Corbis - the US-based creator, manager and distributor of digital images, founded by Bill Gates in 1989 as a private initiative, has entered into a cross distribution partnership with India Picture, to offer creative, editorial and imagery services to the Indian publishing and advertising sector.
Speaking to Hindustan Times, Corbis President & CEO Steve Davis, on a brief visit to India, said, "Though the global stock image business is over a $2.5 billion (Rs 11, 250 crore) market, it is just taking off in India. The potential is huge and the space is growing at 40-50 per cent annually.”
Corbis will target the publishing and advertising industry in India whose current cost cutting spree, Davis believes, will work to its advantage.
“For, every $7-10 ad agencies spend on getting their own shooting done, they also spend a couple of dollars on buying images from stock companies like ours. We expect the outsourced part to take off as the cost pressures on agencies as well as publishing companies increase and they start to economise,” he added.
The company is also targeting a larger pie of the corporate marketing budgets by participating in internal and external communication initiatives of business houses.
The company’s entry will open up a resource comprising 70 million picture related items - from imagery to motion, archival to contemporary, rights managed to royal free - for Indian clients.
Corbis will also provide services related to intellectual property management. Apart from creating and managing Indian content for global usage, India Pictures will also roll out services like the rights clearance, using Corbis’ global experience in the area.