Getty has branched out into stock audio, music and sound effects. Archive Photos had been formed in from the merger of Pictorial Parade est. Further acquisitions followed, with the purchase in of image. The acquisition gave Getty Images control of WireImage Entertainment, creative, and sports photography , FilmMagic fashion and red carpet photography , and Contour Photos portrait and studio photography.
Jupitermedia, now trading as WebMediaBrands , continues its Internet publishing business, which they didn't sell to Getty Images. On January 25, , Corbis announced that it had sold its image licensing business, including the Corbis Images, Corbis Motion and Veer libraries and their associated assets, to Unity Glory, an affiliate of Visual China Group —Getty's exclusive distributor in China. Concurrently, it was announced that VCG would, after a transition period, license distribution and marketing of the Corbis library outside of China to Getty.
Getty continues to serve as chairman and Klein as chief executive. In September , the Getty family announced it would acquire majority stake in the company from Carlyle Group. Beginning in , Getty Images has created controversy for its methods of pursuing copyright enforcement on behalf of its photographers.
Rather than pursue a policy of sending " cease and desist " notices, Getty typically mails a demand letter that claims substantial monetary damages from owners of websites it believes infringed on their photographers' copyrights. Getty commonly tries to intimidate website owners by sending collection agents, even though a demand letter does not create a debt.
One photographer noted, "Courts don't like to be used as a means of extortion. In this case, the church offered to pay Getty what it thought was a reasonable amount. The diocese 's communications director said:. Getty was not playing ball or following the normal litigation or dispute resolution procedures and [I advised the church] to ignore them. We don't deal with bullies; we deal with legal threats appropriately. I told [Getty] by letter that's what [the church was] doing, that we were not going to play, and didn't hear any more.
The Guardian described other instances in which Getty or other stock photo businesses dropped a claim when a website owner refused to pay and hired a lawyer. A law firm was quoted as saying: "Once we get involved generally Getty does back off. In , Oscar Michelen, a New York attorney who focuses on such damages claims, said: "The damages they're requesting aren't equal to the copyright infringement," and "there's no law that says definitively what images are worth in the digital age.
In an effort to combat online copyright infringement, in March Getty Images made over 35 million images available free for non-commercial online use via embedding with attribution and a link back to the Getty Images website. On February 15, , Google Images ' interface was modified in order to meet the terms of a settlement and licensing partnership with Getty.
The "View image" button a deep link to the image itself on its source server was removed from image thumbnails. This change is intended to discourage users from directly viewing the full-sized image although doing so using a browser's context menu on the embedded thumbnail is not frustrated , and encourage them to view the image in its appropriate context which may also include attribution and copyright information on its respective web page. The "Search by image" button has also been downplayed, as reverse image search can be used to find higher-resolution copies of copyrighted images.
Google also agreed to make the copyright disclaimer within the interface more prominent. In , Car-Freshner Corp. In , Getty Images attempted to have the case dismissed by Jm Antolin, but its motion was denied. Nolan alleged that Getty Images improperly let her image be used in advertisements that depicted her as HIV-positive. She claimed the ad's depiction of her as HIV-positive she is not hurt her personal and professional relationships and caused her emotional distress.
In August , Zuma Press , an independent press agency, filed suit against Getty for alleged copyright violations and unauthorized licensing of more than 47, images. Getty Images has continued the practice that Corbis whose license it acquired in has been criticized for of claiming copyright, watermarking and selling images that are in public domain, including images related to The Holocaust like the Warsaw Ghetto boy photo,   the Polish cavalry in Sochaczew photograph ,  or images created by NASA.
From Wikipedia, the free encyclopedia. American visual media company. Seattle , Washington. This section may rely excessively on sources too closely associated with the subject , potentially preventing the article from being verifiable and neutral.
Please help improve it by replacing them with more appropriate citations to reliable, independent, third-party sources. January Learn how and when to remove this template message. The Seattle Times. Retrieved 1 December Getty Images. Archived from the original on 24 October Retrieved 23 November Archived from the original on 11 July Retrieved 11 May The New York Times.
Retrieved August 14, Retrieved August 15, Financial Times. Getty Images Press Room. Retrieved 9 August Selling Stock. Hulton Archive. Archived from the original on 21 October Retrieved 14 August Image ethics in the digital age. University of Minnesota Press.
Archived from the original on 27 January Retrieved 14 April Archived from the original on 28 February Retrieved 13 August Retrieved 26 January Winslow 22 January National Press Photographers Association. Retrieved 5 June Archived from the original on 29 February Archived from the original on 30 June In this environment, we believe our primary competitive differentiators include the highest quality imagery, the broadest and deepest collections and the best tools for use by our customers in finding and purchasing imagery.
We continue to add high quality, relevant imagery to our industry leading collections, we are creating new license models for the benefit of our customers, we lead the industry in creative research and we are revitalizing our website, gettyimages.
Operating margins for our business have generally grown over the past five years and continue to be attractive, especially for a media business. For our traditional creative stills products, we believe we can continue to grow revenue faster than expenses. However, we have other products with good revenue growth potential that have attractive, yet lower, margin profiles.
Growth in revenue from these products may have a slight negative impact on our overall operating margins, as we experienced in We generate our revenue from licensing rights to use visual content and from providing related services. Revenue is principally derived from a large number of relatively small transactions involving licensing rights to use single still images, stock footage or CDs containing multiple images.
We also generate revenue from subscription image licenses, from assignment photo shoots and from additional products and services. In addition to being licensed directly by us, our imagery is also licensed through channel partners distributors and delegates worldwide. We offer still imagery for license through four image portfolios: rights-managed, rights-ready, royalty-free, and editorial. Rights-managed images are licensed by customers on a use-by-use basis and generally have higher license fees based on the intended use or application of the image, geographic distribution, license duration, circulation and level of exclusivity.
Our rights-managed collections are generally considered to represent our highest quality images. The rights-ready model was introduced in the third quarter of , and represents rights-managed quality imagery under a simplified license model more akin to the royalty-free model.
The license fee for a rights-ready image is based on a limited number of broadly defined usage categories with no geographic variable and a ten year license duration. Since its introduction, we have been adding images and collections to our rights-ready portfolio and we expect it to grow as a percentage of our total revenue over time. Royalty-free images can be used by customers for multiple projects over an unlimited time period. Set pricing is established for royalty-free imagery based on the production or artistic value of the image with variability associated with the file size image resolution.
In addition to single image licenses, royalty-free imagery can be licensed through CDs and subscriptions. Editorial imagery consists of news, sports, entertainment and archival imagery, and is licensed on a single image or subscription basis except for archival.
We also maintain portfolios of rights-managed and royalty-free stock footage, or footage clips, for license by our customers. These license models for stock footage are essentially the same as those described for our creative stills portfolios. Cost of Revenue. Cost of revenue consists primarily of royalties owed to contributors, comprised of photographers, filmmakers and image partners. We also own the copyright to certain of the images in our collections wholly-owned content for which we do not pay any third party royalties.
Cost of revenue also includes the cost of shipping and handling hard goods CDs , costs of our assignment photo shoots and other costs related directly to the creation of revenue. Cost of revenue excludes depreciation and amortization associated with creating or buying these images. Restructuring Costs. Acquisitions of Businesses. Stockbyte was a privately held stock photography agency based in Tralee, Ireland that licensed royalty-free imagery to its customers through distributors, including Getty Images, and through its two websites, www.
We have integrated this business into ours, including redirecting both of their websites to www. The purchase was funded from existing cash and cash equivalents. We also completed the acquisition of Laura Ronchi, S. For all of these acquisitions, the results of operations of the acquired businesses since the respective dates of acquisition are included in our consolidated financial statements.
None of the acquisitions were material, individually or in the aggregate, to the company as a whole and, therefore, pro forma financial information is not presented. All numbers in the tables below, except percentages are in thousands. The increase in revenue in was due primarily to an increase in royalty-free revenue resulting from increased licensing of micropayment images which we did not license in and an increase in the volume and average prices for single-image royalty free images licensed.
In addition, we had increased revenue from licensing of editorial imagery as a result of growth in each of our primary editorial products news, sports and entertainment , increased revenue from other products such as media manager and photo assignments and growth in footage revenue. We also increased our efforts to identify and bill for unauthorized use of our images which allowed us to generate revenue from licenses we would not have received in the past.
Revenue generated through our delegates also increased during the year. Revenue from single-image licenses of our rights-managed portfolio was flat year over year as increased volume was offset by a decrease in the average price per image primarily as a result of a shift in the mix to lower priced usage categories.
Revenue increased across all major geographic areas in over the comparable periods in Changes in foreign currency exchange rates had very little impact on our revenue year over year. Management expects revenue to grow at a single-digit percentage rate in Cost of revenue. Cost of revenue, which consists primarily of royalties paid on imagery licensed, increased on a dollar basis over due to increased revenue.
As a percentage of revenue, cost of revenue declined to The decline in cost of revenue as a percentage of revenue was offset in part by an increase in the average royalty rate on licenses of editorial imagery that resulted mainly from licenses of exclusive entertainment imagery, which generally carries a higher royalty rate than other editorial imagery. Below are average cost of revenue percentages by portfolio:. Rights-managed still imagery 1. Royalty-free still imagery.
Editorial imagery. Includes rights-ready imagery. Selling, general and administrative expenses. Depreciation increased year over year due mainly to increased capital expenditures relating to the creation and acquisition of imagery. Management expects depreciation to increase again in as a result of continued investment in imagery and additional website functionality.
The increase in amortization in was due to the amortization of the intangible assets related to the acquisitions of Stockbyte and iStockphoto in and to the acquisitions of Digital Vision and Photonica in Restructuring costs. Income from operations and operating margin. In total, expenses grew at a rate faster than revenue resulting in a lower overall operating margin percentage. These increases were offset slightly by a decrease in our cost of revenue. Investment income.
However, the average rate of return on the cash and investment balances was higher in than in , offset somewhat by lower average balances held during the year. Interest expense. Income tax expense. Our effective tax rate for increased from primarily due to the recognition of a valuation allowance relating to deferred tax assets generated from capital losses incurred in Comparison of to Results of Operations.
The royalty-free volume increase was particularly significant in Europe, where customers continue to adopt this licensing model. Increases in average price per image arose through a shift in the mix of images licensed within our royalty-free portfolio towards higher priced imagery and through selective price increases.
In addition to the success of the royalty-free model, the volume of rights-managed imagery licensed increased modestly year over year. Revenue from licenses of editorial imagery and footage also increased year over year. Revenue from licenses of footage in the third and fourth quarters of , however, was flat when compared to the same quarters in This increase was due mainly to increased staff costs related to employees who joined the company through business acquisitions during the last year and to annual salary increases effective April of Income from operations and operating margin increased year over year primarily due to increased revenue and a shift in image license mix towards higher margin royalty-free imagery and a shift within our royalty-free portfolio towards wholly-owned imagery.
The shift towards wholly-owned imagery occurred as we acquired and created a significant number of wholly-owned images in These increases in operating income were offset in part by an increase in amortization due to identifiable intangible assets acquired during the year. Our effective tax rate for decreased from due to: recognition of the benefit of foreign tax credits due to the transition of a portion of our intellectual property offshore; favorable developments in tax audits that resulted in the release of income tax reserves; higher income in jurisdictions with lower tax rates; and reduction in non-deductible compensation expense.
Cash and cash equivalents and short-term investments. Working capital. Cash flows provided by operating activities. Cash flows provided by used in investing activities. Cash flows provided by used in financing activities. A reclassification of our debentures from short-term to long-term due to a conversion condition no longer having been met, as further described below, caused the increase in our working capital and current ratio in Cash flows provided by operating activities in increased moderately over The increase in the tax payments was a result of fully utilizing our net operating loss carryforwards in the United States by the first quarter of In , we liquidated all our short-term investments to fund acquisitions and stock repurchases.
The principal portion of the Debentures is required to be settled in cash, while the increase in value of the Debentures beyond the principal, if any, is payable in shares of our common stock. If the applicable stock price is greater than the base conversion price, common shares would be issued upon conversion based on a conversion rate calculated in accordance with a pre-determined formula.
We are required to pay contingent interest beyond the 0. The conversion contingencies relating to the credit rating assigned to, and the trading price of the Debentures compared to the product of the closing price of our common stock and the conversion rate in effect at such time, as well as the contingent interest feature, represent embedded derivatives.
A valuation of the fair value of these derivatives is performed each quarter. The fair value of these derivatives was insignificant in all periods presented. During the fourth quarter of , we received two notices of a purported default from certain holders of our Debentures. We have not determined the validity of the notices, including the purported ownership interests represented by the notices.
We believe that we have fully performed our obligations under the indenture because the indenture does not contain an express covenant requiring us to provide the Trustee or the bondholders with periodic reports such as the Quarterly Report on Form Q for the third quarter of We believe that such action would cure any default of the indenture provision in question, if any default exists.
Consequently, in our view, these notices of default are, and any other similar notices of default that may be received in the future will be, without merit. If it is determined that we are in default, the classification would be changed to short-term. The increases in and resulted mainly from the acquisition and creation of wholly-owned imagery.
Wholly-owned imagery provides flexible licensing opportunities at a lower cost, as no royalties are required to be paid to contributors. The following table illustrates payments and receipts associated with significant, enforceable and legally binding contractual obligations that are non-cancelable without significant penalty.
If a contract is cancelable with a penalty, the amount shown in the table below is the full contractual obligation, not the penalty, as we currently intend to fulfill each of these obligations. Convertible subordinated debentures:. Other purchase commitments. Total contractual obligations. Figures assume that the convertible subordinated debentures are repaid upon maturity in , which may or may not reflect future events.
Under the terms of the indenture, the holders may require us to redeem the debentures in , and See Subsequent Events below for information on new subleases that will increase sublease income above the amounts presented here. We indemnify certain customers from claims related to alleged infringements of the intellectual property rights of third parties, such as claims arising from failure to secure model and property releases for images we license.
The standard terms of these indemnifications require us to defend those claims and pay related damages, if any. We typically mitigate this risk by securing all necessary model and property releases for imagery for which we hold the copyright, and by contractually requiring our contributing photographers and other imagery partners to do the same prior to submitting any imagery to us.
We also require contributing photographers, other imagery partners and sellers of businesses or image collections that we have purchased to indemnify us in certain circumstances in the event a claim arises in relation to an image they have provided or sold to us. Our imagery partners are also typically required to carry insurance policies for losses related to such claims. We do not record any liabilities for these indemnifications until claims are made and we are able to assess the range of possible payments and available recourse from our imagery partners, as applicable.
As such, we believe the estimated fair value of these liabilities is minimal. In the ordinary course of business, we also enter into certain types of agreements that contingently require us to indemnify counterparties against third-party claims.
These may include:. The nature and terms of these indemnifications vary from contract to contract, and generally a maximum obligation is not stated. We hold insurance policies that mitigate potential losses arising from certain indemnifications, and historically, we have not incurred significant costs related to performance under these obligations.
During , we repurchased a total of 3. These repurchases occurred in the open market pursuant to a trading plan under Rule 10b of the Securities Exchange Act of The repurchase program was suspended in November when we did not file our Quarterly Report on Form Q for the third quarter of by the required filing date. We will continue to consider selective acquisitions of businesses. Cash paid for business acquisitions can vary significantly from year to year due to the timing of identifying and completing acquisitions that contribute to the achievement of our objectives.
We have not paid or declared any dividends since inception, and our Board of Directors does not anticipate changing this practice in the foreseeable future. Stock Option Review. We will be charged 0. The Facility requires us to maintain a maximum leverage ratio of 2. Our leverage ratio is defined as our total interest bearing debt divided by a trailing four quarter average of our earnings before interest expense, income tax expense, depreciation, amortization, non-cash items including equity-based compensation expense and any non-recurring items.
The Facility is subject to customary events of default, including events of default on our other outstanding debt, as applicable, upon the occurrence of which we would be required to immediately repay any funds drawn down under the Facility. Fees paid in connection with the establishment of the Facility will be deferred and amortized to interest expense over the term of the Facility.
MediaVast, Inc. The majority of the purchase price is expected to be allocated to goodwill and other intangible assets. Cardinia for the remaining 72, square feet of our excess leased facilities in New York. Both of these sublease agreements span the remainder of our lease term.
On May 14, , we entered into a sublease agreement with Google, Inc. Google , for the remainder of our excess leased facilities in Seattle, WA. Google will sublease approximately 56, square feet at our Seattle offices, for a term beginning June 1, and ending August 11, , the end of our lease term.
These sublease agreements have been factored into our accrual for losses on leased properties. Restructuring Costs to our Consolidated Financial Statements for additional information. The preparation of financial statements in conformity with accounting principles generally accepted in the U. Following are accounting policies that we believe are most important to the portrayal of our financial condition and results of operations and that require our most difficult judgments as a result of the need to make estimates and assumptions about the effects of matters that are inherently uncertain.
These critical accounting policies have been discussed with our Audit Committee. Goodwill and Identifiable Intangible Assets. Goodwill is the excess of the purchase price and related costs over the fair value of net tangible and identifiable intangible assets acquired through acquisitions of businesses. When assessing impairment, we estimate the implied fair value of each segment based on a discounted cash flow model that involves significant assumptions and estimates, including our future financial performance, our future weighted average cost of capital and our interpretation of currently enacted tax laws.
As circumstances change, it is possible that future goodwill impairment tests could result in a loss on impairment of assets, which would be included in the determination of income from operations. The estimated useful lives of our most significant property and equipment and identifiable intangible assets are discussed below. Should we determine at some point in the future that the useful lives of these assets are shorter than estimated, it is possible that we would be required to accelerate the amortization, or write off an impaired portion, of these assets.
The estimated useful lives of imagery are determined based on the number of years over which they generate the majority of their revenue. Periodically, we perform analyses of populations of imagery that are representative of all of our contemporary image collections. These analyses have shown that the average life of contemporary imagery approximates four years.
The estimated useful life of archival imagery is approximately 40 years. Historical revenue may not be indicative of future revenue, and therefore, these estimated useful lives are inherently uncertain. The three-year estimated useful life of computer hardware and software is determined based on prior experience with related technology, the expected future utility of the assets to us based on our operating plans and industry standards.
These lives are reviewed whenever events or changes in circumstances indicate that revisions may be required, such as significant technological developments, the failure of a vendor to continue to support a particular version of software or changes in operating plans. We evaluate the remaining useful lives of our identifiable intangible assets each reporting period to determine whether events and circumstances warrant revisions to the remaining periods of amortization.
No revisions were determined to be necessary during the periods presented. The estimated useful lives of trademarks, trade names and copyrights, ranging from two to 10 years, are generally based on contractual or other legal terms, our plans for use of the assets and the cost and difficulty of renewing the lives of the assets. The useful lives of these assets may change or terminate prior to the end of their contractual lives due to changes in operating plans, brand strategy, acquisition or disposition of businesses and legal action, among other circumstances.
We are subject to income taxes in the U. Significant judgments, estimates and assumptions are required in determining our tax return reporting positions and in calculating our provisions for income taxes, as they are based on our interpretation of tax regulations and accounting pronouncements. We establish reserves for tax uncertainties when, despite our belief that we have appropriate support for positions we have taken on our returns, it is probable that certain of these positions will be challenged and may not be sustained upon review by taxing authorities.
These reserves are established through our income tax provisions and are recorded as long-term liabilities on our consolidated balance sheets. We recalculate these reserves as governing laws and facts and circumstances change, such as the closing of a tax audit or the expiration of the statute of limitations for a specific exposure. We are subject to tax examinations by many taxing authorities. Although we believe that our judgments, estimates and assumptions are reasonable, the final determination of our tax liability could materially differ from our expectations.
If this should occur, our Consolidated Financial Statements could be materially impacted. The existence and valuation of our deferred income taxes, reflecting the impact of temporary differences between financial and tax reporting and of tax loss carryforwards, are based on tax laws, regulations, accounting principles, and our interpretations thereof.
The ultimate realization of deferred tax assets is dependent upon the generation of sufficient future taxable income in each applicable tax jurisdiction. We reduce our deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that we will not realize some portion or all of the deferred tax assets.
Deferred U. It is not practicable to calculate the unrecognized deferred tax liability for temporary differences related to these investments. Deferred tax assets and liabilities are classified into net current and net non-current amounts based on the balance sheet classification of the related asset or liability, or if there is no such asset or liability, according to the timing of the expected reversal of the temporary difference that created the deferred tax asset or liability.
Our effective tax rate was Our effective tax rate is affected by: our mix of pre-tax earnings in jurisdictions with varying statutory tax rates; changes in tax laws, regulations and accounting principles; changes in valuation allowances provided against our deferred tax assets; and changes in our reserves.
See Recent Accounting Pronouncements below for more information. Foreign Exchange. Foreign exchange gains and losses that arise from changes in the exchange rates underlying foreign-currency denominated assets and liabilities, other than long-term intercompany balances, are included in our consolidated statements of income for the periods in which the exchange rates change. Foreign exchange gains and losses that arise from changes in the exchange rates underlying intercompany balances that are of a long-term investment nature, for which settlement is not planned or anticipated in the foreseeable future, are reported in accumulated other comprehensive income in our consolidated balance sheets.
The future cash needs of the parent company and each subsidiary are uncertain. Should we reclassify and settle a portion of these intercompany balances at some time in the future due to domestic cash needs or for other purposes, these intercompany balances would be redesignated as short-.
In addition, should we dispose of one of the subsidiaries with which we have a long-term intercompany balance, the accumulated other comprehensive income or loss associated with that entity would be included in the calculation of the gain or loss on the disposal of the subsidiary. Allowance for Doubtful Accounts. We estimate our allowance for doubtful accounts based on historical losses as a percentage of revenue, existing economic conditions, and specific account analysis of at-risk customers and delegates.
Historical losses and existing economic conditions may not necessarily be indicative of future losses, and the impact of economic conditions on each of our customers is difficult to estimate. Should future uncollectible amounts not reflect our current estimates, we would be required to change our allowance for doubtful accounts through an entry to bad debt expense included in selling, general and administrative expenses in our consolidated statement of income. SAB No.
Management has assessed the requirements of SAB No. This Statement provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities. SFAS No. Under the Statement, fair value measurements are disclosed by level within that hierarchy. While the Statement does not add any new fair value measurements, it does change current practice. Changes to practice include a requirement for an entity to include its own credit standing in the measurement of its liabilities and to adjust the value of restricted stock for the effect of the restriction even if the restriction lapses within one year.
Management is currently assessing the impact this Statement may have on our Consolidated Financial Statements. This Interpretation prescribes a two-step process to follow in evaluating a tax position we have taken, or expect to take, in a tax return. First, we must determine whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority based on the technical merits of the position. Second, we must measure and recognize all tax positions that meet the first threshold in an amount equal to the largest benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the taxing authority.
We will recognize tax positions that previously failed to meet the more-likely-than-not recognition threshold in the first financial reporting period in which that threshold is met. We will derecognize previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold in the first financial reporting period in which that threshold is no longer met.
Upon initial adoption, we will apply the provisions of this Interpretation to all of our tax positions. Only tax positions that meet the more-likely-than-not recognition threshold at the effective date will be recognized or continue to be recognized. The cumulative effect of applying the provisions of this Interpretation will be reported as an adjustment to the opening balance of retained earnings for The amount of the cumulative-effect adjustment will be the difference between the net amount of assets and liabilities recognized in the statement of financial position prior to the application of this Interpretation and the net amount of assets and liabilities recognized as a result of applying the provisions of this Interpretation.
We will record the cumulative effect of the change in retained earnings in the statement of financial position as of the date of adoption. We are exposed to a variety of market risks, primarily changes in: interest rates; the market price of our common stock, into which our debt is convertible equity price risk ; credit ratings of issuers of short-term investments when we invest in them credit risk ; and foreign currency exchange rates.
Changes in interest rates have a negligible impact on the fair value of our debentures, while changes in the market price of our common stock cause the fair value of the debentures to fluctuate, sometimes significantly.
These changes are representative of changes in the value of shares of our common stock that we would have to issue to the holders of the convertible subordinated debentures if they were to tender the debentures for conversion. Average closing price per share of common stock for the last five trading days of the reporting period.
Treasury debt instruments, and no investments were rated below A. Transaction Gains and Losses. The parent company and many of our subsidiaries enter into transactions that are denominated in currencies other than their functional currency foreign currencies , primarily euros, British pounds, U. Some of these transactions result in foreign currency denominated assets and liabilities that are revalued each month.
Upon revaluation, transaction gains and losses are generated, which, with the exception of those related to long-term intercompany balances, are reported as exchange gains and losses in our consolidated statements of income in the periods in which the exchange rates fluctuate.
Transaction gains and losses on foreign currency denominated long-term intercompany balances for which settlement is not planned or anticipated in the foreseeable future, are reported in accumulated other comprehensive income in our consolidated balance sheets.
Transaction gains and losses arising from revaluation of assets and liabilities denominated in the same foreign currencies may offset each other, in part, acting as a natural hedge. Where our assets and liabilities are not naturally hedged, we may enter into forward foreign currency exchange contracts to reduce our exposure to transaction gains and losses.
Our forward foreign exchange contracts generally range from one to three months in original maturity and primarily require the sale of euros, British pounds, Japanese yen and Canadian dollars and the purchase of U. These gains and losses generally offset, at least in part, the gains and losses of the underlying exposures that are being hedged. However, these hypothetical losses or gains would be offset, at least in part, by gains or losses generated from revaluing the underlying exposures these contracts are hedging.
Translation Gains and Losses. The statements of income of foreign subsidiaries are translated into U. When these exchange rates change from period to period, they cause fluctuations in reported results of operations that are not indicative of fundamental company operating performance but rather that reflect the performance of currencies. We currently do not hedge against the impact of translation.
The following table illustrates the annual change in the foreign currency exchange rates between U. Australian dollar. Canadian dollar. Evaluation of Disclosure Controls and Procedures. Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a f and 15d f under the Securities Exchange Act of , as amended for the company. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The restatement resulted from the findings of a Special Committee of the Board of Directors and consisted primarily of additional equity compensation charges resulting from changes in measurement dates and modifications to previously issued equity awards.
In , in compliance with the requirements of the Sarbanes-Oxley Act of , we implemented improved procedures, documentation and processes to provide improved internal controls over our stock option granting, accounting and administration. These improvements included adding reviews and reconciliations around the equity granting process, improved documentation, increased communication between departments regarding the equity award granting and accounting processes and standardized processes for recommending and approving new awards.
The company believes that these changes remediated the historical deficiency in internal control over equity award accounting. Information about Directors. James N. Andrew S. Alan G. Christopher H. Class I directors are nominated for election at the next annual meeting. Audit Committee. Set forth below is certain information with respect to the current executive officers of Getty Images other than Mr. Klein, whose information is included in the table above.
Log on to www. Investor Relations Department. Seattle, Washington If any material provisions of our Code of Ethics or our Code of Business Conduct are waived for any member of our management or Board of Directors , or if any substantive changes are made to our codes as they relate to any Director or member of management, we will disclose that fact on our website or in a Current Report on Form 8-K that would be filed with the SEC.
In addition, any other material amendments to our Codes will be disclosed. There were no waivers of any of our codes relating to executives or directors in There has been one waiver made and disclosed in with respect to Mr. Compensation Committee Interlocks and Insider Participation.
The Compensation Committee is composed of three independent Directors, Messrs. Bailey, Garb and Sporborg. None of Messrs. Bailey, Garb or Sporborg has been an officer or employee of Getty Images at any time or is an executive officer of an entity for which an executive officer of the company served as a member of a compensation committee or as a director during the last fiscal year.
During , none of our executive officers served as a member of the board of directors or compensation committee of any other entity whose executive officer s served on our Board of Directors or Compensation Committee. The Executive Committee consists of Messrs. Bailey, Garb, Klein and Stein. This Committee was formed in December and met only once in In , the independent directors of the Board met in executive session four times to discuss such topics as the independent directors determined appropriate, including evaluation of the performance of the chief executive officer.
In , Mr. Bailey was selected by the independent members of the Board to chair these sessions and to be the lead independent director. Garb Chairman. Our compensation programs are designed to attract and retain highly qualified employees and to motivate them to maximize shareholder returns by achieving annual and long-term financial goals. Our compensation programs also allow the performance of individual employees against non-financial targets such as adherence to our Leadership Principles 1 to play a role in determining total compensation.
Our leadership principles define the kind of company we want to be by setting forth leadership behaviors that form the cornerstone of everything we do. The following discussion addresses the following aspects of our compensation programs and policies:. Our executive compensation program objectives and what the program is designed to reward. The role of the Compensation Committee, our executive officers and our compensation consultant in the development and administration of the executive compensation program.
The details of our executive compensation program, including:. The elements of the program, why we choose to pay each element, and how each element fits into our overall compensation objectives. The Compensation Committee has oversight responsibility for our compensation plans, policies and programs both for our executive officers and for our other employees. Our management team, in particular our Human Resources Department, works with our Chief Executive Officer and our other executive officers to develop and design our compensation plans, policies and programs.
The more significant plans, policies and programs, including all in which any executive officer participates, then are reviewed with the Compensation Committee at formal meetings and via informal discussions in order to provide the information necessary, or requested by the Committee to evaluate, modify as needed, and ultimately approve the plans, policies and programs.
The Compensation Committee also has engaged Towers Perrin, a leading compensation consulting firm, to assist the Compensation Committee in the performance of its duties. Towers Perrin reports directly to the Compensation Committee, which has authority to engage and retain any outside advisors to provide advice regarding all aspects of executive compensation and benefits.
We have not commissioned a custom survey from Towers Perrin in the past nor do we have current plans to request such a survey. Rather, we have relied upon the Towers Perrin Executive Compensation Survey, which provides Getty Images with market data for our executive positions, including the Chief Executive Officer.
Towers Perrin provides us with comparative compensation information for equivalent positions from peer companies, using benchmark and market practice data for base salaries, incentives, and stock awards. Towers Perrin has also supplied relevant and timely.
Our Leadership Principles can be found in the Corporate Governance section of our website. This information is utilized by the Chief Executive Officer when making executive compensation recommendations to the Compensation Committee and by the Committee when evaluating these recommendations. In addition to the services provided to the Compensation Committee, Towers Perrin also has advised management on our sales commission programs and on our long-term incentive compensation program for all other employees.
The Compensation Committee believes that Towers Perrin has provided valuable independent advice to the Compensation Committee that is untainted by its other engagements; Nevertheless, the Compensation Committee believes that best practices dictate that the Committee should have a consultant that does not do any other work for the company.
As a result, going forward management will retain another compensation consultant and Towers Perrin will provide advice only to the Compensation Committee. Such work includes, for example, providing information on our current practices, advising on proposals that may be considered regarding executive or other compensation, and providing detail on our compensation structure such as current and historical salaries, benefits, bonus and equity compensation so that, as required, Towers Perrin can provide us with relevant feedback and comparative data.
Identification and Selection of Elements of Compensation. The total compensation for our employees, including our executive officers, consisted of the following components in and will consist of these elements in as well :. Cash bonus. Sales Employees. For the more senior employees in the Sales function including our Senior Vice President, Global Sales , a part of variable cash compensation is determined by personal performance against specific performance objectives and our Leadership Principles.
Our long-term compensation is in the form of equity awards, primarily in the form of restricted stock units, although the Compensation Committee likely will continue to make awards of stock options to the Chief Executive Officer. A restricted stock unit award is a grant of a right to receive shares of our common stock that vests over time. As the restricted stock unit awards vest, employees receive shares that they own outright. In contrast, stock options are options to purchase shares of our common stock upon the payment of the award exercise price, with the recipient being able to exercise the options only as the award vests over time.
The exercise price for a stock option award is no less than the fair market value of our common stock on the date of the award, which we define as the average of the high and low trading prices of our common stock on the date of the award.
This means that the award recipient receives value from the stock option award only if the price of our common stock appreciates. The time-based vesting schedules back-end loaded in the case of the Chief Executive Officer as described below in this Compensation Discussion and Analysis under the subheading Equity Compensation are intended to support retention.
We aim to provide our employees with a competitive, comprehensive and well-balanced compensation package. The executive compensation benchmarking surveys provide information on levels of total compensation, total cash compensation, base salary, target annual incentive compensation, and long-term incentive compensation including equity-based compensation for comparable executive positions at organizations similar to ours nationwide.
Using these surveys and other data, Towers Perrin provides benchmark information on compensation levels and practices, such as the types and prevalence of various compensation plans and the elements thereof, the mix of pay among these elements, and market trends. The Compensation Committee believes it is critical to understand executive compensation practices and levels among all potential competitors for senior management talent.
Accordingly, the compensation surveys used by the Compensation Committee represent both general industry and other media-related organizations 1. The most recent surveys provided by Towers Perrin were from , and there were no updates or new surveys provided to us in Getty Images has not yet determined whether an update to the survey or other data provided by Towers Perrin will be required in Given that the scope of executive responsibilities is largely influenced by the size of the organization and associated complexity, the Compensation Committee also believes that it is important to consider the compensation trends of similarly-sized organizations.
We evaluated the compensation trends of companies in both the media and general industry, which were selected based on their revenues and market capitalization two broadly accepted measures of organizational size and scope that are associated with senior management pay levels. As the financial analysts who cover us have discovered over the years, there are a very limited number of companies, if any, that have operations that are closely comparable to ours. As a result, the Compensation Committee, management and Towers Perrin all believe that we must use comparator groups that include companies that are outside of our industry.
While management and the Compensation Committee believe that it is best to reference the well-known published indices used in the performance graph to measure the performance of our shareholder return, the Committee, with the concurrence of management and Towers Perrin, believes that our competitors for employees including executive officers are not limited to the specific companies in those indices.
The Compensation Committee also is cognizant of the accounting cost and dilutive impact of equity awards, and works with management to establish approximate limits of overall equity compensation program costs during our annual budgeting process. Overall performance of Getty Images, especially as compared to pre-established operating measures and other indicators of shareholder value creation.
As noted above, our Leadership Principles define the kind of company we want to be by setting forth leadership behaviors that form the cornerstone of everything we do. Our overall executive compensation philosophy, including consideration of how pay compares across various organizational levels i.
With the assistance of our Human Resources Department, our management including, but not limited to our executive officers undertakes a similar benchmarking process for determining the compensation of those employees who are not executive officers. While the Compensation Committee is not involved in the process, the studies used for our other employees include companies that are outside of our industry, as is the case with the benchmarking studies used for the executive officers.
The Compensation Committee does not target a specific ratio between fixed and variable compensation for the executive officers. The actual ratio between fixed and variable compensation will depend upon our financial performance and stock price. In evaluating and determining the mix between fixed and variable compensation, and between cash and equity, the Compensation Committee is mindful that, from October until September , it did not make significant equity awards to executive officers due to the limited number of shares remaining available for grant under its then-existing equity compensation plan.
Awards granted. You can learn more about our Leadership Principles at our website. The equity compensation program was implemented after considerable work by the Compensation Committee and our executive officers, with assistance from Towers Perrin, to develop a broad-based long-term equity compensation plan.
At the conclusion of this review, the Compensation Committee decided to make a grant of a fully vested option to acquire , shares of our common stock to Mr. Klein in September to account for the limited equity awards granted since The immediate vesting was designed to bring Mr. Similar awards with immediate vesting were made to certain of the other long-serving executive officers in September 1.
Executive officers were granted options to acquire shares of our common stock in the following amounts:. The Compensation Committee also made an award of 80, restricted stock units to Mr. Klein in January in order to recognize our outstanding performance, especially over the period between and , to provide him with a meaningful retention-based award that would encourage on-going engagement even if our share price were to decline, and to address the lack of regular stock option awards during a period of significant stock price appreciation a result of our exceptional financial performance.
Klein an option to purchase , shares of our common stock in May as the first in what is intended to be a program of regular annual stock option awards that will be meaningful for Mr. Klein and will ensure alignment between his total compensation and shareholder value creation.
The specific size of the awards will be determined by reference to Mr. Both the January and May grants to Mr. In April , the Compensation Committee also increased Mr. No change was made to Mr. Each year, the Compensation Committee reviews the base salary compensation of each executive officer in the manner described above. The Compensation Committee may make changes to base salaries based on an assessment of individual and Getty Images performance, as well as competitive pay levels.
The Compensation Committee also seeks input from the Chief Executive Officer regarding the base salaries of the other executive officers. Changes to base salary may result from these annual merit review increases or, less frequently, significant changes in market data. More significant changes in base salary result from a significant change in job responsibilities. For instance, in , Mr.
Teaster and Ms. Ranz were promoted into executive officer positions. As a result of this increase in their job responsibilities, the base salary for each of them was increased significantly during the year. The new base salaries are at rates that the Compensation Committee believes are more competitive with the prevailing market practices of the peer groups for comparable positions of responsibility.
The formula for awards is based on these two factors Getty Images financial performance and personal performance. Instead, they are covered by a substantially similar plan approved by the Compensation Committee and established under the shareholder approved Incentive Plan. In the case of fiscal year , a recognized revenue target as opposed to operating margin target is being used for all participants, with revenue being as stated in our audited financial statements.
This is the same standard that is used for our Sales Commission Plan described below. In addition to the NSBP applicable to non-sales employees, we have a sales commission plan applicable to all Sales employees. This sales commission plan was developed several years ago by our Sales and Human Resources teams, with the assistance of Towers Perrin. It has been adjusted on an annual basis since its rollout as our business and sales operations have changed. Olofsson, has two variables:.
For Mr. Olofsson, the sales commission payout for was significantly lower than the sales commission payout for This decrease was a result of our not achieving the global revenue target for the full-year and the global revenue target during several quarters of the year. As noted above, for our executive officers including the Chief Executive Officer , incentive payments for performance were made under the terms of our Incentive Plan.
It is important to note that, although the Incentive Plan was the basis for payment of bonuses to senior executives, the actual payments were consistent with the formula set out in the NSBP, and, therefore, executives did not receive any preferential bonus payments.
The Compensation Committee believes that a responsibly managed equity compensation program that balances the compensatory objectives of the awards, the accounting expense of the awards, and the net dilutive impact of the awards is in our best interests and should be a significant part of our compensation program, for both executives and a significant portion of our employees.
As discussed above, following shareholder approval of the Incentive Plan, the Compensation Committee was able to resume its commitment to equity award grants and began its current practice of granting restricted stock units as the primary form of equity compensation.
The Compensation Committee believes restricted stock unit awards can be an effective way to provide significant equity compensation to employees with a more predictable long-term reward than stock options. The Compensation Committee also believes the use of restricted stock units will have less of a dilutive impact than stock option grants. This is because fewer shares typically are awarded with restricted stock units than with stock option awards since there is a more certain delivery of value to the award recipient.
In addition, the accounting cost involved in granting the number of stock options that would be awarded under our broad-based equity compensation plan on an annual basis made the use of stock options as the form of equity on a company-wide basis cost prohibitive. The size of restricted stock unit awards will be based on the responsibilities of the individual employees, their level of compensation, their past equity awards and their expected future contributions.
While the value of the awards is determined for some purposes by the share price on the date of the award, the value that ultimately will be realized by the recipient as the award vests over time depends upon the future price of our stock. While restricted stock units will be used most often, the Compensation Committee believes that stock option awards still can play a role in our equity compensation program, particularly for executive officers.
Options are most likely to be awarded to executive officers where the Compensation Committee is seeking to use the leverage provided by stock option awards to provide significant upside potential for executive officers due to the typically larger number of shares subject to options awarded compared to the size of restricted stock unit awards , which would only be realized with significant share price appreciation. While the Compensation Committee believes that the upside potential provided by stock options can be a powerful tool to motive employees, SFAS R causes us to incur a significant accounting cost for each stock option that is awarded because of the historic volatility of our share price.
As a result of the cost issues, in , only Mr. Klein received an award of stock options he received an option to purchase , shares of our common stock. While our Chief Executive Officer makes recommendations to the Compensation Committee regarding awards of restricted stock units to executive officers excluding awards to himself , the Compensation Committee reviews these recommendations, discusses them with the Chief Executive Officer and, in some instances, with Towers Perrin, and makes the final award decisions.
With information and advice from Towers Perrin, the Compensation Committee makes the award decisions covering the Chief Executive Officer.
As suggested elsewhere, there's still good money to be made from stock - as in doing it yourself and managing your own affairs. I still make good money off of stock, I have repped my own work for years and it pays thousands a year. I warned my fellow photographer friends years ago that Getty was feasting on the egos of camera enthusiasts and that they did not want be at all associated with that so steer clear.
Many did not heed that warning and now look, a bunch of amateur garbage pics and a quickly sinking ship paying out dividend checks to shareholders but not stake holders. Such is life. Some Getty Web sites show even higher prices for Royalty Free images, but that is not true for high volume buyers. If it were, I would not be getting pennies per sale.
Not photography but a lot of what gets said here is true for photography too. It would please me no end if Getty disappeared up its own backside. Mind you not entirely their fault. If photographers are so stupid to value their images at a few cents, who can blame them. While there are so many dumb camera jockeys around that think a few cents is better than nothing it can only get worse.
I do NOT value my images at a few cents. So, why am I getting under a dollar? It depends on what that the client wants to pay for the photo, and they also might request large volumes of the photo which also changes the price.
I understand your position and if you would like to not license your photos anymore, you will have to disable licensing from your settings. Try that in a BMW showroom. Micro sites are just bad news for photographers. If you want things to change stop supplying them with images. And when I search rights-managed photos 90 percent of the images are celebrities on runways.
Some with zero connection to my search. And I mean zero. I suspect Getty has been gaming the system since Corbis died to get to this point. Many of the RM licenses I have seen over the past few years are not far of microstock pricing. With some agencies reducing the photographers cut and others paying a pittance to begin with, the full time professional stock photographer is a species on the verge of extinction It would be nice if the write explained what Getty are doing in plain English for those of us that are not in the stock business but curious anyway.
Probably getting too expensive to handle all the cc infringements they were hit with with all the royalty-free images they charged for. I can see from a buyer's perspective it would make sense to have a subscription and not have to negotiate about individual images. And we silly professional photographers still consider it viable to invest in the latest newest better as ever before gear Maybe the time is ripe for a camera maker to offer equipment for a few cents per click!
Except that a ballpark figure might be , shutter actuations on a 1, bucks camera purchase, so exactly one cent per click. With interest rates being what they are now, you'd be better off picking a payment plan for the camera.
Small agencies and internal marketing departments often don't have the resources record keeping software, staff, funds, etc to manage licenses in order to keep from running afoul of agreements. Blame the internet, the volume, availability and diversity of royalty-free images online that can be easily searched and downloaded in seconds , buyers don't feel the need to license, and if they need a unique image they hire photographers and own the images.
Getty Images is phasing out rights-managed 'creative images' in favor of royalty free content So Getty is phasing out the segment of the stock industry, that caused the former success of Getty. So they are taking the photographer out of the loop at least out of the money-making part of the loop. How long until the "free beer for all" mentality will take Getty Images out of the loop? We already have Flickr, Instagram, Facebook and the likes.
It's just convenience that makes companies pay money for Getty's services. How long until the free image sharing sites become convenient enough to optimize Getty out of the process, too? If that's how it's gonna be, I'd rather someone just use my Flickr images. At least that way, Getty isn't profiting off it. We are growing up with a whole new generation of kids who want everything for nothing off the internet.
Copyright is no longer understood and clients expect it even if they don't realise they don't actually need it. It can only get worse Once upon a time the village potter was a valued profession, as you had no other choice than to buy his wares or simply eat your food from your hands. Once upon a time the local farmer was very important, lest you starve. Once upon a time the photographer had a proprietary discipline, that when exercised with sharp business acumen, yielded generous profits.
Now pretty darn good photos can be captured by devices that require no understanding of the process involved, and the internet has allowed said easily captured pretty darn good photos to be freely shared by individuals who never thought of applying their business acumen, sharp or otherwise , to profit. Looks like Photography as a profession is at the dawn of becoming a cottage industry. Go chat with a local studio potter, he can tell you all about it.
I agree Earning money as a professional photographer is getting harder and harder And as with boutique pottery and fancy restaurants, there'll always be a space for great paid photography that stands out from the rest, but that space will be getting ever-smaller. Fancy Restaurants are on the rise, and they charge an arm and a leg.
They got all the money so all you need to do is figure out how to squeeze it out of them. If photography is not an option, try backpacks or tripods on kickstarter ;-. That's probably because using free stock wedding photos just isn't the same thing as having real ones taken :- But who knows Wedding photogaphy vs stock photography, is the difference between required commissioned work and speculative stock work.
Big companies like Getty haven't found a way yet to also screw over wedding photographers Christian Unger. I believe you may be on to something here. Hiring or buying the bride's and groom's wedding outfits, those for the maids, all the flower's, the bridal car, the food and drink at the reception, etc. So, why not have stock photos of the most expensive of the aforementioned and simply photoshop in the faces?
Then why not go further and add in an exotic background, sun and all? Job done. Getty's profits are tumbling and they are looking for new ways to raise them - sadly at the expense of their photographers. This will also have significant negative repercussions to the entire stock image industry. Getty has always caused negative repercussions to the rest of the stock industries and the photographers.
Price dumping and low comissions. So leaving the RM stock business might even have positive effects to the rest of the RM stock image industry. The microstock industry may fight each other until death, I don't care. I unfortunately don't see the situation improving anytime soon. I've decided to keep contributing images, at least for a while longer, because it's work I enjoy doing, however I'm no longer prepared to put in the time or effort I used to, as it's no longer sustainable for me.
I cancelled my contract two years ago I'm still waiting for the payment from last images old but they ignore my emails. I'd not bother with them Unsplash emptied this part of the market of money. The key is to avoid this happening to editorial images.
That would destroy the photojournalism business as we know it. If you look at the horrific charges Reuters, Getty and Shutterstock levy for news photos, it's not unlikely someone like Unsplash will move to undercut them at some point. That's when it may all go bust. Lowering overall prices would help. A couple of years ago I asked a national paper to please not bother again once they told me the rate they were offering for a days work - I would have had to hitchhike to the job and hope that someone feed me thru the day to earn any money on it.
Same year some "agency sells to agency sells to agency sells to internet news site deal" yielded me the grand equivalent of about 20cent US for a sports photo. I'm so sorry to hear that. American newspapers are the worst. Agency fees in Europe are a lot better. Well, yes. It's a mixed bag, really.
Working for royalties only agencies isn't really that different from going direct, the prices papers pay are the same, or even less, and the agency takes a cut. It get's really bad once multiple agencies are involved. The 10c sale I mentioned came to pass because the picture went thru two german and one english agency before ending up on a silly UK basketball website. That's the situation as I know it in Germany. I know that's it's supposed to be better in the Netherlands or Denmark and couldn't really say anything about any other place.
I don't think there is much of future for photojournalism as a profession around here. Newspaper circulation is on a downward spiral, your standard "run of mill pays the rent" picture can easily be taken be an intern or writhing staff with a smartphone, sports are more and more focussed on national football only No, got some pictures with them though, they are part of a group that contains agencies I worked for I'm rather doubtful - they seem to be the next step up from the guys that sell microstock to adobe for a LR license and just another way for news agencies to sell existing stock.
I basically gave up on "proper" news photography and only do "made to order" photos for clients on a per order basis. I do magazines sometimes, but only industrial publications, they still pay decent rates. They will be welcome by the remaining real RM agencies. But unfortunately the willingness to pay! We'll see what relative impact this has over the next few years. The rights-managed stock imagery market is already dead as far as income is concerned. Without massive numbers of royalty-free submissions, it's now very much like a lottery.
Maybe you win, most probably you don't. My last sales report had individual image commissions as low a 5 cents. That means no real return on investment unless you are submitting and selling thousands of such images. Production-line quantities of images is the answer and it's great for those who have gone in that direction but it's a financial death for the photographers who have been building stock catalogs for years and years.
I agree that photographers will need massive numbers of royalty free images in order to provide any sort of sensible income. In my case though, rights managed images were a good seller for me and there are still clients out there that require exclusivity and the image use history associated with RM images.
I have had images used on postage stamps, book covers, in a National Geographic book etc and it is customers such as for those uses for which RM is not dead and they are willing to pay accordingly. It seems to me that this is just a cost cutting measure on the part of Getty in deciding to go with the simpler marketing model that RF offers.
Does this not parallel the demands of many companies regarding usage of photos created on Assignment? I really can't say what is better for photographers, but as is so often the case with online services, nice advance warning eh, Getty. All Getty cares about are their own profits. They don't care a hoot about their photographers.
They have led the market This will be bad news for all photographers Sadly, this is the only thing almost all companies care about—money. Just look at Boeing for example, and how they basically killed hundreds of people because they just had to rush out their crappy MAX plane to compete with Airbus. It's sickening. And despite their breaking of the union, their huge tax breaks and their outsourcing to Alabama because they'll work for twelve bucks an hour, NTM their British electrics managing French charge controllers on Chinese batteries because profit..
So much for Crapitalism being better than Socialism. For anyone not a CEO, that is. Hint: That 'not a CEO' class most likely includes you. I am definitely not a CEO, and the amount of money they line their pockets with, along with the other executives who probably do very little work, is obscene. Read our full review to find out how it performs. Vaporware no more: the much-speculated-about Zeiss ZX1 has arrived.
Combining a 37MP full-frame sensor, minimalist controls and Lightroom Mobile built in, it's a refreshing — if a bit quirky — take on the smartphone-meets-camera concept. It's a niche and pricey product to be sure, but so far we find it to be well-designed and capable of outstanding results. DJI's second-generation Pocket camera includes a long list of useful upgrades including a wider, faster lens, a larger sensor, more resolution, improved audio and an optional handle that significantly improves control and supports live streaming.
We've combed through the options and selected our two favorite cameras in this class. If you're looking for a high-quality camera, you don't need to spend a ton of cash, nor do you need to buy the latest and greatest new product on the market. In our latest buying guide we've selected some cameras that might be a bit older but still offer a lot of bang for the buck. These capable cameras should be solid and well-built, have both speed and focus for capturing fast action and offer professional-level image quality.
The rear camera or cameras on an iPhone has all the latest bells and whistles, but how do you use them to capture a selfie or record a video of yourself? Enter the Ulanzi ST, an adjustable mount that allows you to turn an Apple Watch into a live viewfinder on the rear of your iPhone. Technical Editor Richard Butler's pick was the unusual lens that gave him the opportunity to try something new.
The Canon RF mm F11's unique combination of telephoto reach, affordability and light weight will likely enable even more people to do the same. The Laowa 15mm F4. Oh, and it's a lot of fun too. MIOPS has announced Flex, a new smart camera gadget designed to make it easy and simple to capture lightning strikes, action images, holy grail timelapse videos and much more.
This year, despite the disruption, plenty of amazing cameras, lenses, accessories and other products came through our doors. Now, as the year winds down, we're highlighting some of our standout products of the year. Check out the winners of the DPReview Awards! Fujifilm's 3. You don't need to spend a fortune to buy a camera that's designed for videography. We took a look at the field and selected the Panasonic S1H and GH5 as the best cameras for serious videographers.
The new camera will be available for special order in early The 'One Shot' documentary highlights the incredible amount of preparation and work involved in photographers capturing iconic moments in Olympic history. Every time someone licenses your content, we pay you a royalty. For content licensed via iStock. For content licensed via GettyImages. When you are accepted as a contributor, you must complete your tax and payment information. What is Royalty-free licensing? Royalty-free RF imagery is licensed non-exclusively for any use, in perpetuity, for a one-time fee, allowing maximum flexibility for customers in an easy to understand license model.
What is Rights Managed licensing? Do I retain the copyright of the work I submit? You can only submit content where you are the copyright holder or authorized representative. You will retain the copyright of all content you submit to us. Do I have to submit my work exclusively to you during our relationship, or can I sell or license it with other people? The work you can submit to anyone else while you are working with us depends on which agreement you are offered and the type of exclusivity it provides, as follows: a.
Non-exclusive iStock only : This is the way most contributors start with us. You can submit your original work to us and to third parties like other stock agencies, as well as licensing it directly yourself. This means you can submit all your photos, illustrations and videos for stock licensing only to iStock, and no one else. Learn more here. File Exclusive Getty Images only : This means any files photos, videos, illustrations, etc.
As a Getty Images contributor, you will not be permitted to directly license Accepted Content or Similars yourself or submit it to any other stock agency or Third Party. Do I need permission from the people, property or locations featured in my imagery before I submit them to you? With your application, and as a contributor, you must submit written permission from the people, property or locations featured in your imagery, wherever required, using model and property releases.
What are the legal terms for submitting my content? For iStock. I am under 18 years old. Can I become a contributor? We require that you be at least 18 years of age to contribute to us. Can I work with you as a business? When you first apply, please use your correct full name and email address. If your application is approved, please note that you will be required to submit your business information when you enter your tax details after the main application process.
Application FAQs How long will it take for my application to be reviewed?
|Market review forex stream||These repurchases occurred in the open market pursuant to a trading plan under Rule 10b of the Securities Exchange Act of These critical accounting policies have been discussed with our Audit Committee. If you already have a gettyimages. If photographers are so stupid to value their images at a few cents, who can blame them. MOV format with a maximum size of 3GB.|
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|Meag investmentfonds||Klein and will ensure alignment between his total compensation and shareholder value creation. The following table illustrates the annual change in the foreign currency exchange rates between U. Stock Option Review. Interest expense. We have not paid or declared any dividends on our common stock since our inception. Historical losses and existing economic conditions may not necessarily be indicative of future losses, and the impact of economic conditions on each of our customers is difficult to estimate.|
|Getty contributor royalties investments||We are required to pay contingent interest beyond the 0. This means that the award recipient receives getty contributor royalties investments from the stock option award only if the price of our common stock appreciates. Duringwe repurchased a total of 3. Ellis also received an award of restricted stock units in July when he resumed working on a full-time basis 2. It does not include prorated amounts for the newly promoted executive officers in Ms. Increased competition or more effective competitors could result in lost market share, having to reduce prices or otherwise having reduced revenue, lower margins, increased capital expenditures, or otherwise negatively impact our operating results.|
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|Getty contributor royalties investments||Google Images launches 'Licensable' badge, making it easier for users to identify creators and license images. Some with zero connection to my search. Retrieved June 10, What size should my application samples be? It's just convenience that makes companies pay money for Getty's services.|
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