MUMBAI: Getty Images, the creator and distributor of visual content, has forayed into commercial music licensing business with the acquisition of Pump Audio, a provider of independent music. Pump Audio has been acquired for approximately $42 million.
The acquisition marks Getty ImagesÃ¢â‚¬â„¢ entry into the music industry, a significant development in the companyÃ¢â‚¬â„¢s ongoing strategy to build a digital media offering to meet the growing content needs of media, advertising and corporate customers. Getty Images plans to streamline commercial music licensing to the benefit of both customers and creators of music.
Getty Images now has a platform that allows customers to license pre-cleared, original professional quality music to enhance their broadcast, film, video, advertising and online projects. The music will, over time, be integrated into the various web sites of Getty Images, as well as being made available by the sales force of Getty Images.
The rapid growth of online and mobile multimedia platforms is driving an ever-expanding appetite for fresh digital content, including high quality, easily licensable music. This trend is expected to continue as new media absorbs an increasing share of consumer attention and marketing spend. The market for commercial music licensing for synchronization and performance rights is estimated to be in excess of $3 billion according to 2006 Enders Analysis data and Wall Street research.
In the coming months, Getty Images plans to announce platforms and partnerships that will continue to expand the marketplace, providing creative solutions to customers and offering music owners additional ways to support their work. In addition to the independent artists whose content Pump Audio currently distributes, these platforms will offer incremental revenue opportunities for major labels and publishers and other owners of high-quality audio content.