BREAKING: Getty Images (GYI) Hits 52-Week Low (again)
As expected, Getty Images (Stock: GYI) plummets to (as of this writing: $26.10) for a low, before hopping back up above today's open.
When will the next 52 week low hit? Could be tomorrow, could be next week. (It actually spiked downward again while I was writing this from 26:22 to a intra-day low of $26.10.) One thing to count on, is that it will continue to take a dive - certainly as long as it's current leadership is in place, and they continue to compete on price and not quality.
(Comments, if any, after the Jump)
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7 comments:
I think you have a lot to offer fellow photographers and promoting professionalism is one of them. But this constant gloating over the downfall of Getty Images is pretty silly, does nothing for your reputation, and gets in the way of the more important messages on this site. Hoist a glass in private if you wish, but your site would be better without it. Just my opinion, of course.
Paul --
Getty's continued decline is, in fact, significant business news for photographers. If GYI was trading at all time highs, it would signal to other photographers, for example, that Getty was the right business model to get inline with. Everyone looks to Google for that reason. Google can do no wrong (supposedly), and that is reinforced by its astronomical stock price. As Getty continues to hit lows, it's an indicator to those in the photo community who are watching GYI and trying to decide if it's a good idea or not to mimic them or get in bed with them. As a company that is around 60% owned by institutions, when their money people start jumping ship, it's because they see it as a time to cut their losses, or take whatever profits they still can if they got in in the teens price range from the IPO.
I've been critical of them where I see them making decisions that are poor - from my perspective. And, with 18+ years in the business, I think that counts for something. IF I saw them doing something smart, I'd be saying positive things, yet I just don't see them doing anything that is good.
As to gloating - when I've been critical of them, and they've just ignored almost all of the criticism (mine, and most others) and they then falter, I don't see that as so much gloating as I do a "you should have listened" approach.
If their roll-up of the industry resulted in raised prices and a benefit to the community as a whole, the promotion of the VALUE of photography and photographs, and thus made it easier for creatives to remain in business and earn a fair living - WHICH IT COULD HAVE DONE - they would have seen a long term benefit for them, and others, and that would have been something worth applauding.
Instead, their servers are chock full of images that they themselves are devaluing. They are the industry leader - leading down a path of low-priced images, hoping to make it up in volume and on the backs of creatives, and that doesn't have much long term viability, and this is something that the green eye-shaders are coming to realize.
Shouldn't an asset with a 75-years+authors life appreciate over time? It should, but bowing to the pressures of the quarterly reports, they are now paying the piper for the damage they have done.
What goes around comes around, and it's coming around at a high speed.
Hell man, I don't take sides, I take pictures.
I believe that John is doing right. Is a big advice for us, photographers to pay attention in what are we doing, to find the right partners for our business (Getty could be one).
For a lot of photographers is getting harder every day, I can thanks John if I'm not in trouble today.
John has for a long time championed the full retainment of our photographic rights or at least that we are aware of exactly what we are selling away.
The Getty issue is not gloating but affirming of a prediction that these types of business models whether corporate or individual will not stand you the test of time.
Well maybe a little gloating but we all need from time to time to provide evidence of our theories.
Niels Henriksen
John: Have you seen this?
http://www.pdnpulse.com/2008/01/getty-offers-15.html
Stop with the wimpy "you shouldn't gloat" crap.
The only people that can defend Getty are their whores. Are you one of them?
They are getting what they deserve.
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