August 19, 2008 by pmelcher.

  According to Sellingstock.com, the CFO of A21 just quit. Left his company. Just like that. Not surprising really when you look at A21 recent  numbers. Rising cost of operations, lowering sales, the company is heading straight for a wall, head first. Amusing part is that the only two other public or ex public companies in this business have also posted negative results for the second quarter of 2008.( Jupiter and Getty). None of them have signaled community portals( Alamy or Photoshelter) as the cause of their financial suffering . Some have accused the rising price of oil ( ya, right) and, others more bluntly, the ever shifting move from traditional commercial stock to Microstock.

Even if Getty and Jupiterimages saw Microstock coming, they both underestimated its impact tremendously. It is no longer in the original 8% of existing Getty customers that istock is eating in, but rather 25% and growing. Jupiterimages is struggling to integrate their own microstock offering into photos.com hoping to elevate the price per image. Who will be the first to shut down some of its more traditional divisions in order to save the leaking ship ?

No one knows how Corbis is doing in these hard times. Surely, their Snapvillage is not a player in the microstock field, and if the public  companies revenue are any indication, they must be hurting too. In a Bill Gates kind of way. More layoff before years end ? definitely. But not just at Corbis. expect Jupiter, A21, Getty and others to lay off some weight.

There are no clear solutions for these companies. They were build with very expensive infrastructures that do not work well with lower pricing. Although Getty’s project used to be an Internet company only, they have lost their objective and have fallen  heavy into the overhead trap. When they purchased PhotoDisc, they were going to go all speed ahead in high technology/low headcount. Apparently they got sidetracked, allowing Istock, Dreamstime, Shutterstock to continue and achieve what they only dreamed of achieving. Buying Wireimage was cute but will certainly slow down their growth considerably. They have inherited a mastodon of inefficiency, who was busier to reach high market shares rather than being profitable. Results: lots of personnel, huge operation cost, a big mess and waay too many photographers. Jonathan Klein even said himself at the last Getty shareholders meeting : Mediavast was never profitable.

Everyone knows that Getty purchased Wireimage to get rid of it, not to make it grow.

The next 3 years will see the industry giants engage in any and all enterprise that will help them cut their cost to a minimum while not engaging in significant investments. Not an easy task if they want to also grow at the same time. Certainly less of an easy task when lesser size companies are starting to move on the next step. Mostly European, these companies have grown organically using the more slower pace path of reinvesting their profit. Much more careful on their investments than the big loud 3’s, they have now reach a level of financial strength that they can now start to retaliate.

Some are acquiring, others are merging. While the corporate mend their wounds, alliance are forming  in the back alleys of the industry. Interestingly enough, most have hired ex Getty, Corbis or Jupiter staffers who have learned, from within the beast, what not to do. These agencies are extremely ambitious and battle savvy. They have all they need to succeed : knowledge, relations, expertise, endurance and cash. Most will never publicize their acquisition or mergers because they couldn’t care less about what the rest of industry knows. They have drawn a very precise path and their definition of success is  far from Wall Street . Very far.

The race is far from over : Neither Getty nor Corbis have succeeded  cornering the market. In fact, both have abandon the idea as they realized it is almost impossible. While Corbis is still figuring out how to turn a profit, Getty has spend the last 10 years acquiring companies they felt they could not compete with or create internally. Like pasting dollars bills on their obvious shortcoming.

JupiterImage is surviving only thanks to its internet properties while A21 keeps on borrowing money. Neither have a bright future, not, at least , in the photo licensing world.

A reasonable expectation is that our universe is about to see its giant stars implode. They are about to break apart because, similar to  the laws of the universe, they cannot survive under their own weight. Too much manpower, bureaucracy, equipment, replacement, fiscal obligation are making them crumble.

They ate too much.

Posted in Jupiter, technology, commercial stock, finance, corbis, Royalty free, getty, Microstock | Print | No Comments »

August 8, 2008 by pmelcher.

 There are more and more photo business news websites yet:

- London Features International, a photo agency that has been in business for more than 20 years, crashes and burns and hardly no one even mentions it or comments on it.

- ASMP gets $1,3 million dollars LAST YEAR and only reveals it now (and only because PDN was spilling the beans). They are “not sure” what they will do with it yet. Guess they need more time to think. Is it just me or someone is fooling someone ?

- If I had half of a brain and was somewhat concerned about the Orphan Work legislation, I would look into this Copyright Clearance Center who apparently does collect money for usage. There just might be an interesting answer there, no ?

- Jupiter Images finally reveals its revenues for the last quarter and it is worse than anyone could have ever imagined. They are in negative growth with a stock price close to being under the limit.  The corporations are hurting badly, what does it say about  the rest of the industry ?

-  Microsoft Pro Summit invited spoiled little kid Thomas Hawk ( not his real name) to its Pro Summit. Anyone care to react ? The guy is a neon light loving Flickr happy rich kid with nothing else to do than blog hours on about his iphone and media center and he is considered a pro by Microsoft ? Anyone feel insulted here ? ASMP guys ?

- Its August 8 and the Digital journalist website is still in July ? Does anyone worry or care  anymore ?  ( Ok, they are always late)

- Brian Storm and his team are also moving to Brooklyn . Who in the photography world can still afford Manhattan ? Besides Corbis, obviously. Does anyone know ?

These are all important questions and no one seems to take them seriously. Someone needs to be in charge here. any suggestions ?

Posted in Jupiter, celebrity, magazine, mediastorm, web 2.0, editorial, flickr, corbis | Print | 1 Comment »

July 29, 2008 by pmelcher.

This is not the next challenging mountain  path of the Tour de France. It is neither the now too familiar trend of the Getty stock. It is, however, the devastating path of the Jupiter Image stock.  Minus 68% in six months, for a company that is neither linked to the subprime rate or the price of oil, that is pretty bad. It looks to me, and I am not a stock market expert, that this little company is going right down the exit and is just prime for 2 fruity options : being acquired or shut down.

Insider info has also informed us of massive lay offs in New York last week, apparently kept very hush hush. As much as the numbers are unconfirmed, they are talks of maybe 100’s. As we all know, when a public company is failing, the first to be offered at the altar of the Wall Street gods are the employees. The old rituals of human sacrifice revisited for the business world.

There is no doubt in anybody’s mind that Alan Meckler and is team are doing the right thing. It is somewhere in its application by the common employee that something went wrong and thus they should be punished.

Without significant numbers, it is hard to figure out why Jupiter is having such a hard time. Guess is that they are suffering from the same effect as Getty Images : a declining rights manage market, a suffering traditional RF demand, and a microstock division not covering for the losses.  The “Call” where Alan Meckler will reveal it all  is scheduled for August 7. He is probably hoping that most people will be on vacation.

“That is obviously a bellwether of what the future brings and the fact of the creative destruction that is going to happen here.” once said Alan Meckler to PDN. I guess that was not the kind of destruction he had in mind.

Posted in Jupiter, commercial stock, finance, transaction, Royalty free, getty, Microstock | Print | No Comments »

May 30, 2008 by pmelcher.

In a predictive move, Uber microstock giant Istockphoto, owned by Getty, is launching a contributor-wide call for exclusivity. The 6 top microstock companies share about 90 to 95% of their photographer, thus their content. In order to leave the pack, anyone of them should request exclusivity in order to offer their image buyers something the others do not have. With 1.4 downloads per second ( General Motors only sells a car every 3 seconds), Istockphoto is in a very good position to dry up the contributors pool by sucking them in an exclusive relationship.

Obviously they will offer a higher commission in order to make the offer appealing and help their contributor compensate for their possible losses. It seems, from the outside at least, that unlike the Long Tail theory would like us to believe, most of the microstock sales comes from a pool, rather large, of the same contributors. Otherwise, Istock would have not bothered doing this move. If Istockphoto can take them out of the rest of the market they will certainly make their competition suffer,  a lot. They will also make it even more difficult for new companies to enter the microstock field, at least with pertinent content.

The reaction from competitors will be interesting to watch . They could go down the same path, declaring an exclusion war that will leave most contributors baffled and confused. One aspect of RF, and a strong one, is its non-exclusivity.Why be exclusive with a product that is sold on a non exclusive basis? After all, isn’t a big part of the microstock game in volume and not on a per image sale. Will an exclusivity with Istock generate enough sales to compensate those lost by leaving its competitor ?Only if a huge amount of contributors decide to make the move simultaneously forcing image buyers to follow them. If 6 or 7 photographers decide to pull out their images from other platforms, there will be not effect. If thousands do so, then image buyers will have no other choice to go where the choice is. Either way, Istock cannot loose.

Some contributors might, however.

And for those who are still confused on how successful microstock is, this traffic ranking from Alexa should help them visual it:

Even Getty Images, with all its fire power cannot even come close to Istock and barely makes it over Dreamstime. Corbis and Jupiter don’t even have a chance. As traditional stock companies continue their stop loss policies, as beautifully explained by Julia Dudnik Stern in Chasing Lost Business Ignores New Markets on sellingstock.com ( subscription only), they fail to understand that they are fighting the battle in the wrong battlefield.

Ever thought why most microstock companies are not attending CEPIC, PACA and BAPLA congress ?

Posted in alexa, technology, commercial stock, Jupiter, CEPIC, getty, corbis, PACA, Microstock | Print | No Comments »

May 12, 2008 by pmelcher.

Once again, JupiterMedia has released its quarterly results. Once again they are they loosing money on the photo side ( JupiterImages). Out of the big three , Corbis, Jupiter and Getty, only one has posted profits. Corbis is notoriously a cash hungry beast with a huge appetite for cost while Jupiter seems to be on an ever growing decline. Only Getty Images has been able to pull off the acquisition/consolidation scheme. Not without hurting. No longer the aggressive growth company, it was brutally manhandled by Wall Street and had to retreat into the protective hands of an equity investment company that took it out of the public playground.

There is a lot of resentment inside Guetty these days. Photographers are unhappy : Commercial stock RM revenues are declining while there is too many celebrity photographers rubbing elbows at every event. Something has got to give and it will be a no surprise to see it reduce its snapper staff as soon as the public doors are closed. 2008 will not be a good year for the Getty staff in general.

However, what is causing these monopoly hungry corporation to fail ? A few things:

- No passion : Only Jonathan Klein seems to be passionate about photography. Do you ever see Jupiter’s CEO at any industry event ? or Corbis new CEO ? what about those A21 guys?  NEVER. They sell images like others sell socks: With a passionate disinterest. Like a bunch of accountants recently named CEO.

- A dry corporate culture. It takes dedication to take and license images. It is not a 9 to 5 job. Walk in at the office of any of these companies and you will see rows of cubicles populated by clock-watching workers spending more time surfing job sites then their own. Most of the staff in these photo factories are in a transition job, passionately looking for something else. The only passion you see, or feel, is the passion to get promoted before your colleague. Walk into small or medium agency and everyone is ready to cut their arm to make sure it will work.

- A fundamental misdirection:  Mark Getty has a long term plan that fits in a very long term perception of the world economy. The others just want to make money. Even Bill Gates’ plan was a bit more sophisticated than just making money. Money is what happens when your plan is succesful, not the opposite. I never heard Meckler or Schenk formulate a vision besides “we will be profitable one day”.

- A complete lack of risk taking: Corporation are all about control, prediction and risk management. Everything photography is not.  Spending fortunes on marketing is just not enough. You still need the content. But understanding what is the right content is not something so easily predictable. It is not, for example, because you purchase a successful brand that it will continue to be successful. Without taking risk there cannot be a succesful photo agency. Its all about being one step ahead of picture buyers who themselves are not sure where they are going before they get there.

One could continue on and on why these business structure are inadequate for the photography world. Everyone knows that Jupiter Images is for sale for lack of being successful. No one is foolish enough to believe that Corbis will ever be succesful with its current structure. They will only obtain profitability by downsizing and reducing themselves.  A21, we will not comment as its days are numbered. There is no surprises in these quarterly reports anymore and I doubt there will ever be anymore. The non performers are going to not performed as Getty Images will position itself to be acquired by one of the media giants such as Google, Yahoo, Microsoft when these will realize that after owning the distribution channels they will need to control content. As Mark Getty very rightly said ” IP ( intellectual property)  is the oil of the 21th century”.

Posted in Search, Jupiter, celebrity, commercial stock, yahoo, google, getty, corbis, finance, Royalty free | Print | No Comments »

April 12, 2008 by pmelcher.

A few good things are happening in the Photo agency world, at least in the USA.

First and foremost, it is the recent launch of ElevationPhotos. Created by Mick Magsino , ex Corbis, ex ImageDirect, Ex Getty, this new celebrity photo agency based in Los Angeles works exclusively on assignment. Instead of adding more red carpet images to the current flow (A photo editor at In Touch told me recently they receive about 80,000 images a week on spec), Mick applies a more intelligent approach by only covering events for which they are hired for. And it is working well. elevation photo were the official photographers of the Sarasota Film festival. Mick also finds the time to write a blog here.

Expect to see more of them in the near future.

Not too unrelated, is the opening of the Photoshot office in New York. Photoshot is a big agency in the UK, having recently acquired many smaller collection. Their offering is huge and covers the whole range of news, celebrity, nature, travel, sport and creative photography. They are, in a way, a smaller, yet very potent, Corbis/Getty. They distribute Elevation Photos in the UK. This opening is big news since it will offer a third offering to the US market, and place itself above Jupitermedia. Already, a lot of picture buyers cannot wait to have access to this huge pool of yet unseen images. Kris Hook, ex Corbis, heads the US sales operation.

Finally, there is the relaunch of AbacaUSA. The french photo agency has entered a stronger relationship with PA photo (the AP of england) in order to combine their forces and resources in the USA. Both agency also have a very rich library as well as a very active desk. Already in the USA for many years, Abaca has the advantage of knowing the market better than the two previous agencies. Coupled with PA’s firepower and credibility, this could be a killer relationship. Bruno Thiery, ex Abaca France is spearheading the effort.

As previously said, the editorial market is still strong and seems to be going the right way by partnering and finding new growth opportunities. Compare to the declining, disonauresque RM Commercial stock industry, this is refreshing news. Is it that the people running editorial agencies are smarter ?

Posted in license, Search, Jupiter, celebrity, magazine, newspaper, photojournalism, corbis, news, france, editorial, getty | Print | No Comments »

March 19, 2008 by pmelcher.

They should have picked a closer planet. Something like MarsMedia or even MoonMedia. It would have been easier to reach. Seems like Jupiter just doesn’t cut it. Number 3 ( or two) of the big three US corporation to hold an interest in the photo world just posted their final numbers for 2007 and…surprise.. its a loss: $77.3 million, according to their press release.

Ouch!!. If we look at the numbers more closely, it hurts even more ( and its not even my money). A pathetic $2,5 Million increase in revenue from last year. And you should see how much it cost them to increase their revenue . They had to spend close to $1.50 for every dollar they made. wow !!

It is just not going well, is it. Not for the photo industry which has always been a hard place to swim in, but for the corporate 3. Getty Images had to sign off and find strategic partners before being thrown out of Nasdaq, Corbis has to shut down offices across the world and retreat in Virtual Reality and now, Mr Internet.com himself feels the pain of non-profit.

One of the interesting part is that both Getty and Jupiter own two of the top microstock properties in cyberspace, but that still does not seem to help . Take a (strong) hint Corbis !!!. Sure the market in commercial stock photography is changing, shifting but even holding one of the cannibalistic tribe doesn’t balance that shift. Lots of little images for little money doesn’t equal a few images for a lot of money.

But even so, one wonders is these microstock operations are even profitable at all. Istockphoto allegedly has 70 staffers plus 90 freelance photo editor. At an average of 80 cent per image sold, it takes a huge amount of image sold to make a profit.

So there not much hope there. Unless if they all raise the prices of microstock, which they will have to do.

According to ATI website, Alan Meckler “even went so far as to say that the high-end RF single image and CD-ROM business won’t even be around in ten years. ” Question is: Jupiter shows no sign of transforming its operation to get ready for this change. If anything, by purchasing a microstok music store, Meckler shows more signs of moving away from its photo division.

Regardless, it seems that is due time for the corporate world to leave an industry where only one has barely succeeded at huge cost ( Getty Images) and the two others seem incapable of posting a profit. And last I checked, that is the main, and the sole purpouse of a corporation.

The rest of us, well we all really really enjoy working with great photography, even if some months we have a hard time paying the bills.

For those who like to crunch : jupiter financials

Posted in prosumer, license, Jupiter, technology, finance, transaction, Royalty free, getty, corbis, Microstock | Print | No Comments »

February 29, 2008 by pmelcher.

Hear that silence ? It is the industry without Getty Images quarterly report. No more pseudo analysis by wannabee traders, no more speculations, no more elaborate calculations that result in insane conclusions. It’s the peaceful sound of the industry looking at pictures again, and not crushing numbers anymore.

It’s the silence of the eyes, where photography speaks for itself, finally freed from its numerical chains. It is the reassuring silence of professional eyes looking at content, rather than excel spreadsheets. Ten years of brutal despotism by numbers finally over. Getty becoming private is the best turn this industry could have wished for. Not because it will affect the market in a positive way, although it might, but mostly because it will force people to analyze the content rather than the shell.

Those nasty little RPI’s ( Return Per Image) or % of image sold multiplied or not by some abject variable will quietly return to the boardroom, behind close doors. And images, hopefully, will start to speak again. Lonely Jupiter will be playing the game solo with no one to be compared too.

Sure we will continue to have numbers thrown at us, either from Alamy or from a Gary Shenk, somewhere from deep inside Second Life. Certainly, A21 will certainly continue to announce with great pride new loans in order to keep their amusing little stock afloat on its own kindergarten stock market. But that will certainly not make the industry tremble and sleepless.

The Lion will be seemingly asleep and hopefully no one will try to take over its roaring sessions. Hopefully, the debates, arguments, analysis, theories, projections will be about content, quality, originality and photography rather than volume, quantity, profitability, accounting and market share.

They will be a real debate, and concern, that Getty Images has great photography and surpasses a lot of its peers by hosting talented photographers, regardless of how many image they sold. Maybe it will push the competition to rethink its content rather than their balance sheet. Maybe we will start seeing less greenish imagery or flashed pale individuals in front of white walls.

Come to think of it, the argumentation might even become about who has the best images rather than who has the most. It could even be that people start classifying photo agencies by the value ( artistic) rather than the amount of images sold . Could very well be that this new found silence might distract us from thinking that making a gazillion billion dollars might not be an end in itself. And that, maybe, just maybe, there is pleasure in creating and selling great images.

Wasn’t this the reason we all started in this business ?

*(not a spelling mistake but rather a play on words)

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Posted in Search, Jupiter, technology, photojournalism, finance, corbis, editorial, transaction, getty | Print | 1 Comment »

February 7, 2008 by pmelcher.

It’s all about to change. Prices are going down while supply is increasing. Big retailers are suffering from the advent of easy to launch website. Quality content is being challenged by an ever increasing flow of new talents and revenues are spreading like over a high volume rather than on a few top names.

Producers are becoming their own clients by launching blogs or consumer oriented website where they by pass their own distributors in order to create a buzz. Some are even organizing free concerts in order to get a grass root movement going. Concerts ? yes, this is a description of the music industry. Sounds familiar ?

Like the music industry, which interestingly enough some photo agencies are now entering ( Jupiter, Getty), the photo industry is also affected by a lot of the same trends. Sure, there is much less stealing and copying than in the music industry, but still, the digital evolution has brought forth a new wave of unexpected challenges. No need to review them all here as we are all familiar with them.

In some countries, the music industry is shifting to new models that will soon hit the photo industry. One of the most interesting is consolidation. We are familiar with the ones that involve a buyer and a seller, but soon we will see another type.Mid size and smaller agencies, unable to compete, and mostly unable to maintain a strong enough workforce, will seek alliances and pool there resources. We will see more and more mergers with less acquisitions. Most will be trans national, at first. In order to expand in international markets, and unlike the sub agent model, agencies will start creating their own wholly owned office with other partners. For example, it would not surprise me to see an agency from France and england forming an economic alliance to open an office in the United States. less cost, less risk for each, more revenue for both.

But soon, we will see struggling mid to small size agencies seeking partnerships within their own country or territory. Especially with none competing agency. One does news, the other commercial stock : lets pool our efforts, reduce our cost of operations and proceed full sail ahead.

This year, 2008, should start seeing the beginning of these forced economic marriage. They will seem a good idea and will salvage some agencies for a while. We might even seen the birth of a 4th giant, should one of these groups successfully manage their relationships. Most will probably happen in Europe first, as some countries, like Germany and the UK seem to have reached a breaking point in the number of agencies ( 400 plus in each country). But the United States will certainly not be spared. The results will be many layoffs in the staffs, and maybe the end of some brands. Pro Photographers will have less places to choose from or to be accepted. Quality might rise, because regardless of anything else, it should.

There is no saying what the end result of the consolidation might be. All we know for sure, is that it is going to be a slow and difficult process .

Posted in Jupiter, technology, license, photojournalism, editorial, getty | Print | No Comments »

February 1, 2008 by pmelcher.

It is time that the MBA’s and other “number” people leave this industry. It is time for talent, instinct, gut and artistic gutzo to regain control of an industry that doesn’t need to generate millions of $$ to be happy. Let’s face it, there is no money in the photo industry. No one will become the Google or Microsoft of photography because the market is just not there.

It is expensive to produce, it fluctuates all the time, it has no real tangible rules and it is populated by annoying photographers that can be great one day and awful the next. It cannot be quantified, boxed in, exceled and projected properly. It looks like a commodity but it is not. It looks like it can be set to follow some rules, but, in reality, it never does. And it is really not scalable either. It is not the more you produce images, the cheaper they become to produce. Furthermore, quantity isn’t even a guarantee of profitability in photography. Both in production and in sales.

Getty Images just released its 4th quarter numbers yesterday amid speculation that it had been sold for an insulting $1.5 billion dollars. Two important information came out of Jonathan Klein’s mouth :

1) For the full year, Getty’s profit fell to $125.9 million, from $130.4 million, in the year before. The company’s 2007 revenue rose to $857.6 million from $806.6 million.

2) The company is NOT for sale .

Profits are going down. By a few millions. Not a good sign. Especially when revenues are up. This doesn’t come as a surprise when one hears that, for example, Getty had 90 people covering the Sundance Film Festival. 90 ! For a festival that doesn’t even sell in stock because all the celebrities present are dressed for winter and have skin burns from the cold. A month later, you have the same celebrities, and more, parading in summer cloth and looking magnificent at the Oscars. Multiple 90 by plane tickets, hotels, meals, probably overtime, booze and you can just imagine how much money came out of Getty’s savings. Because you have to sale a lot of images to cover those costs. A lot. But how would an MBA know that? Even the great Carnegie wouldn’t have known that. It’s not business, its not science, its plain photography common sense and experience.

Getty not for sale. I believe Jonathan Klein when he says that. It written clear and simple on the Kohlberg Kravis Roberts’ website : “The firm’s investment approach, however, is fundamentally simple: KKR acquires industry-leading companies and works with management to grow and improve them and thereby create shareholder value.” Jonathan needs help, that’s all. He is at a lost on how to grow the company and is calling for external help. Not a bad thing. Even Nielsen, the company that owns PDN, is a KKR investment. “An advantage of KKR ownership is that the boards and managers of our portfolio companies need not concern themselves with the short-term perspectives of the financial markets. We are patient investors. We do not focus on quarter-to-quarter results. We focus on building businesses over the long term. Typically KKR holds investments for several years, and in some cases we have held them for more than a decade.”. Well, that must be appealing to Mr. Klein !!!

The bad year that Getty had, couple with Corbis inability to make a profit in 14 years, and JupiterImage struggle to come out of a very low trading stock is a sign that it is not an industry for the bean counters. Not an industry for Wall Streeters. It surely looked like it from afar. But the reality strikes deep. Yes, you can make a few millions if you work very hard, yes, you can consolidate some operations together and try to streamline cost. But at the end, you still make less than a restaurant chain. And you have a brand that no one knows about, besides in the very small world of licensed photography. You can’t even license it to Nikon or Canon and say, here, let’s make a Getty camera, as sure sign of quality. Photographers will buy it like crazy, consumers will go wild. But Ferrari can, and they build cars.

So what is the point, Mr. Klein, Shenk, Meckler ? Why suffer so much? For people that don’t even appreciate what are you doing? or trying to. You have talent, why waste in the photography world ? This is not a world of high finance, crazy deals and earth shattering mergers and acquisition. The only millionaires in this business, quite an irony, are those who sold their agencies to you. No one, before you came around with your checkbooks and slide rulers, had ever made that much money before. It is a land of talent, obsession, dedication, rewards, reaction, instinct, emotion ( lots of that), and pure passion. Time to leave, guys.

You will never see that in our industry and you know it : “Microsoft Offers to Buy Yahoo for $44.6 Billion“

Pack up your gear before it is too late and let us be. We would all benefit from it.

It’s time.

Posted in license, Jupiter, technology, finance, transaction, corbis, editorial, getty | Print | No Comments »