9PANORAMIC IMAGES REORGANIZES
May 23, 2005
Panoramic Images has completed a year-and-a-half re-organization and signed partnership agreements with amana, Discovery, Getty Images, National Geographic and Brand X.
In the fall of 2003, with falling revenues and negative cash flow, it became critical for the owners of Panoramic to take major steps to make significant changes to the business. A re-organization plan was put together and has been implemented by industry veteran, George Sinclair (CEO of The Virtual Picture Desk).
"Like many medium size stock agencies the business was suffering from the consolidation within the industry, lack of financial resources to digitize content and introduce new technology, and poor distribution" said Doug Segal, President of Panoramic Images, "nor did we have the management resources or expertise to undertake the re-organization ourselves."
"Having completed the re-organization plan and entered into global representation, we are moving ahead with marketing the brand and the product domestically and will participate in the HOW Design Conference and Exhibition (Stand 300 at the Hyatt Regency Chicago, June 11th - 13th)." Segal stated, "We are very pleased with the changes implemented and have already achieved a growth of over 40% in revenues"
During 2004 major changes were made to the business including the development of the new web site, significantly increasing the digital production program and improving work flow processes, re- structuring staffing levels and re-locating the business from down town Chicago to Evanston, north of the city.
The international catalog distribution, long a successful and steady source of revenue, was abandoned because of the prohibitive production and distribution costs. This of course meant that Panoramic Images had to establish image distribution partners and enter into new representation agreements, whilst keeping its established agency network in tact.
Panoramic Images has signed agreements with amana, Getty Images, National Geographic and Workbook Stock to represent its Rights Managed content and with Brand X and Digital Vision (recently acquired by Getty Images) for its wide format Royalty Free image collection. They will continue to expand PI's global network of country and market specific (i.e. wallpaper, decor) agents.
They have also hired Michelle Alvarado as Photography Director and Heidi Brady as Senior Sales Executive. Previously the Content Manager for the Image Bank, Chicago, Michelle brings with her a vast knowledge of the stock industry. With her 15 years of visual media, marketing, and technology experience she has been key in designing the new digital content program for Panoramic and developing a new market driven creative workflow.
Heidi Brady, previously an Account Executive with Getty Images, is working to develop new business opportunities and manage key accounts for Panoramic Images. She comes with seven years of experience in the stock photography industry and a photography and design background.
The company is not only significantly increasing the production of its digital collection of Rights Managed imagery (panoramics scan larger than the industry standard averaging between 60 and 200 mb), but has also developed a library of Royalty Free images entering into new agreements with its photographers including an Addendum to represent some of their content for Royalty Free licensing. Panoramic continues to add to its photographer base of world-renowned travel and lifestyle photographers.
Panoramic Images has also entered into a new agreement with Discovery Communications to represent the wide format travel and wildlife images from their wholly owned collection of still photographs.
"2004 was a very tough year for Panoramic Images, the changes we implemented were significant, but essential to turn the business round and to achieve a growth in revenues and profitability" George Sinclair said, "it is essential for stock agencies to change their business models and invest in technology if they are to survive and grow."
George Sinclair will devote more time to his management consultancy business (The Virtual Picture Desk) and other industry clients, but will continue to provide marketing services to the company.