Corbis, one of the world leaders in stock photography, has marked its entry into the Indian market. The company has entered into an exclusive partnership with IndiaPicture.com. In an exclusive interaction with exchange4media, Steve Davis, President and CEO, Corbis, reveals the company’s India plans.
As part of the partnership over 70 million digital images from the Corbis collection would be introduced to the estimated $10 million (organised market) stock picture industry in India.
The new partnership would serve the creative needs of the growing advertising, marketing and publishing industry, which is on the constant lookout for fresh, high resolution, cost effective images.
Announcing the partnership, Davis said, “We are delighted with our partnership with IndiaPicture, who are leaders and innovators in the digital media space. We decided that the best thing to do in India was to find a great local partner, a company that understood the needs of the advertising and marketing markets of India, knows the relationships and also creates and produces wonderful pictures all about India, Indian culture and Indian ideas then we can also sell in the rest of the world.”
Elaborating further on the reasons for choosing IndiaPicture.com as their partner, Davis said, “We felt that we should partner with somebody who already understood the market, already had the capabilities in different parts of the country. Another reason for picking them up was that they have local Indian production and we know that’s something that not only Indian clients want but also clients around the rest of the world want. IndiaPicture.com was unique in looking at the opportunity. Corbis has lot of innovations to offer in terms of technology, in terms of customer services and in terms of new offerings and IndiaPicture.com has tremendous interesting technology for their website and other innovations. Together we can bring all that to help our clients.”
Dushyant Mehta, CEO, IndiaPicture.com, said, “When we started IndiaPicture, we generated Indian content to service the Indian industry, but over a period of time we have realised that it’s not possible to service them only with Indian content. You need to partner with global agency, give them a holistic content to choose from and that’s where the need to partner came up. We are privileged to partner with Corbis who are leaders in this industry. So where IndiaPicture benefits is we are working with a partner who raises our standards. We feel Corbis was just was the best fit we could get.”
Davis was quite bullish about garnering around 50 per cent of the market share in the organised Indian picture industry, which is estimated to grow around $10 million in the next couple of years.
While underlining a three-pronged strategy to achieve that growth, Davis said, “Great content, great customer service and really unique and new kind of innovative services are three ways that we can do great work in this market place.”
He, however, did not disclose the financial details of the partnership. “The industry works in a simple way. We charge the client a fee or a license for using an image. In a partnership like this we split the fee in three ways. A part of it goes to the photographer, a part of it goes to the selling partner, and part of it goes to the partner that originates the image. So, in this case, if there is a photographer they will get the piece if we are selling IndiaPicture’s content on our site then we take the piece and give some royalty to them and if they are selling then vice versa, very straightforward,” he added.
Davis highlighted that both Corbis and IndiaPicture.com would help each other to create great content, use technology in the best way and do innovations. According to him, if these three areas were looked after, then “it will be a great story in India”.