Getty Images deploying “more hunters in the market”
A former VP at Getty explained to Forum why the company is facing stiffer competition within the editorial segment but noted that the company is “leading clearly in the media and the corporate industry”.
After outlining Getty’s core competitive advantages, the specialist elaborated on the company’s latest growth strategies, following a period of flat growth. “Now it’s changing through a more aggressive selling, with hunters on the ground and really finding, getting bigger deals more than sustaining existing business, which of course is always very important but with a different model, let’s say.”
Changes in pricing and royalty rates, and their impact on Getty, were also discussed. “The truth here is that years ago the royalties were based on much higher percentages,” the former Getty VP said. On the other hand, prices per image and video have also declined. “Millions of pictures are licensed but… it is becoming a commodity and there are hundreds of thousands of people contributing to these platforms.” Indeed, “now we are talking about volumes that in the past were even unthinkable.”
Getty’s revenues were up by 10% YoY to some USD 219m in Q1 2021, which, according to the expert, is encouraging because “it’s also growth vs ’19, which was, let’s say, a normal year”. Medium term, whether the company can maintain its star position in the editorial field will be crucial for its future, we heard. Although the pandemic has created additional opportunities for Getty and the industry at large, a level of uncertainty remains as production ramps up.
The Interview also touched on the company’s liquidity concerns, the growing role of AI in the industry and where Getty’s opportunities to upsell are, among other topics.
To access all the human insights in Third Bridge Forum’sGetty Images – strategic assessment & growth outlook Interview, click here to access the full transcript.
The information used in compiling this document has been obtained by Third Bridge from experts participating in Forum Interviews. Third Bridge does not warrant the accuracy of the information and has not independently verified it. It should not be regarded as a trade recommendation or form the basis of any investment decision.
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