Getty Images co-founder and CEO has just done an interview with Times online. He adresses the impact of the recession on Getty Images and talks about iStockphoto in particular and quotes impressive revenue numbers.
“He reckons that it is a good time for Getty to be in private hands, not least because the prevailing environment is so difficult. When the company was last public — the figures are for 2007 — turnover was $857 million and net profits were $125 million. This year, he says, sales will certainly be down — “find me a media company where sales are up” — as demand for images from advertising agencies has slumped, although cost-cutting means that “profits will be in line with last year”. However, with $1 billion of debt taken on since the acquisition — only three times” underlying earnings, Klein says — net profits will be down.”