123rf

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
123rf
Private
IndustryStock photography, stock footage , stock music
FateActive
Founded2005; 13 years ago (2005)
FounderAndy Sitt, Stephanie Sitt
Headquarters
Number of employees
350
ParentInmagine Group
Website123rf.com

123rf (part of Inmagine Group) is a stock content agency founded in 2005 which sells royalty-free images. In the past few years, 123RF expanded the portfolio to serve the growing market of the web-based content industry. In addition to over 90 million images in its library, the company also has a large collection of vector graphics, icons, fonts, video and audio files. The marketing is mainly carried out by about 350 employees from 40 offices around the world.[1]

History[edit]

In 2000, the founder, Andy Sitt, had just quit his job at a British company that sold stock images in CDs while showing customers printed catalogues. Andy launched his e-commerce business by setting up Inmagine, which sold premium large-format photo prints. Together with Stephanie Sitt as a cofounder and current CEO[2], Inmagine Group is one of the few technology companies to have bootstrapped globally from Asia.

Inmagine also produced proprietary content which required in-house photographers, graphic designers, make up artists and a sales team to cater to demand. In 2005, Inmagine set up 123RF, which offers royalty-free stock images, videos, as well as audio clips, from just US$1 to US$3 apiece. Unlike the previous business model, 123RF allows photographers around the world to sell their work on the platform on a royalty-free model.[3]

Subsequently, Inmagine Group has expanded by building new businesses such as Stockunlimited.com, Designs.net and has also acquired TheHungryJPEG.com, Craftbundles.com, Pixlr.com, Vectr.com and Storyandheart.com.

Acquisitions[edit]

In March 2017, 123rf acquired TheHungryJPEG, a UK-registered font and graphics marketplace and its sister company Craftbundles for an undisclosed sum.[4][5]

In April 2017, 123rf acquired Pixlr, an online web-based image editor from Autodesk for an undisclosed sum.[6]

In November 2017, 123RF acquired Vectr, a web-based vector editor and Story & Heart, a video education platform.[7]

References[edit]

  1. ^ "Malaysian stock photo startup 123RF acquires TheHungryJPEG with plans to go IPO". VC News Network.
  2. ^ Tan, Tee May (2017-10-11). "5 Of The Most Common Startup Pain Points—Solved By This M'sian Startup Worth US$220 Mil". Vulcan Post. Retrieved 2017-11-19.
  3. ^ "How Malaysian husband and wife bootstrapped one of the world's top stock image players". Tech in Asia.
  4. ^ "Malaysian stock photo startup 123RF acquires TheHungry.JPEG to grow design resources globally". e27..
  5. ^ "123RF acquires design marketplace TheHungryJPEG". www.dealstreetasia.com. Retrieved 2017-08-03.
  6. ^ "123RF acquires Pixlr, looking towards securing 50M monthly active users". e27.
  7. ^ "Malaysia: Digital stock media firm Inmagine Group buys two US companies". www.dealstreetasia.com. Retrieved 2017-11-19.