Getty Images has entered the commercial music licensing business with the acquisition of Pump Audio, a provider of quality independent music to content creators around the world.
The acquisition marks Getty Images’ entry into the music industry, which the company says significant development in the its ongoing strategy to build a comprehensive digital media offering to meet the growing content needs of media, advertising and corporate customers. Getty Images says that it intends to streamline commercial music licensing to the benefit of both customers and creators of music.
Getty Images now has a platform that allows customers to license pre-cleared, original professional quality music to enhance their broadcast, film, video, advertising and online projects. The music will, over time, be integrated into the various web sites of Getty Images, as well as being made available by the sales force of Getty Images.
In the coming months, Getty Images says that it plans to announce platforms and partnerships that will continue to expand the marketplace, providing creative solutions to customers and offering music owners additional ways to support their work. In addition to the independent artists whose content Pump Audio currently distributes, these platforms will offer incremental revenue opportunities for major labels and publishers and other owners of high-quality audio content.
Getty Images has acquired Pump Audio for approximately $42 million.