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08:19:12 pm on March 8, 2009 | # |
Bruce Livingstone, founder and CEO of iStockPhoto sold his website for $50,000,000. I understand that iStockphoto relies on their contributors to supply content to monetize. How does this work and how has this lead to the huge success of iStockphoto ?
iStockphoto relies on contributing artists to upload their creative works for us to sell. As an example, a photographer uploads a picture to our servers. From there it is vetted for our legal standards of copyright, trademark and releases. From there the file is further reviewed for quality and creativity. Once the contribution is cleared for sale, it is put onto iStockphoto.com where the community puts it in lightboxes, comments, rates and categorizes the image as it becomes part of our inventory. Contributing artists start at a 20% commission. After some success on iStockphoto, reaching milestones of 250, 2,500, 10,000, 25,000 sales, the artist is eligible for an additional 5% at each milestone, reaching a maximum of 40% payout if they choose to be exclusively represented by iStock.
Follow the interview With Bruce Livingstone… on Michael Dunlop’s blog. http://www.retireat21.com/interview/interview-with-bruce-livingstone-founder-of-istockphoto
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