Our photo stock industry is in its own downward spiral as Lucky Oliver closes their doors and PhotoShelter announces they are closing down as of October 10, 2008. To add to the downward spin, Getty Images' last public report was that sales are down. And, Corbis Images announces they are lying off approximately 15% of their staff.
More grim news reports that overall sales within the photo stock industry are down and photographers and artists are becoming disillusioned with the general lack of return on their investments for creating images for stock. On the bright side, the industry is seeing a larger community of people using images and they are looking for more than a single source to buy their images from. It should also be noted that now, as in the financial stock market, is not the time to panic. I believe that all artists currently working in the stock industry or looking to get in the industry should consider the following:
- Look to diversify by offering your images to more than just a single source for distribution.
- Ask how long the company has been in business. New businesses run a greater risk of failure within the first 3 years.
- Look at the other collections the agency represents, how your work compares.
- What is the pay per image? I would look for Stock images to be a part of your income, not your entire revenue. This is the hardest adjustment for those whose income has been solely dependent on stock image sales. Not all agencies pay the same rate. Not all customers shop at the same sites. You may get pennies per image from one agency and get hundreds of sales, verses a single image sale for a few hundred dollars. The bottom line is revenue for your work.
- Look to have the stock agency promote you as a working professional. They have the traffic and customers to allow you to get identity branding with each of your images.
- A non-exclusive agreement. This will put you in front of more image buyers and give you a greater opportunity to sell your images.
Be patient. The industry will rebound. People always need fresh new images. Products are being made, services need to be filled and as a saying goes “A picture is worth a thousand words”. Or, as a photographer friend of mine used to say “A picture is worth a thousand bucks plus expenses”.
