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Author Topic: Changes to the TOS at Shutterstock  (Read 46256 times)

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Ron

« Reply #25 on: September 17, 2013, 11:48 »
+2
The part that you cannot talk about your own earning does not seem to be fair.

It's because SS are now a publically traded company and therefore have to comply with regulations.

Significant changes to your own earnings for example could be deemed 'insider information' so they don't want contributors blabbing about it all over the internet. It might lead to a situation in which some traders have information, that could affect the share price, that others do not.
How would me talking about my earnings affect the share price, when their numbers are public anyway?


« Reply #26 on: September 17, 2013, 11:49 »
+6
Hmm, the whole 'you can't talk about your business with anyone you like' thing seems a bit draconian to me.

« Reply #27 on: September 17, 2013, 11:51 »
+2
How would me talking about my earnings affect the share price, when their numbers are public anyway?

Financials are only published every quarter. It's the periods in between that are sensitive.

« Reply #28 on: September 17, 2013, 11:55 »
0
Good luck enforcing that. You'd need a full time staff just doing that.  ;D


Hmmm. Must admit if I had friends or family who owned SSTK stock then I'd certainly be keeping them appraised of how I thought the business might be doing in relation to my own earnings. Who wouldn't?


You might also want to send them this link, it should be interesting once the details become available for the Registration Statement for Proposed Follow-On Offering filed this week.

Sec Filings Insider Trading - Shutterstock Inc. (SSTK)
http://www.secform4.com/insider-trading/1549346.htm

Ron

« Reply #29 on: September 17, 2013, 11:57 »
0
How would me talking about my earnings affect the share price, when their numbers are public anyway?

Financials are only published every quarter. It's the periods in between that are sensitive.
Ok, thanks.

So I guess we can no longer post the SOD with the royalties earned on the SS forum, and other screenshots and stuff like that containing the royalties.

« Reply #30 on: September 17, 2013, 12:00 »
0
The part that you cannot talk about your own earning does not seem to be fair.

It's because SS are now a publically traded company and therefore have to comply with regulations.

Significant changes to your own earnings for example could be deemed 'insider information' so they don't want contributors blabbing about it all over the internet. It might lead to a situation in which some traders have information, that could affect the share price, that others do not.

If that is the case then why are they giving a completely different reason in what you posted ?

Also - there is nothing to stop a company's  suppliers from also trading stock in that company. Farmers can own and trade supermarket stock, for example.

« Reply #31 on: September 17, 2013, 12:01 »
+2
How would me talking about my earnings affect the share price, when their numbers are public anyway?


Financials are only published every quarter. It's the periods in between that are sensitive.
Ok, thanks.

So I guess we can no longer post the SOD with the royalties earned on the SS forum, and other screenshots and stuff like that containing the royalties.


However they have no problem at all posting our best selling files in newsletters and http://submit.shutterstock.com/top50.mhtml

Me


« Reply #32 on: September 17, 2013, 12:01 »
0
How can they stop you talking about earnings - you are not an employee? Do they try to stop any of their other suppliers discussing what SS pay them?

90 day turnaround - maybe something to do with them not having exclusivity? Or are they seeing a lot of contributors selling rights on other sites and asking for removal of their images from SS? It would be interesting to see what happens in a case whereby you sell the rights and therefore have to remove the image from all other sites. Would the 90 day turnaround with SS stop the sale?

Social media - just formalising marketing strategy I guess, they already do it, this just confirms that individual contributors are happy for them to do it. Probably a lashback from Facebook in case any contributors are not on Facebook and therefore do not accept FB T&Cs, this covers FB and SS in case of any legal response from a contributor.

« Reply #33 on: September 17, 2013, 12:04 »
+4
The part that you cannot talk about your own earning does not seem to be fair.

It's because SS are now a publically traded company and therefore have to comply with regulations.

Significant changes to your own earnings for example could be deemed 'insider information' so they don't want contributors blabbing about it all over the internet. It might lead to a situation in which some traders have information, that could affect the share price, that others do not.
I think that's quite a stretch to say that posting your royalty rate on a public website would be insider information.  Even Yuri couldn't be considered an insider, none of us could be, that point has been made countless times by people on this site.  The policy is, as gbalex said, aimed at keeping contributors in the dark and keeping bad press to a minimum.

« Reply #34 on: September 17, 2013, 12:14 »
+4
90 day turnaround - maybe something to do with them not having exclusivity? Or are they seeing a lot of contributors selling rights on other sites and asking for removal of their images from SS? It would be interesting to see what happens in a case whereby you sell the rights and therefore have to remove the image from all other sites. Would the 90 day turnaround with SS stop the sale?

You can disable 100 images instantly which should cover the issue of selling the rights on another site.  Or making a mistake with the image or for a number of other reasons.  If you want to disable more than 10% or your port or more than 100 images (whichever is less) you'll have to wait the 90 days.

« Reply #35 on: September 17, 2013, 12:14 »
+2
The part that you cannot talk about your own earning does not seem to be fair.

It's because SS are now a publically traded company and therefore have to comply with regulations.

Significant changes to your own earnings for example could be deemed 'insider information' so they don't want contributors blabbing about it all over the internet. It might lead to a situation in which some traders have information, that could affect the share price, that others do not.

Definitely not, please read the definition of "insider" carefully, I doubt even someone like Yuri could qualify for an "insider" because contributors are not employees and their shares in SS would not likely to be of "controlling" significanc. As a public trading company, SS only has higher obligation for transparency and disclosure.

« Reply #36 on: September 17, 2013, 12:19 »
0
The only thing that worries me is the social media marketing, if the images are not watermarked. The reactions below the TOS article state that images are available for grabs at a pretty high resolution. SS should try to prevent image theft by watermarking or showing smaller images, or both.

The request not to talk about earnings is fine by me. Most people aren't keen on telling what they are earning anyway. I believe you can still mention your total earnings, but not to publicly disclose more specific details about the number of SDs or ODs. I think it's good to be a little secretive about it, since any of SS's competitors may use the information to devise new strategies to compete with SS, which could turn out bad for us.

« Reply #37 on: September 17, 2013, 12:22 »
+2
I think someone had raised the issue of enforceability earlier. It is unlikely they are going to police the whole community, but they can terminate you for cause by citing the confidentiality clause, especially in a situation when one contributor causes some real discomfort like Sean did at IS.

It is dangerous.

« Reply #38 on: September 17, 2013, 12:30 »
+1
I think someone had raised the issue of enforceability earlier. It is unlikely they are going to police the whole community, but they can terminate you for cause by citing the confidentiality clause, especially in a situation when one contributor causes some real discomfort like Sean did at IS.

It is dangerous.

They could do that anyway at any time. Why start talking about it unless they have some plan involved?

« Reply #39 on: September 17, 2013, 12:30 »
0
You can disable 100 images instantly which should cover the issue of selling the rights on another site.

although:

Quote
If you choose to remove your images, but a customer has already signaled the intention to license an image, they can complete the transaction

Not that I see this as a big deal unless the image has never previously sold anywhere. Since a designer who already has the image RF can continue to use it in any number of different projects and with multiple final clients. I suppose it means that people need to tell anyone who wants to buy the rights to an image that it could potentially still be sold to one or more other users who have somehow signaled their intentions - for an indefinite period but will not be on general sale.

« Reply #40 on: September 17, 2013, 12:31 »
+1
The only thing that worries me is the social media marketing, if the images are not watermarked. The reactions below the TOS article state that images are available for grabs at a pretty high resolution. SS should try to prevent image theft by watermarking or showing smaller images, or both.

The request not to talk about earnings is fine by me. Most people aren't keen on telling what they are earning anyway. I believe you can still mention your total earnings, but not to publicly disclose more specific details about the number of SDs or ODs. I think it's good to be a little secretive about it, since any of SS's competitors may use the information to devise new strategies to compete with SS, which could turn out bad for us.
This is what the TOS says " including but not limited to royalty rates, royalty payments and earnings data".  Total earnings would seem to fit under earnings data but that doesn't really matter because it's not limited to those things listed, there are other unknown things you can't talk about.

« Reply #41 on: September 17, 2013, 12:52 »
+9
I don't see a problem with the wait on a portion of your portfolio - we already accepted it with DT years ago (although if you remember they originally proposed 12 months no exceptions and we stopped uploading and fussed and they changed it to 6 months). I don't like it, but I can see that as they're dealing with larger companies as clients they need to accommodate more of these types of requests - grab the comp now and buy in a month or two.

I wish they would be more forthcoming about what exactly happens with these premier customers. What makes a customer premier; how many unwatermarked comps (at what size) can they have for how long without purchasing anything before SS will audit them to see what they're up to; do these higher prices paid for the premier customers who get unwatermarked comps show up in higher royalties for contributors when they do buy? Does that show up as a single and other download? Do they offer unwatermarked comps on subscriptions (one would think not, but as I had no idea they were even offering such a service, it makes me wonder how this works).

I wasn't comfortable when they introduced the Single and Other Downloads that they wouldn't give us any information about the price the customer paid or what the license terms were. I'm still not happy (but not unhappy enough to walk away from SS) as it may or may not be a good deal for us - the numbers can be high (yesterday I had one for $82.50 which was great, but I have no idea what I sold for that amount) but we can't know if we're being ripped off or fairly compensated. Finding out about these other Premier customers with special rates just adds to this concern that they are not being transparent enough with contributors about what terms they sell our content on.

Our content, not theirs, and we can't see the terms of the sales (other than subscriptions, enhanced licenses and on demand).

As far as not discussing earnings, they post an earnings schedule with royalty rates - how can we not discuss publicly what they post on their web site? The full section in the new TOS says:

Confidentiality
By submitting any Content to Shutterstock, you acknowledge that you will acquire certain confidential information, including but not limited to royalty rates, royalty payments and earnings data (collectively, "Confidential Information"). Confidential Information shall not be disclosed to any third party other than representatives, agents, attorneys, accountants, auditors and advisors with a bona fide need to know, who shall first agree to keep the terms confidential.


I might also argue that as fellow contributors have a need to know about rising or falling monthly earnings, it'd be fine to keep discussing it. However, that's a stretch and as they can terminate my account at any time for pretty much any reason, I'm a little concerned that this might give them an excuse. Section 3.a. about termination of our accounts for various reasons ends "..., or for convenience."

People are always writing about guesstimates of public companies' earnings and whether they're on the rise or fall. I don't see why writing about how well (or not) SS is doing is suddenly not acceptable.

I don't talk about my monthly totals in $$ in forums, but I don't like being told I can't :)

I'm not thrilled at the Facebook and other social media section not making any mention of steps they would take - such as watermarking our content - to prevent theft when "marketing" our work this way. I hope that they would, but  I think they should say so.


ShadySue

  • There is a crack in everything
« Reply #42 on: September 17, 2013, 12:58 »
0
The only thing that worries me is the social media marketing, if the images are not watermarked. The reactions below the TOS article state that images are available for grabs at a pretty high resolution. SS should try to prevent image theft by watermarking or showing smaller images, or both.

The request not to talk about earnings is fine by me. Most people aren't keen on telling what they are earning anyway. I believe you can still mention your total earnings, but not to publicly disclose more specific details about the number of SDs or ODs. I think it's good to be a little secretive about it, since any of SS's competitors may use the information to devise new strategies to compete with SS, which could turn out bad for us.
This is what the TOS says " including but not limited to royalty rates, royalty payments and earnings data".  Total earnings would seem to fit under earnings data but that doesn't really matter because it's not limited to those things listed, there are other unknown things you can't talk about.
Whoopee!
Like a superinjunction  8)

« Reply #43 on: September 17, 2013, 13:13 »
0
The 90 days lock in period combined with the fact that they can change the TOS at anytime means you've agreed to any future change at least for 90 days no matter how terrible that change is.

Yes.

« Reply #44 on: September 17, 2013, 13:16 »
+12
7. Confidentiality: We Protect And Respect Your Privacy. Please Respect Ours. As an artist at Shutterstock, youre in a position to acquire information that you would not otherwise receive outside of our platform. Your earnings information might sometimes contain data that can be used by our competitors to reverse-engineer our products and services. We work hard to both protect and respect your privacy; we respectfully ask that you do the same and keep specific information about your earnings private. General characterizations are fine.

Nice of them to let us know what we can and cannot say on outside public forums.  Should we re-open the debate about why anyone would ever want to be anonymous here on MSG? 

« Reply #45 on: September 17, 2013, 13:38 »
+11
It is important for artists to share information to see which sites are worth contributing to. If I hadn't read how successful people are at SS I would not have even considered working with a subscription site.

If they really start policing us on external forums or people get their accounts closed because they decided to share what they earn, if they reached a new royalty level etc...then it will probably be necessary to use an alias for the sales threads.

But maybe this is also related to people like Yuri who have huge volumes of sales and can actually track how SS is doing overall. Nobody can gain any insight into how SS is doing from my data.

But I really can't believe they are suddenly worried by the sales threads on msg, blogs or facebook groups.
« Last Edit: September 17, 2013, 13:40 by cobalt »

« Reply #46 on: September 17, 2013, 13:43 »
+2
It is important for artists to share information to see which sites are worth contributing to. If I hadn't read how successful people are at SS I would not have even considered working with a subscription site.

If they really start policing us on external forums or people get their accounts closed because they decided to share what they earn, if they reached a new royalty level etc...then it will probably be necessary to use an alias for the sales threads.

But maybe this is also related to people like Yuri who have huge volumes of sales and can actually track how SS is doing overall. Nobody can gain any insight into how SS is doing from my data.

But I really can't believe they are suddenly worried by the sales threads on msg, blogs or facebook groups.
I also find it hard to believe they are worried about that so maybe another explanation is needed?  You aren't allowed to post on a forum or tell your husband what royalty rate you get but they have the royalty rates listed on the website.  I wonder if some more opaque system of royalties is going to be announced, maybe an RC type system (it's been tested at Bigstock already) where royalty rates are changing constantly?

sc

« Reply #47 on: September 17, 2013, 13:45 »
+6
So is contributing to the poll every month now taboo.

« Reply #48 on: September 17, 2013, 13:48 »
+1
I don't see a problem with the wait on a portion of your portfolio - we already accepted it with DT years ago (although if you remember they originally proposed 12 months no exceptions and we stopped uploading and fussed and they changed it to 6 months). I don't like it, but I can see that as they're dealing with larger companies as clients they need to accommodate more of these types of requests - grab the comp now and buy in a month or two.

I wish they would be more forthcoming about what exactly happens with these premier customers. What makes a customer premier; how many unwatermarked comps (at what size) can they have for how long without purchasing anything before SS will audit them to see what they're up to; do these higher prices paid for the premier customers who get unwatermarked comps show up in higher royalties for contributors when they do buy? Does that show up as a single and other download? Do they offer unwatermarked comps on subscriptions (one would think not, but as I had no idea they were even offering such a service, it makes me wonder how this works).

I wasn't comfortable when they introduced the Single and Other Downloads that they wouldn't give us any information about the price the customer paid or what the license terms were. I'm still not happy (but not unhappy enough to walk away from SS) as it may or may not be a good deal for us - the numbers can be high (yesterday I had one for $82.50 which was great, but I have no idea what I sold for that amount) but we can't know if we're being ripped off or fairly compensated. Finding out about these other Premier customers with special rates just adds to this concern that they are not being transparent enough with contributors about what terms they sell our content on.

Our content, not theirs, and we can't see the terms of the sales (other than subscriptions, enhanced licenses and on demand).

As far as not discussing earnings, they post an earnings schedule with royalty rates - how can we not discuss publicly what they post on their web site? The full section in the new TOS says:

Confidentiality
By submitting any Content to Shutterstock, you acknowledge that you will acquire certain confidential information, including but not limited to royalty rates, royalty payments and earnings data (collectively, "Confidential Information"). Confidential Information shall not be disclosed to any third party other than representatives, agents, attorneys, accountants, auditors and advisors with a bona fide need to know, who shall first agree to keep the terms confidential.


I might also argue that as fellow contributors have a need to know about rising or falling monthly earnings, it'd be fine to keep discussing it. However, that's a stretch and as they can terminate my account at any time for pretty much any reason, I'm a little concerned that this might give them an excuse. Section 3.a. about termination of our accounts for various reasons ends "..., or for convenience."

People are always writing about guesstimates of public companies' earnings and whether they're on the rise or fall. I don't see why writing about how well (or not) SS is doing is suddenly not acceptable.

I don't talk about my monthly totals in $$ in forums, but I don't like being told I can't :)

I'm not thrilled at the Facebook and other social media section not making any mention of steps they would take - such as watermarking our content - to prevent theft when "marketing" our work this way. I hope that they would, but  I think they should say so.


Great post Jo Ann. May be the apparent lack of transparency on the prices paid for SOD's, etc is mainly to do with commercial sensitivity (i.e. they don't want their competitors knowing what they're doing)?

Overall though I think SS are by far the most transparent of any agency by virtue of the fact that they publish their financials. At least we do know exactly how much profit they make from us. I wouldn't mind seeing the same from IS, FT and DT.

« Reply #49 on: September 17, 2013, 13:48 »
0
So is contributing to the poll every month now taboo.
It could be for Leaf, he's publishing earnings data.  You should be fine though.


 

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