Leading photo library Getty Images has moved into the music space through a $42 million acquisition of music licensing firm Pump Audio. The two companies operate similar businesses in their respective domains, offering libraries of pre-priced stock content - images and video in Getty's case, music with Pump Audio - that advertising and media clients can easily access and licence. Through its acquisition of Pump Audio, Getty plans to offer its clients a combined image, video and music licensing service.
Getty co-founder and CEO Jonathan Klein told reporters that he hoped to be able to offer the integrated image, video and music service within a few months, adding that Getty sales teams would be including music in their pitches moving forward. He added: "There isn't a major corporation, ad agency or broadcaster who is not already a customer of ours. Our ambition moving into music is part of an overall thrust to be a digital media company".
Pump Audio currently have 700,000 tracks in their automated system, but Klein says he hopes to expand that considerably by striking new deals, especially with the major record companies.