Agency Based Discussion > iStockPhoto.com
What do you think of Gettyimages' e-mail about the new business model?
falantus:
They apparently haven't sent this e-mail to everyone, but only a couple best sellers. What do you think of it?
"We’re 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 there’s 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, we’re 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?
We’re 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. We’re 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)"
fotoVoyager:
--- Quote from: falantus on May 11, 2021, 16:05 ---They apparently haven't sent this e-mail to everyone, but only a couple best sellers. What do you think of it?
"We’re 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 there’s 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, we’re 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?
We’re 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. We’re 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)"
--- End quote ---
Where did you get this?
ShadySue:
I don't sell video; but from a stills perspective, it just meant more low-value sales (usually) not more sales or earnings overall.
Visualab:
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:
--- Quote from: falantus on May 11, 2021, 16:05 --- 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.
--- End quote ---
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.
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