photoshop. Many do, but not all.

I bow to your superior knowledge oh wise on and thank you for enlightening me.

The world is now a better place.

The people that use photoshop often also buy stock on Adobe. They are our paying customers.

Those who prefer free or nearly free software are like the people who use free stock photo sites or create free files with ai.

Not my target group.

So for Adobe it would be a bonus if the exclusive content from Getty was added, but then the Adobe collection will overall be more attractive then what Getty has.

Without their exclusive content, what would Getty do to attract buyers?

Do they have any other unique selling point?

They are not a software house, selling digital media is their only product.

This has nothing to do with "superior knowledge".

I was merely informing you that not "every buyer" uses Photoshop, which simply is not true. Adobe has some nice products but they are not the only game in town regardless if it is free or cheaper.

Also of note, ill informed again, Getty provides custom photo services for corporate clients around the world, so no, their only product is not only digital media. For sure they are not a softward company. Getty dishes out assignments all the time.

cobalt · « **Reply #8 on:** April 21, 2023, 14:54 »

So you would encourage Getty to send their exclusive media content to Adobe, to increase their business? It would be an advantage for them?

f8 · « **Reply #9 on:** April 21, 2023, 15:39 »

Quote from: cobalt on April 21, 2023, 14:54

So you would encourage Getty to send their exclusive media content to Adobe, to increase their business? It would be an advantage for them?

I would encourage Getty to make being exclusive a thing again with all the advantages that used to come from being exclusive. Being exclusive has no meaning or value anymore and the result is they shot themselves in the foot. I used to do incredibly well with them as an exclusive and it was motivational. The ever changing goal post of reaching the next level is a joke. I even went as far as closing my Getty Images account because they started paying the same rate as Istock. That said, the whole industry is a sinking ship.

cobalt · « **Reply #10 on:** April 21, 2023, 16:07 »

I used to be a very happy istock exclusive.

But those days are gone forever.

Mind you, many of my friends still are exclusive and still making decent money. Luis just gave up his day job to only do getty/istock as full time income.

So, the proposals mentioned above, should Getty follow these suggestions? Will it improve their business?

eta: as for money, why don‘t you take those lucrative assignments they are offering you?

That would give you a stable income, even if ai steals all the stock business.

ADH · « **Reply #11 on:** April 22, 2023, 20:22 »

The reason Getty is a sinking ship is because its greed and incompetence. More greed and more incompetence is gonna make things even worst.

Pacesetter · « **Reply #12 on:** April 23, 2023, 01:02 »

Quote from: cobalt on April 21, 2023, 16:07

I used to be a very happy istock exclusive.

But those days are gone forever.

Mind you, many of my friends still are exclusive and still making decent money. Luis just gave up his day job to only do getty/istock as full time income.

So, the proposals mentioned above, should Getty follow these suggestions? Will it improve their business?

eta: as for money, why don‘t you take those lucrative assignments they are offering you?

That would give you a stable income, even if ai steals all the stock business.

Luka Azman (who has a YouTube channel by his name) is also exclusive and I understand does very well with it. He has an awesome portfolio of photos and videos.

wds · « **Reply #13 on:** April 23, 2023, 09:57 »

I always wondered why iStock doesn't have a tool that would tell you what you would be earning if you were exclusive with them at your current sales levels. I understand it is not totally straightforward in that exclusive assets can be more expensive which might impact sales. but they tend to keep it more of a mystery than it need be.

Jo Ann Snover · « **Reply #14 on:** April 23, 2023, 13:19 »

Quote from: wds on April 23, 2023, 09:57

I always wondered why iStock doesn't have a tool that would tell you what you would be earning if you were exclusive with them at your current sales levels. I understand it is not totally straightforward in that exclusive assets can be more expensive which might impact sales. but they tend to keep it more of a mystery than it need be.

Ages ago there was a spreadsheet a contributor did that predicted based on your current sales (tracked month by month) when you'd reach certain milestones and I think it had something to show what you'd earn as an exclusive. But that was before the current rules about the Essentials & Signature collections.

If you were to become exclusive, anything you submitted while an indie stays in the Essentials Collection after you become exclusive - you just earn the higher royalty rate on the sale. Newly submitted content goes into the Signature collection

https://contributors.gettyimages.com/article/5273?article_id=5273

"...any content you submitted to us while non-exclusive will not change collection, however, your Essentials content will be exclusive as well. All files will earn your higher Exclusive royalty rate."

FWIW, I think you would not do well to become an iStock exclusive now (not you personally; anyone)

cobalt · « **Reply #15 on:** April 24, 2023, 03:30 »

I usually suggest if you are really interested do it with on media type only and see how it goes.

Perhaps first go exclusive with video, make a real push with it and fill up your port and see how comfortable you are with results.

Then add photos a year later, or the other way round.

Just hold back the photos from the video shoots or maybe just upload a small portion, so that you can get them online under the exclusive contract.

Or the other way round, photo exclusive, but stay indie with video.

Jo Ann Snover · « **Reply #16 on:** April 24, 2023, 12:27 »

Getty Images stock jumped today because Trillium made a buyout proposal:

https://www.reuters.com/markets/deals/trillium-capital-offers-buy-getty-images-values-it-395-bln-2023-04-24/

Apparently there's some worry the deal won't happen - the stock had soared from yesterday's close of $5.06 to $8.04, but is now at $6.85 (market still open)

An investor buyer is probably not good news for contributors unless it's someone that wants to grow the business, not just fatten their wallets.

HalfFull · « **Reply #17 on:** April 25, 2023, 01:34 »

Quote from: f8 on April 21, 2023, 15:39

Quote from: cobalt on April 21, 2023, 14:54
So you would encourage Getty to send their exclusive media content to Adobe, to increase their business? It would be an advantage for them?

I would encourage Getty to make being exclusive a thing again with all the advantages that used to come from being exclusive. Being exclusive has no meaning or value anymore and the result is they shot themselves in the foot. I used to do incredibly well with them as an exclusive and it was motivational. The ever changing goal post of reaching the next level is a joke. I even went as far as closing my Getty Images account because they started paying the same rate as Istock. That said, the whole industry is a sinking ship.

Offering exclusivity to contributors is only of use if you're the biggest earner for a contributor, otherwise it would take a miracle to earn enough to replace the earnings lost from the other agencies. That boat has long since sailed for Getty / iStock. While I make reasonable money still from them, it would be like 123rf offering exclusivity... absolutely pointless.

Jo Ann Snover · « **Reply #18 on:** April 25, 2023, 18:51 »

Getty can barely disguise its disdain. It says it sees nothing "... sufficiently credible to warrant engagement by the Board of Getty Images."

https://www.globenewswire.com/news-release/2023/04/25/2654468/0/en/Getty-Images-Response-to-Unsolicited-Non-Binding-Highly-Conditional-Proposal-from-Trillium-Capital-LLC.html

cobalt · « **Reply #19 on:** April 26, 2023, 03:08 »

Yes, that was a very prompt f*** off in legalese.

Good for them.

stoker2014 · « **Reply #20 on:** April 26, 2023, 03:23 »

TRILLIUM CAPITAL owns 500,000 Getty shares. How much is this in percentage?

Uncle Pete · « **Reply #21 on:** April 26, 2023, 11:34 »

Quote from: stoker2014 on April 26, 2023, 03:23

TRILLIUM CAPITAL owns 500,000 Getty shares. How much is this in percentage?

This comes from someone not too smart about stocks and data. Search says: Shares Outstanding 395.27M = .0013% / $3.5 Million Dollars worth.

https://www.marketwatch.com/investing/stock/gety#:~:text=Key%20Data%201%20Open%20%247.01%202%20Day%20Range,0.18%208%20Rev.%20per%20Employee%20%24544.85K%20More%20items

stoker2014 · « **Reply #22 on:** April 26, 2023, 15:18 »

Quote from: Uncle Pete on April 26, 2023, 11:34

Quote from: stoker2014 on April 26, 2023, 03:23
TRILLIUM CAPITAL owns 500,000 Getty shares. How much is this in percentage?

This comes from someone not too smart about stocks and data. Search says: Shares Outstanding 395.27M = .0013% / $3.5 Million Dollars worth.

https://www.marketwatch.com/investing/stock/gety#:~:text=Key%20Data%201%20Open%20%247.01%202%20Day%20Range,0.18%208%20Rev.%20per%20Employee%20%24544.85K%20More%20items

In that case, what is TRILLIUM CAPITAL trying to claim with only .0013% of the shares?

rushay · « **Reply #23 on:** April 28, 2023, 00:17 »

https://www.theartnewspaper.com/2023/04/26/getty-images-takeover-bid-fails

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Author Topic: Investor open letter to Getty Images Board - increase shareholder value (Read 8284 times)

Jo Ann Snover

offisapup

Jo Ann Snover

cobalt

f8

f8

cobalt

f8

cobalt

f8

cobalt

ADH

Pacesetter

wds

Jo Ann Snover

cobalt

Jo Ann Snover

HalfFull

Jo Ann Snover

cobalt

stoker2014

Uncle Pete

stoker2014

rushay

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