The company says it will explore subscription licensing and offer content for wireless platforms.Getty has acquired London-based Digital Vision for $165 million in cash. The acquisition represents the largest acquisition Getty Images has made in five years.
Seattle-based Getty Images Inc. expects the acquisition to increase the revenue it generates from royalty-free content, according to a company statement.
Getty co-founder and CEO Jonathan Klein said the demand for royalty-free imagery worldwide has grown, particularly in Europe, and the company forecasts the demand will continue to grow.
"Additionally, this transaction gives us a wealth of wholly owned content, which will allow us to explore innovative offerings such as subscription licensing models and content for emerging broadband-enabled platforms, such as wireless," said Klein.
Jupitermedia will acquire Dynamic Graphics Group. Click here to read more.
"We're giving visual communicators in the publishing and Internet sectors more choice and easier access via a single platform. Royalty-free imagery, by definition, is much easier to access and license, lending itself perfectly to the fast-paced demands of the Internet and publishing worlds," said Deb Trevino, vice president of communications for Getty.
Additionally, this week Getty reported its first-quarter earnings showing the company experienced double-digit volume increases for royalty-free images in the quarter, and contributing to what the company termed "record revenue" of $178.1 million, which was up from $156.5 million during the same period last year and an operating profit of $53.5 million, with an operating margin of 30 percent.
