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Getty Ups Investment in Footage Marketing and Sales
Getty says it is to "significantly increase" its investment in footage sales and marketing activities designed to introduce a purely digital flow to clients modelled on its photo workflow systems. Pointing to on-line digitised footage representing only a "tiny portion" of its holding, Getty says it intends adding thousands of new clips to its on-line portal each month. Following the recent addition of motion material from Discovery, Dick Clark Productions and AP Archive, Getty says it has added three Royalty Free collections and plans to continue to add more footage. In the last quarter, footage licensing increased 15% over the same period of 2005 and accounted for about five percent of income. Shares in Getty fell after the company reported reduced net income for the third quarter and what analysts called "disappointing" fourth-quarter guidance. For the third quarter, Getty said revenues rose to $198.1 million from $184.5 million a year earlier. Net income was $37.6 million, compared with $39 million for the same period of 2005. Getty says it is re-structuring its photo sales and marketing department to focus "even more intently" on customers. Press reports say the re-structuring involves some job losses.
