Stock Photography Under Fire from User Generated Media

Other media businesses are coming under attack due to the proliferation of user generated content online: stock photography. Thomas Hawk has the scoop from an interview inside Getty with Jonathan Klein, Getty Images Co-Founder and CEO:

“I asked Klein if he saw room between the $1.85 iStockPhoto image and the high end Getty images and he said that he thought that Getty would continue to close in on this gap area in the future… The biggest change coming for the stock business according to Klein is the proliferation of great images that are increasingly being created due to lower barriers to entry for fine photography. As the digital cameras of the world get better and better and cheaper and cheaper, more and more people are able to create stunning images.”

Robert Scoble reflects on the nature of the threat:

“Thomas is an amateur. He gives his high-res images away for free, or for a low price if you want to use them commercially. He uses the same Canon 5D that other professionals are using. And, his images are often as good or better than the ones the pros are getting. And Thomas is HARDLY the only photographer out there who is putting pressure on the professionals. Nikon and Canon are selling hundreds of thousands of digital SLRs every year, most of which go to amateurs or semi-pros who aren’t able to get their images onto Getty right now.”

[UPDATE: iStockphoto pricing may be different from the $1.85 mentioned above.]

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