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Company Embarks on Next Phase of Digital Media Strategy with Acquisition of Pump Audio
SEATTLE, June 20 /PRNewswire-FirstCall/ -- Getty Images, Inc.
(NYSE: GYI), the world's leading creator and distributor of visual
content, today announced that it has entered the commercial music
licensing business with the acquisition of Pump Audio, a leading
provider of quality independent music to content creators around the
world. The acquisition marks Getty Images' entry into the music
industry, a significant development in the company's ongoing strategy
to build a comprehensive digital media offering to meet the growing
content needs of media, advertising and corporate customers. Getty
Images intends to streamline commercial music licensing to the benefit
of both customers and creators of music.
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 believes that this acquisition provides an
excellent entry into commercial music licensing
as Pump Audio is a proven innovator, who has made it easier and more
affordable for customers to license music for commercial use, while
allowing artists to retain ownership of and profit from their music.
The rapid growth of online and mobile multimedia platforms is driving
an ever-expanding appetite for fresh digital content, including high
quality, easily licensable music. This trend is expected to continue
as new media absorbs an increasing share of consumer attention and
marketing spend. The market for commercial music licensing for
synchronization and performance rights is estimated to be in excess of
$3 billion according to 2006 Enders
Analysis data and Wall Street research.
Getty Images now can meet customer needs in the expanding world of new
media. Artists, labels and publishers will be more able to monetize
their content and customers will find it easier to secure the
high-quality, versatile music and creative content they need all in one
place.
"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."
"By joining Getty Images we will be creating a powerful, one-stop
solution for our customers and for the growing 'new breed' of content
creators that need music and images every day in order to be creative,"
said Steve Ellis, founder and CEO at Pump Audio. "Our unique music
solution has, from the start, been driven by the desire to treat our
artists fairly and to get them paid for the use of their music. The
combination with Getty Images will give many more creative customers
access to great original music, and at the same time will provide our
contributing artists access to a huge, global marketplace."
In the coming months, Getty Images plans to announce platforms and
partnerships that will continue to expand the marketplace, providing
creative solutions to customers and offering music owners additional
ways to support their work. In addition to the independent artists
whose content Pump Audio currently distributes, these platforms will
offer incremental revenue opportunities for major labels and publishers
and other owners of high-quality audio content.
Getty Images has acquired Pump Audio for approximately $42 million.
About Getty Images
Getty Images is the world's leading creator and distributor of visual
content and the first place creative professionals turn to discover,
purchase and manage imagery. The company's award-winning photographers
and imagery help customers create inspiring work which appears every
day in the world's most influential newspapers, magazines, advertising
campaigns, films, television programs, books and Web sites.
Headquartered in Seattle, WA and serving customers in more than 100
countries, Getty Images believes in the power of imagery to drive
positive change, educate, inform, and entertain. Visit Getty Images at http://gettyimages.com/.
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