Sunday, June 24, 2007
Can Getty do for music what it does for images?
Getty Images are going to start making a real difference to the way in which film, TV and web creatives source their music in future.
In our multimedia world with digital content being becoming richer all the time and being distibuted across so many platforms, Getty has made what looks like a profound strategic move. They announced the acquisition of Pump Audio last week for around $42m.
For years, Pump Audio has been providing major media companies such as MTV, NBC, CBS and the BBC with a proven, legal way to access great independent music for their commercial productions.
Getty will help Pump make this same licensing solution directly available to everyone.
Getty Images now has a platform that allows customers to license pre- cleared, original professional quality music to enhance their broadcast, film, video, advertising and online projects. The music will, over time, be integrated into the various web sites of Getty Images, as well as being made available by the sales force of Getty Images.
"Getty Images has powered the forward momentum of the visual content industry over the past 12 years, delivering most of the major innovations and bringing new opportunities to our partners and customers. Today there is wide agreement in the music industry that the market for commercial music licensing is fragmented, inefficient and confusing, just as the imagery market once was,” said Jonathan Klein, co-founder and CEO of Getty Images. “We are confident that bringing our digital distribution, e-commerce expertise and our customer relationships, as well as our understanding of intellectual property, to the music industry will have a similarly positive impact.”
There have been a series of moves on Getty's part to expand beyond photography and into the digital media sector. Last month, it launched a new division to license video footage and other multimedia content, and over the past few months has made a string of acquisitions, from amateur photography site Scoopt to fast growing photographer driven portals like iStockphoto.