Getty Images Acquires Pump Audio
June 20, 2007 at 10:27 AM (PT)
GETTY IMAGES INC. said it's entering the commercial music licensing business by buying PUMP AUDIO for $42 million. NEW YORK-based PUMP AUDIO provides independent music to content creators and is SEATTLE-based GETTY's first foray into the music business. Getty officials said they'll integrate licensed, pre-cleared music with their existing visual image products.
"Today there is wide agreement in the music industry that the market for commercial music licensing is fragmented, inefficient and confusing, just as the imagery market once was," said Co-founder/CEO JONATHAN KLEIN, in a statement.