[Fmpro] Getty Finalizes Pump Audio Acquisition, $42 Million Deal

[Dana from Serious Vanity Music]

>From digitalmusicnews.com:


Permalink: http://www.digitalmusicnews.com/stories/061907getty


Getty Finalizes Pump Audio Acquisition, $42 Million Deal

Getty Images will soon broaden its media portfolio considerably, thanks to a 
$42 million acquisition of Pump Audio.  News of the deal was leaked to 
multiple outlets on Tuesday, and a more formal announcement is expected 
today.  The Tivoli, NY-based Pump carries a catalog of tens of thousands of 
songs from independent artists, and licenses the content off-the-shelf for 
use within advertisements and other productions.  All tracks are pre-cleared 
and available for a predetermined price tag, a structure allows companies to 
bypass onerous licensing processes.  It also enables a more efficient 
selection process for interested parties, especially those strapped by tough 
deadlines and restrictive budgets.  The simplified synchronization model 
represents an emerging sector, and a fresh source of revenue for independent 
authors.

It also ties elegantly into the Getty model, which positions digital images 
for brands, news agencies, and a broad range of other clients.  The Getty 
and Pump systems employ similar thinking by creating a more organized 
marketplace for media assets, an approach that includes automation and 
global licensing rules.  Just recently, Getty purchased competitor 
WireImages for $200 million, though the Pump Audio acquisition represents a 
more diversified asset play.  Meanwhile, the Pump clientele includes major 
names like Viacom, NBC, Nike, and Mercedes-Benz, according to information 
provided by the company to the Wall Street Journal.  Pump Audio first 
started in 2001.

Story by news analyst Alexandra Osorio.


Dana Detrick-Clark
All Natural Talent - 100% Organic Audio!
http://www.seriousvanity.com/AllNaturalTalent