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Corbis posts 11% revenue growth in 2006; Announces microstock initiative for 2007
Corbis announced today that its revenue in 2006 reached $251MM, representing an increase of 11% on a currency neutral basis over 2005 ($228MM.) As a privately held company, Corbis has no legal obligation to make public is financial results. The press release announcing the revenue growth included no profit or loss figures. The release did include, however, an announcement that Corbis will venture into micro-stock in 2007.
About the results, CEO Steve Davis said, “2006 was a significant year for Corbis as we began reaping the benefits of past strategic investments to exceed our cash flow targets and stay on plan toward achieving profitability,” indicating the company has not achieved profitability, yet. The strategic investments Davis refers to include the company’s international expansion, especially in China and India and Australia, newly signed prestigious collections, such as Playboy, the Smithsonian Institution, Hollywood Licensing, dick clark productions, and its acquisition of BeateWorks. Corbis also grew its wholly owned RM, RF and motion collections in 2006 and will continue to focus on these areas in 2007. The company says it will make a more detailed announcement about its micro-stock plans in the second quarter of 2007.
“We are optimistic about the year ahead and are focused on three growth priorities: building the best pictures period, enhancing our industry-leading Rights Services and launching a fresh micro-stock offering,” said Gary Shenk, President, Corbis. “We’re excited to enter the micro-stock space, and we view it as an attractive, complementary business given our assets and expertise. We plan on building a substantial, fast-growing and profitable business in this category.”
Posted in: News, Stock Photo Companies
