‘Better to cannibalise myself than wait for others to do it’: Getty Images founder offers free access to stock photos

‘Better to cannibalise myself than wait for others to do it’: Getty Images founder offers free access to stock photos

Published 07 March 2014 10:08, Updated 07 March 2014 12:06

James Cottam

Getty Images co-founder Jonathan Klein (pictured here at the Sochi Winter Olympics for which Getty was official photographic agency) is confident that social media’s youthful users of today will become the professional image purchasers of the future.

Getty Images, one of the most recognised online sources of imagery in the world, has announced it will allow people to “embed and share its imagery – at no cost – for non-commercial use on websites, blogs and social media”.

It’s a bold move, at first glance appearing to go against the very business of selling photos. Getty, however, views giving photos away for free as simply another innovation in an evolving market.

Co-founder and chief executive Jonathan Klein believes when Getty started 20 years ago it confronted a sector that was largely hobbyist in nature and steered it towards becoming an industry.

Some changes, such as consolidation, were simple, Klein says. “Acquisitions are easy; you just need money.”

Yet keeping on top of market and industry change is much harder. The key, as far as Klein is concerned, is recognising this and driving it rather than reacting.

“It was apparent that change would never stop so we needed to remain innovative. It is always better to drive change than to cop it externally,” he says, adding, “you have to be flexible to change or you’re screwed.”

When Getty purchased low-cost image provider iStock in 2006 it seemed like just another acquisition – the big boy devouring a threat. However, it now seems the move was just as much about protecting the pull of their name as it was about market growth.

At a recent dinner, members of the Getty family pointed out to Klein that even though Getty Oil is a much larger concern it is Getty Images that has the higher profile. Not a bad effort for a company 30 years younger.

Market upheaval but brand value intact

Getty obviously understands the market value of a name. In an increasingly sped-up and time-constrained market, it’s natural that people go to the name they know best first. Getty have ensured that name remains at the forefront, even if some of its change-oriented decisions fielded criticism in the past.

With the iStock purchase, pundits predicted cannibalism of Getty’s larger market. It’s a claim that will probably re-emerge with this latest innovation.

Klein concedes this may be true but he is not frightened to disrupt his own business model. Yes, giving photos away for free may eat some of the market, but he feels that it’s much better to “cannibalise myself than wait to have someone else do it”.

After acquiring iStock, Getty was able to control a lower priced and very large market sector. More importantly, it controlled another equally recognisable industry name.

As part of its rationale for the move, Getty notes that some 40 per cent of images shared via social media are of professional origin. Klein believes social media users communicate via “imagery as a new language”, in particular those in the under-30 age bracket.

Klein sees this new communication mechanism as being very important to the industry’s longevity: social media users who are young now will become the professional image purchasers of the future.

The new embedding tool will only serve to increase Getty’s brand name awareness further. Getty are effectively taking a chaotic and uncontrollable market sector and utilising it as a marketing tool.

As for new claims of self-cannibalism, Klein is not afraid that the free use of photos across social media will harm them in the long run. As far as the business of selling images goes, he believes, “at the end of the day it will be relevance and quality that matters”.