The 500px platform is shutting the doors of its stock photo marketplace — but it’s a move that the company says will help give the photographers on the platform more exposure. That’s because 500px has just signed an agreement with Getty Images as an exclusive distribution partnership, with the exception of China. Announced on May 31, the agreement between Getty and 500px will go into effect on July 1.
The agreement gives Getty Images, a well-known stock company with over 300 million graphics, exclusive worldwide distribution rights for selected images from 500px. The Visual China Group, a company that acquired 500px earlier this year, will maintain exclusive distribution rights in China. As with the 500px marketplace, users on the 500px platform can choose to opt out of making shared images available for sale.
Because the agreement is exclusive, 500px Marketplace will be closing on June 30, with selected images from that platform moving over to Getty Images. The agreement doesn’t, however, change the royalty rates or the process for submitting images to sell through 500px. The 500px company will still continue to represent the photographers submitting through that portal.
500px says that because Getty has around a million customers worldwide, photographers should see increased reach and exposure, with the potential to increase earnings from that wider audience. Photographers will also see new sales-related tools sometime this year, 500px says.
“We’re excited to build on 500px’s brand heritage and strengthen our focus on the premium market through Getty Images’ world-leading distribution capabilities,” Aneta Filiciak, 500px vice president of strategic development, said in a statement. “This is an important step in expanding the reach and sales of our contributors’ content to a broader customer base and represents a significant opportunity for the company and our global photographer community.”
Getty says the platform will integrate “the best of 500px into Getty Images,” which could mean that some images selling on the 500px Marketplace won’t make the move over to Getty. 500px says that Getty may select any images that haven’t opted out of distribution.
Around 13 million photographers use 500px, coming from over 195 different countries. The change will add several million images to Getty’s image collection.
This latest Social Media News has been posted from here: Source Link