Pump Audio Cuts Composer Sync Fee Share 30%
In a letter to composers with music represented by Pump Audio, the retitling library has announced that beginning July 1, composers will receive only 35% of the sync fee for placements, a 30% cut from the current 50% paid to composers. Pump Audio’s share of the sync fees increases to 65%.
The letter says that “…to fully support the 400+ person Getty Images sales staff and invest in marketing and technology needs that we must make adjustments to the current revenue split system” and states that those composers who do not accept the new split will have their music removed from the Pump Audio/Getty Images system “no later than December 31, 2009.”
Pump Audio was acquired by Getty Images in June, 2007 for a reported price of $42 million.
For more information, visit http://www.pumpaudio.com