The regional, rights managed stock agency Folio, based in Washington, D.C., has closed its doors after 20 years, citing â€œsignificant competitive changesâ€ resulting from the proliferation of RF and Microstock sources.
Folioâ€™s business model focused on a tightly edited collection; long-term, strong client relationships; exceptional inventory and a unique niche, searchable Web site. However, the owner, Susan Soroko, found that these features, and cost-cutting measures, were no match for the extensive array of images available for under $10. Folio also discovered that many of its photographers were submitting their images to RF and Microstock providers, eliminating much of the competitive advantage an RM seller might have had.
In an effort to keep the business going, and continue paying photographers their full royalties, Soroko operated the company for the past year without receiving any salary.