Getty has announced a take-it-or-leave-it rate cut for its editorial contributors under a new contract that specifies 35 percent royalties for all sales. Under current contracts that will soon expire, Getty pays photographers 50 percent for some sales, and 35 percent for others.
Photographers who don’t sign the contract will be terminated when their current contracts expire.
The agency notified photographers of the changes on November 9, giving them 30 days to sign the new contract. The agency told photographers that the new contract terms will enable Getty “to more easily modify content use across more and new license models, products, services and selling environments, including subscriptions, high-volume customer deals and new or emerging pricing, licensing and payment models.”
In other words, customers will be paying less for images in some cases. By cutting photographers’ rates, Getty will be able to offer images at lower prices with less negative impact on its own bottom line.
Asked whether Getty has found itself unable to compete for low-priced business without asking for concessions from suppliers, agency spokesperson Jodi Einhorn said, “No….[W]e are developing new ways for customers to use more of our content and as a result, new ways to pay contributors must be created in these situations.”
One way photographers benefit from the new contract, Getty says in the November 9 memo, is that photographers will now be paid in 60 days rather than 120 days. Einhorn also told PDN that Getty is “making changes and improvements around how we share and license our content, which will benefit our photographers,” by providing more exposure and more potential for sales of their images.
Einhorn did not say how many photographers are affected, or whether they are resisting the changes. But she did say, “It is totally normal for those affected to have questions. So we are responding to questions we receive and our team are always available to discuss any changes with our photographers, to help them understand these changes.
Robyn Cohn, a New York-based CPA who has provided bookkeeping and tax services to photographers for more than a decade, offers advice that PDN readers can act on right now to minimize taxes on their 2016 income—and manage their finances better in the future. PDN: What would you advise photographers to do before the end... More ›
In 2013, Robert Herman self-published The New Yorkers, a book of mostly 1970s and ‘80s street photos that is now on its third printing. In a seminar at PhotoPlus Expo last week, Herman described the steps he took to turn his archive of thousands of images into a successful photo book, from designing and printing... More ›
Commercial and portrait photographer John Keatley believes that the more time you spend planning and pre-visualizing every aspect of a shoot, the more time you have to interact with your subjects on set, and the more value you have in the eyes of your clients. During his PhotoPlus Expo seminar, “Managing Clients and Workflow on... More ›