You heard it right, not five figure, five decimal points. Getty recently announced a rounding error on contributor statements where photographers who should have gotten a fraction of a penny in royalties got zero instead. So, to solve this problem going forward all the payouts will include tenths, hundredths and thousandths of a cent. Here’s the email you may have received:
$0 transactions on your January 2013 Connect statement
Many of you noticed $0 royalty transactions on your first Connect statement (January 2013) where we should have shown the micro-royalties (fractions of a cent). This was a processing error where some royalties earned under $0.00500 which were inadvertently rounded to $0. Going forward you can expect to see the royalty amount (out to five decimal points) for each image earned, even if it is under one penny. All fractional-cent royalties are then summed on the statement and rounded up or down to the nearest cent for payment.
We have calculated any additional micro-royalties due to you for those zero transactions (which were fractions of a cent). If you are due an adjustment, we will add this adjustment amount to your payment on April 25th, however no royalty statement for this adjustment will be available. If applicable, you may see a description for that additional amount in your payment remittance advice as “Jan2013 Connect zero adj”.
NOTE: Sorry, this is not an April Fools joke, but it reads like one so you may be fooled.