Microstock subscription leader Shutterstock extended footage subscriptions from 30 days to full year without raising prices. The company has also announced a new low-resolution video product, confirming recent reports of recessionary pressure on stock footage.
According to Shutterstock founder and chief executive officer Jon Oringer, creatives working in film, video and televisions seek new ways to cut costs. While Oringer does not specifically cite recessionary pressures, the move is an obvious—and potentially game-changing—response to worsening economic conditions.
Despite the continuously rising popularity of video and stable market position of micro-priced stock, there is evidence that the stock-footage segment is not faring as well as still images during the economic crisis. Recently, iStockphoto chief operating officer Kelly Thompson told Selling Stock: “The only place we have seen the recession really hit iStock is video. Our sales are flat there.” Otherwise, iStock reports double-digit revenue growth February over January, as well as growth in site traffic, Thompson said.
Shutterstock’s new deep-discount products may lead to the New York-based company increasing its stock-footage market share during a difficult economic period. The new low-res subscription product is positioned as ideal for multimedia uses in presentations, Web sites and blogs. Subscription costs start at $49, as opposed to $149 and $249 for similar standard- and high-definition products, respectively.
Shutterstock clients can now get access to Web-quality video stock for less than $10 per clip. In contrast, iStock video pricing starts at 15 credits, or $14.25 to $22.50, depending on the total amount of credits purchased by the buyers.