"Though stock photos account for the bulk of iStock's business, video is its fastest-growing category, and last year it surpassed 10 percent of revenue, Thompson said. In 2010, revenue outside North America surpassed 50 percent, he said. The company also expects it eventually will offer high-end "2K" and "4K" video, which has roughly quadruple the resolution of mainstream 1080p video". Starting today, iStock is making the shift with [the introduction of] Vetta video. Editorial videos will come too, though Thompson wouldn't say when.
Strongly compiled, more over there in a long & smart report from Stephen Shankland. As of November 2010, 65% of the video files on iS were exclusive content. On the quoted revenue numbers above ... you do your own math.
Consequently, if you attended the iStockphoto VideoLypse 2010 on October 29th - 31th with the topics Caper in Berlin and Character-Driven Stock, this on the left side is where iStock housed you, with the blessing of HQ of course, in one of those typical old Berlin backyards, famous for their high suicide rates, to spure your creativity. Lucky me.
Stock Firms Profit From Cost Efficiencies: In an economic climate of wilting ad revenues and viewer fragmentation, the bill for an original shoot is simply tougher than ever to justify when a cheaper version already exists, according to Mona Kanin, regional director of the NY office for Framepool. Not all microstock companies compile lists of broadcasters who use their service, but anecdotal evidence is telling. iStockphoto's footage has appeared on Nightline, The Oprah Winfrey Show, and in ads for the John McCain campaign as well as in music videos and promos. Shutterstock's content has been used by A&E, CBS News Marketing, and VH1's Save the Music campaign, among others. As Oringer says: “They've found it to be an affordable library for them, and they've been able to find what they've needed at prices they've never seen before.” Broadcasting & Cable.
Kelly Thompson became COO of iStockphoto in September 2008, a few months before Founder & CEO Bruce Livingstone left the company.
In his new position Kelly is responsible for the future of the world´s - in absolute numbers - economically most successful microstock agency, which employs a staff of 115 in Calgary (including contractors and the Berlin office) and additionally 110 image inspectors around the globe, in total about 225 people.
Recently I spoke to Kelly and asked him: what is the future focus of iStockphoto under the COO Kelly Thompson?
"I´m a pretty technical guy: I have a computer science degree with a specialty in UI design and worked at a major enterprise search company for a long time, so you´ll see a focus on that for me.
Bruce left the company in brilliant shape with the content we have: I might be biased, but I think we have some of the best content on the planet, micro or not - as Vetta attests to.
This is my last communication as CEO of iStockphoto and SVP Consumer at Getty Images. It's been a difficult decision, but it’s the right moment to move on. I need more time with my family, and time to figure out what I'm going to do next. Anybody who knows me, knows I'm a bit of a workaholic. So I'm finally going to make some time for myself and the people in my life.
Bruce Livingstone sat on one of my panels during the CEPIC congress 2008 in Malta where iStock also organized an iStockalypse event. It was a great experience for everyone in the audience to listen to him. Finally he now has the time to care more about his family. Sooner or later we will see him acting again, in another new venture.
After several delays, iStockphoto will launch the beta version of its audio iStockaudio site on Wednesday. Professionals won't be able to participate if they belong to organizations that require them to only distribute their content on a royalty basis.
Over 10,000 audio clips will be available, Livingstone said.
He said a lot of video customers have asked for audio so he expects interest there, but also from new customers.
Adding video support with iStockvideo came from
frequent requests by customers, and proved an immediate hit. "In late
2006, we launched video and in two years, it's become a substantial
part of our revenue," Livingstone said.
Question: "Beyond that, will you still look for other niches to get into?"
Answer: "We have a couple of pretty game-changing things that we can’t really talk about yet... . I think they stand to fundamentally change the stock industry; not to sound too over-the-top, but some of the things we´re introducing could change the stock industry as much as microstock did in the early days."
Article by Australia´s smartcompany in the "Lunch with an entrepreneur" series. Interview by James Thomson as MP3 file (5.8 MB/17 min.).