The number of picture agencies represented by European umbrella body CEPIC has decreased for the first time since it was founded—to fewer than 900. The organization attributes the change to the 2009–2010 economic crisis and deep structural changes within the industry. Specifically, these include the shift from print to digital uses and the struggle to not only adopt but monetize new technologies.
Aug. 26 correction: The original title of this article has been revised due to a factual error, with apologies. According to CEPIC, the organization itself did not shrink; it would be more accurate to describe the stock industry as getting smaller. While the global industry may contain roughly the same amount of national industry groups—which are in turn CEPIC members, the number of which keeps growing—fewer and fewer agencies remain in business with every year.—Julia Dudnik Stern