that the traditional libraries have, in my view, been too slow to
react to the new market reality, as outlined above. However, they are
beginning to catch up, either by joining in the fun and acquiring
microstock libraries, as happened with Getty buying iStockphoto
and Jupiter Images acquiring Stockxpert, or in starting their own
from scratch—as has happened with Corbis establishing SnapVillage
in mid-2007.
Microstock pricing is subject to much criticism. Many artists
with large portfolios on traditional libraries are understandably
concerned that the microstocks will undermine their livelihood.
So far, the evidence seems to suggest that this is not the case and
that the microstocks are largely selling to new markets that pre-
viously did not have access to high-quality, affordable imagery,
markets to some extent ignored by the traditional image libraries.
However, it is of course true that the microstocks are making
some inroads into markets dominated by the traditional libraries.
Is that a criticism? I do not think it can be. Businesses compete,
and in a free market economy, the fi ttest will survive. Also, an
increasing number of professionals are using the microstocks
to sell their work, so there isn’t an “us and them” world
being created.
“The microstocks are full of amateur snapshots. They cannot compete
on quality with the traditional libraries.” Clearly, this is a matter of
opinion, so I will say only this: this book is illustrated almost exclu-
sively with images I have selected from microstock libraries (cover
shot included). Form your own opinion.
Comparison with Traditional Libraries
Please note, and this is a central plank in my message to readers,
I am not seeking to be overly critical of the traditional stock
libraries. Many continue to enjoy impressive growth and serve
loyal markets. One I will mention now and will return to later
in the book is Alamy, based near Oxford, England, an “open” tradi-
tional library that sells work on both licensed and royalty-free
terms. At the time of this writing, Alamy has over ten million
images on its site, dwarfi ng the largest microstock, and has just
introduced Internet-based image upload and quality control systems
similar to the microstocks.
Shutterstock’s target market is very broad. We target and serve the high-end
design market certainly—this includes art directors, graphic designers, book
designers, advertising creatives, etc.
Jon Oringer, Chief Executive Offi cer, ShutterstockCOMPARISON WITH TRADITIONAL LIBRARIES 11