iStockphoto's clients now include bulk photo purchasers like IBM and United Way, as well as the small design firms once forced to go to big stock houses. iStockphoto's revenue is growing by about 14 percent a month and the service is on track to license about 10 million images in 2006-several times what Getty's more expensive stock agencies will sell. "If someone's going to cannibalize your business, better it be one of your other businesses," says Getty CEO Jonathan Klein. Then, in February, Getty Images, the largest agency by far with more than 30 percent of the global market, purchased iStockphoto for $50 million. Add the Internet and powerful search technology, and sharing these images with the world becomes simple.Īt first, the stock industry aligned itself against iStockphoto and other so-called microstock agencies like ShutterStock and Dreamstime. ![]() With a computer and a copy of Photoshop, even entry-level enthusiasts can create photographs rivaling those by professionals like Harmel. ![]() Professional-grade cameras now cost less than $1,000. For Harmel, the harsh economics lesson was clear: The product Harmel offers is no longer scarce.
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