All editorial contributors for Getty Images should take notice of a new contract in place this year—one, all-encompassing deal that gives 35 percent royalties for all image sales. Currently, there are multiple contracts in place that pay some contributors up to a 50 percent royalty.
Getty made the announcement in November and gave contributors 30 days to sign. Those who do not comply with the new agreement will be terminated from their contract at the time of their renewal date..
Their reasoning? With the new terms, Getty has said they plan to implement new licensing models and services, most notably a subscription option. On the flip side, photographers will now be paid in 60 days rather than 120 days. Although no specific numbers have been released, Getty said most contributors have signed the agreement.