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Author Topic: What do you think of Gettyimages' e-mail about the new business model?  (Read 6731 times)

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« on: May 11, 2021, 16:05 »
+4
They apparently haven't sent this e-mail to everyone, but only a couple best sellers. What do you think of it?

"Were reaching out to let you know about an important new addition to our customer video offerings, confidentially and ahead of the rest of the contributor community.

Video is growing. More customers are licensing footage and those that do are using more of it. Demand for video content is high and it is growing but theres still more opportunity.   

Many of our customers tell us that they are not yet using video, even though they would like to and want to license footage, alongside images, vectors and illustrations in one simple plan. 

To meet this opportunity, were launching new iStock Premium + Video subscriptions, offering our customers access to all the visual content they need, including video, in a single subscription.

 
What does this mean for you?

Were confident that this will unlock video for many more customers, increasing the footage being licensed, and ultimately driving more video revenue and royalties. To reflect the inclusion of video, Premium + Video has our highest subscription price per file, which is the same across all file types. Were expecting to see customer download growth to offset the lower price per file when compared to credit based video licensing. Premium + Video will roll out in a phased approach, with the first countries beginning in May.

For more information, please refer to the Frequently Asked Questions below.
 
This is part of our broader investment in video this year which includes: increased investment in digital marketing for video, SEO tactics to drive more customers to your great content, and increased prominence of video on our websites.

A special invitation

As a key video contributor, we want to relay our confidence in continued video growth and we want that to translate to your continued investment and 4K contributions. To do this, we are offering a minimum guarantee on your video royalties from all sites and offerings for a period of time, provided continued acceptance levels meet or exceed historic levels.

Specifically, for the 12 months starting June 2021, if your video royalty earnings are less than for the previous 12 months, we will make up the difference. So, for example, if you earned $100,000 in royalties in from June 1 2020 to May 31 2021 but $95,000 from June 1 2021 to May 31 2022, we will pay out the $5,000 difference. 

 It is important for you to know that this minimum guarantee offer is not being made to all contributors. It is being offered to you as a specially selected contributor who has significant video earnings, so we need to remind you that this letter, all of the details about the new subscription and the minimum guarantee offer is subject to the confidentiality sections in your Getty Images Artist Supply Agreement.

Within the next day, you will receive an email from DocuSign, inviting you to carefully read and sign the minimum guarantee agreement. The email will be sent from Getty Images via DocuSign with a subject line of Please DocuSign: Getty Images Minimum Guarantee Agreement.

We hope you feel comfortable taking advantage of this opportunity, in which case please sign as soon as possible and no later than Friday 28 May. 

We look forward to answering any questions you may have.

Sincerely, 


Brad Ralph

Senior Director, Content Development

iStockphoto LP / Getty Images

 

Paul Banwell

Senior Director, Contributor Relations

Getty Images

[email protected]

 

How is the Premium + Video subscription priced for the customer?

The Premium + Video subscriptions will be priced at approximately 1.5 to 2X the cost of the Image-only subscriptions. We will be testing in various markets with our initial launch in order to identify the optimal price. Our aim is to price these plans in a way that drives increased video downloads and grows revenue and royalties.

 
What asset volumes / packages are available within Premium + Video?

There will be a variety of Premium + Video subscription packages when they launch, starting from 10 downloads per month.


How is the price per file calculated?

In accordance with the Rate Card for iStock.com subscriptions, the price per file is determined at the end of each subscription month (which is specific to each subscription and may not be the end of the calendar month) by dividing the monthly price for that subscription by the number of downloads against that subscription.
 

What is the minimum pay-out guaranteed for Essentials and Signature files respectively?

The minimum customer price per file will be the same as it is today for subscriptions as outlined in the Rate Card. This will apply for all file type downloads in the new Premium + Video Subscription.


How will the average Premium + Video subscription royalty compare with the average video Premium Access royalty?

The new Premium + Video subscription packages will be more comparable to iStock Image Subscription packages but with expected higher average royalties earned, given the higher price point of the Premium + Video packages.


What do you expect the most popular Video + Premium package to be?

Based on our Image subscriptions, we expect the 10 downloads per month, monthly subscriptions to be the most popular. For many customers, this gives them enough content to manage their needs in a flexible way.

 
What impact will Premium + Video have on video credit sales?

Some customers who buy video using credits may switch to subscription packages, but many of our customers actually prefer to license content via credits because that method better suits their specific needs. We think subscription plans offer increased opportunity especially from:

       Customers who are not currently licensing video at all

       Customers who are licensing video but currently from another source

       Increasing the amount of video content being licensed from our existing video buyers

 

As with all subscriptions, the intent is to drive much higher volume of downloading and licensing, in exchange for customers moving into more committed plans.

(End of Email)"


« Reply #1 on: May 11, 2021, 16:56 »
0
They apparently haven't sent this e-mail to everyone, but only a couple best sellers. What do you think of it?

"Were reaching out to let you know about an important new addition to our customer video offerings, confidentially and ahead of the rest of the contributor community.

Video is growing. More customers are licensing footage and those that do are using more of it. Demand for video content is high and it is growing but theres still more opportunity.   

Many of our customers tell us that they are not yet using video, even though they would like to and want to license footage, alongside images, vectors and illustrations in one simple plan. 

To meet this opportunity, were launching new iStock Premium + Video subscriptions, offering our customers access to all the visual content they need, including video, in a single subscription.

 
What does this mean for you?

Were confident that this will unlock video for many more customers, increasing the footage being licensed, and ultimately driving more video revenue and royalties. To reflect the inclusion of video, Premium + Video has our highest subscription price per file, which is the same across all file types. Were expecting to see customer download growth to offset the lower price per file when compared to credit based video licensing. Premium + Video will roll out in a phased approach, with the first countries beginning in May.

For more information, please refer to the Frequently Asked Questions below.
 
This is part of our broader investment in video this year which includes: increased investment in digital marketing for video, SEO tactics to drive more customers to your great content, and increased prominence of video on our websites.

A special invitation

As a key video contributor, we want to relay our confidence in continued video growth and we want that to translate to your continued investment and 4K contributions. To do this, we are offering a minimum guarantee on your video royalties from all sites and offerings for a period of time, provided continued acceptance levels meet or exceed historic levels.

Specifically, for the 12 months starting June 2021, if your video royalty earnings are less than for the previous 12 months, we will make up the difference. So, for example, if you earned $100,000 in royalties in from June 1 2020 to May 31 2021 but $95,000 from June 1 2021 to May 31 2022, we will pay out the $5,000 difference. 

 It is important for you to know that this minimum guarantee offer is not being made to all contributors. It is being offered to you as a specially selected contributor who has significant video earnings, so we need to remind you that this letter, all of the details about the new subscription and the minimum guarantee offer is subject to the confidentiality sections in your Getty Images Artist Supply Agreement.

Within the next day, you will receive an email from DocuSign, inviting you to carefully read and sign the minimum guarantee agreement. The email will be sent from Getty Images via DocuSign with a subject line of Please DocuSign: Getty Images Minimum Guarantee Agreement.

We hope you feel comfortable taking advantage of this opportunity, in which case please sign as soon as possible and no later than Friday 28 May. 

We look forward to answering any questions you may have.

Sincerely, 


Brad Ralph

Senior Director, Content Development

iStockphoto LP / Getty Images

 

Paul Banwell

Senior Director, Contributor Relations

Getty Images

[email protected]

 

How is the Premium + Video subscription priced for the customer?

The Premium + Video subscriptions will be priced at approximately 1.5 to 2X the cost of the Image-only subscriptions. We will be testing in various markets with our initial launch in order to identify the optimal price. Our aim is to price these plans in a way that drives increased video downloads and grows revenue and royalties.

 
What asset volumes / packages are available within Premium + Video?

There will be a variety of Premium + Video subscription packages when they launch, starting from 10 downloads per month.


How is the price per file calculated?

In accordance with the Rate Card for iStock.com subscriptions, the price per file is determined at the end of each subscription month (which is specific to each subscription and may not be the end of the calendar month) by dividing the monthly price for that subscription by the number of downloads against that subscription.
 

What is the minimum pay-out guaranteed for Essentials and Signature files respectively?

The minimum customer price per file will be the same as it is today for subscriptions as outlined in the Rate Card. This will apply for all file type downloads in the new Premium + Video Subscription.


How will the average Premium + Video subscription royalty compare with the average video Premium Access royalty?

The new Premium + Video subscription packages will be more comparable to iStock Image Subscription packages but with expected higher average royalties earned, given the higher price point of the Premium + Video packages.


What do you expect the most popular Video + Premium package to be?

Based on our Image subscriptions, we expect the 10 downloads per month, monthly subscriptions to be the most popular. For many customers, this gives them enough content to manage their needs in a flexible way.

 
What impact will Premium + Video have on video credit sales?

Some customers who buy video using credits may switch to subscription packages, but many of our customers actually prefer to license content via credits because that method better suits their specific needs. We think subscription plans offer increased opportunity especially from:

       Customers who are not currently licensing video at all

       Customers who are licensing video but currently from another source

       Increasing the amount of video content being licensed from our existing video buyers

 

As with all subscriptions, the intent is to drive much higher volume of downloading and licensing, in exchange for customers moving into more committed plans.

(End of Email)"

Where did you get this?

ShadySue

  • There is a crack in everything
« Reply #2 on: May 11, 2021, 17:06 »
+7
I don't sell video; but from a stills perspective, it just meant more low-value sales (usually) not more sales or earnings overall.

« Reply #3 on: May 11, 2021, 17:36 »
+11
i think that they already have the lowest reveneu in the market(apart for unlimited subscription agencies) and with this new pack the revenue for artists will drop even more...considering the cumbersome upload process and the reveneu it doesn't worth to upload there...

Noedelhap

  • www.colincramm.com

« Reply #4 on: May 11, 2021, 17:49 »
+6
 It is important for you to know that this minimum guarantee offer is not being made to all contributors. It is being offered to you as a specially selected contributor who has significant video earnings, so we need to remind you that this letter, all of the details about the new subscription and the minimum guarantee offer is subject to the confidentiality sections in your Getty Images Artist Supply Agreement.


Might wanna watch out ;)

But in all seriousness, Getty already was a lowballing agency with absurdly low video prices, now they're eroding video credit sales even further. It's all happening sooner than I thought, but it's the inevitable downfall of video sales in the microstock industry. No minimum royalties either (AFAIK), so it won't be long before video penny sales are the new norm.

« Reply #5 on: May 11, 2021, 17:53 »
+7
Sounds as if they're trying to compete with Shutterstock's FLEX subscriptions (all content types, including video) and/or Shutterstock Unlimited.

https://www.shutterstock.com/business/flex-subscriptions

https://www.shutterstock.com/blog/5-reasons-to-go-unlimited-with-shutterstock-api

And similarly to Canva when they introduced including stock image/illustrations content in paid subscriptions, they need to keep the content from walking or the customers won't be happy.

The risk is that if this type of subscription takes off, once the income match expires, you won't have the choices you have today. Customers will be hooked on the new model and you will have one fewer outlet to sell through.

When you look at the pros and cons, you have to ask yourself how much you trust Getty Images...

« Reply #6 on: May 11, 2021, 18:29 »
+9
Ah, Braddy... secret deals are bad things...

Clair Voyant

« Reply #7 on: May 11, 2021, 19:06 »
+9
Istock/Getty offered this deal to me a few years ago and I accepted the offer. It seemed like a great thing at the time and I suppose it was back then (back when you actually sold your video for what they were worth), but now I dropped the crown because I don't see value in selling my videos for spare change. If I recall they actually sold more video than the year before so I did not get the so called top up.

I honestly think this is a weak attempt to keep people exclusive. Once upon a time a badge of honor, now it makes no sense at all to be exclusive anywhere.


« Reply #8 on: May 12, 2021, 13:50 »
0
oregon buying IS soon, stay exclusive, you wont regret. oregon and ss rock!

Hmm, interesting, any concrete proof other than a claim?  ::)

« Reply #9 on: May 12, 2021, 14:19 »
0
Still I am as non-exclusive, and thinking about being exclusive in a specific agency, approach to be exclusive with suspicion and limiting myself in an agency. Referring to your "stay exclusive" suggestion.  :-\

« Reply #10 on: May 13, 2021, 01:55 »
+3
It is just a desperate move to compete on price because they are loosing video customers. Why because if you do any search on Pond5 Adobe the selection is much better and deeper, and if you want price subs sites like Envato Videoblocks Artgrid etc are also much more competitive in many aspects. They are fighting for the lasts drops but don't be surprised if in a few years they drop video the same way as they did with music. If you are video exclusive I would look to drop the crown as there are much better opportunities outside Getty and also the future hasn't look good for a long time with royalties so low. Shutterstock and Istock are not viable options if you want to live from stock footage.

« Reply #11 on: May 17, 2021, 00:06 »
0
a) Congrats on getting the e-mail. What are your yearly video sales, it mentions $100k as an "example" - are you up in that range?
b) Is that the complete agreement? Usually I'd review the fine print.

« Reply #12 on: May 18, 2021, 14:23 »
+7
Announcing the launch of our new iStock Premium + Video customer subscription!

Were confident that this will unlock video for many more customers, increasing the footage being licensed, and ultimately driving more video revenue and royalties.

Ha ha ha ha ha .

« Reply #13 on: May 18, 2021, 19:29 »
+1
Non-exclusive contributors got this info today fyi.

Quote
Frequently Asked Questions

How is the Premium + Video subscription priced for the customer?
The Premium + Video subscriptions will be priced at approximately 1.5 to 2X the cost of the Image-only subscriptions. We will be testing in various markets with our initial launch in order to identify the optimal price. Our aim is to price these plans in a way that drives increased video downloads and grows revenue and royalties.

What asset volumes / packages are available within Premium + Video?
Theres a variety of Premium + Video subscription packages, ranging from 10 to 50 downloads per month. Please note that these packages are not yet available in all countries. The current subscription packages for your country can be found here - https://www.istockphoto.com/plans-and-pricing

How is the price per file calculated?
In accordance with the Rate Card for iStock.com subscriptions, the price per file is determined at the end of each subscription month (which is specific to each subscription and may not be the end of the calendar month) by dividing the monthly price for that subscription by the number of downloads against that subscription.

How will the average Premium + Video subscription royalty compare with the average video Premium Access royalty?
The new Premium + Video subscription packages will be more comparable to iStock Image Subscription packages but with expected higher average royalties earned, given the higher price point of the Premium + Video packages.

What do we expect the most popular Video + Premium package to be?
Based on our Image subscriptions, we expect the 10 downloads per month, monthly subscriptions to be the most popular. For many customers, this gives them enough content to manage their needs in a flexible way. This is also why we default to the 10 download per month plans on our Plans and Pricing pages.

What impact will Premium + Video have on video credit sales?
Some customers who buy video using credits may switch to subscription packages, but many of our customers actually prefer to license content via credits because that method better suits their specific needs.

We think subscription plans offer increased opportunity especially from:

Customers who are not currently licensing video at all

Customers who are licensing video but currently from another source

Increasing the amount of video content licensed from our existing video buyers


As with all subscriptions, the intent is to drive much higher volume of downloading and licensing, in exchange for customers moving into more committed plans.

« Reply #14 on: May 19, 2021, 04:42 »
+3
i removed my videos from there some time ago.


SpaceStockFootage

  • Space, Sci-Fi and Astronomy Related Stock Footage

« Reply #15 on: May 20, 2021, 01:38 »
+11
Every time there's an announcement like this, there's always skepticism from contributors. But the most important part that everyone seems to miss, is that they said they're confident it will result in more revenue... they didn't say who is going to be the recipient of this additional revenue. I have no doubt that this will result in more revenue. For iStock. They wouldn't have implemented it otherwise... they just never mentioned that it would result in more revenue for us lot. Keep that in mind when you're all posting "they promised us more revenue" a month, six months, a year down the line. They didn't.

 

« Reply #16 on: May 20, 2021, 06:32 »
+2
It is clear as a day that these companies only think themselves for such cases. Every update is only and only for themselves.
« Last Edit: May 30, 2021, 08:35 by falantus »

« Reply #17 on: May 20, 2021, 12:11 »
+1
Every time there's an announcement like this, there's always skepticism from contributors. But the most important part that everyone seems to miss, is that they said they're confident it will result in more revenue... they didn't say who is going to be the recipient of this additional revenue. I have no doubt that this will result in more revenue. For iStock. They wouldn't have implemented it otherwise... they just never mentioned that it would result in more revenue for us lot. Keep that in mind when you're all posting "they promised us more revenue" a month, six months, a year down the line. They didn't.

 
Yep, A lie of omission is still a lie

« Reply #18 on: May 20, 2021, 18:32 »
+3
Every time there's an announcement like this, there's always skepticism from contributors. But the most important part that everyone seems to miss, is that they said they're confident it will result in more revenue... they didn't say who is going to be the recipient of this additional revenue. I have no doubt that this will result in more revenue. For iStock. They wouldn't have implemented it otherwise... they just never mentioned that it would result in more revenue for us lot. Keep that in mind when you're all posting "they promised us more revenue" a month, six months, a year down the line. They didn't.

That'd be a tidy observation if it reflected what the email actually said, but it doesn't.

The do explicitly say the change will be  "...driving more video revenue and royalties."

The revenue is their part and the royalties the contributors'.

I don't believe that what they are saying will turn out that way, but yet another agency is once again making promises to contributors they will fail to fulfill (IMO).

PZF

« Reply #19 on: May 21, 2021, 05:26 »
+2
I don't do video but still got the email.

So not just sent ' to the best'.

ShadySue

  • There is a crack in everything
« Reply #20 on: May 21, 2021, 05:32 »
0
I don't do video but still got the email.

So not just sent ' to the best'.

LOL!

Added: I just checked and I got it too. (it's an email a/c I only check about once a week, it came in on Tuesday).
Still, they don't claim in the email I got that it's only going to the best.
Maybe they didn't get as good a response from 'the best' as they'd hoped.
« Last Edit: May 21, 2021, 05:37 by ShadySue »

« Reply #21 on: May 21, 2021, 08:46 »
0
I also received the email and I think this is very good news ALSO for the collaborators. Greetings!
 8)

« Reply #22 on: June 23, 2021, 08:07 »
0
Announcing the launch of our new iStock Premium + Video customer subscription!

Were confident that this will unlock video for many more customers, increasing the footage being licensed, and ultimately driving more video revenue and royalties.

Ha ha ha ha ha .

"Ultimately" ... right. Sometime in the future and no one can say when it might be. Or not.

Clair Voyant

« Reply #23 on: June 23, 2021, 10:23 »
+4
Let's be real here... Whenever an announcement from a parasitical company like SS or GI is announced you already know it is for their sole benefit and there is nothing to gain from a contributors perspective.

Clair Voyant

« Reply #24 on: June 23, 2021, 10:23 »
0
,


 

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