iStockphoto doing $850.000,- in one day says CEO

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.”

via Getty founder knows how to develop ideas – Times Online.

Marco | Editor

Editor at large and founder of a bunch of stockphoto businesses

One thought on “iStockphoto doing $850.000,- in one day says CEO

  • October 18, 2009 at 3:02 pm

    what’s wrong with you guys? Cant you see where the market is ….esp during times of economic uncertainty ? Start focusing on pictures of rural areas. Tell me ….where is the sales happening? So why do you concentrate on the urban market? who is buying the refrigeraters? where are mid sized television sets going? the up-to 250cc bikes?…..The rural market! Change direction…..we need a paradigm switch in our thinking!!

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