News
Masterfile is expanding with new offices in Europe
Masterfile has recently hired Thomas Speight (Former co-CEO for Zefa) to help launch Masterfile Europe, a wholly owned subsidiary headquartered in Düsseldorf with offices in London and Milan. Masterfile plans to hire sales staff in each of these locations and hopes to dramatically increase it’s market share in Europe. This expansion is meant to compensate for the loss of its primary European distribution channel after Zefa was acquired by Corbis.
In a related announcement sent to contributing artists on September 26th, Masterfile's President, Steve Pigeon, stated: "While these operations will be owned by Masterfile, they are separate companies and will be treated the same as independent agents, meaning there will be no change in the way royalties are calculated for our contributing artists." Plainly spoken; all sales from Europe will be split between the two Masterfile companies before royalties are paid to the artists. When asked to comment about whether this is an attempt to cut into royalties that should be paid to contributors, Geoff Cannon, Executive Vice-President for Masterfile, offered the following explanation. “There will be no "cut" in the photographer's royalty. The photographer will get the same percentage as before but, now Masterfile will own the "sub-agent". What is really changing is that Masterfile will now be in control of marketing, promotion and distribution in the respective countries with the goal of increasing Masterfile's market share dramatically. And that should benefit all of Masterfile's contributors.”
Also reported by:
Stock Asylum
Posted in: News, Photographers, Stock Art Buyers, Stock Photo Companies
