What's Up With Stock Photography

Posted on 9/30/2010 by Ellen Boughn | Printable Version | Comments (9)

A better question might be, “What’s NOT up with stock photography?”  Answer? Royalties, number of paid productions, royalty free and rights managed revenues and photographer satisfaction.

A few points on the graph are on the upswing: number of people submitting photos, number of photos being used, number of photos submitted, growth of the microstock agencies’ revenue and the quality of images available to buyers from microstock.

The scales are overloaded with bad news for professional photographers that have depended on stock sales as their major source of revenue over the past few decades. Hand wringing, doomsday predictions and misplaced insults only create the illusion that one is doing something about the situation.



The industry has radically changed.  It is not likely to ever return to its glory days. What to do about the current state of affairs?
  1. If stock makes up your sole income and your work is so specialized that only a few could fill your niche; congratulations, you are safe for now.

  2. If not, develop alternative income and soon. What can you do with your skill set outside of stock? The hard fact is that some of you will choose to leave the industry. You will trade places with the amateurs that left their day jobs to become serious about stock.  Those of you who make that decision are not failing but growing.

  3. Create innovative images that will satisfy the most discriminating art buyer and place them in rights managed collections. (The revenues may be in decline but millions are still generated with these licenses)



  4. Shrink your overheads to match your declining stock revenues. You can do it; most of America has figured out how in the last two years. Start with reviewing renegotiating charges for insurance, products and services.

  5. Develop as many revenue streams as possible. That will include participating in microstock for some.

  6. Revitalize your assignment business. Only a few have the talent, equipment, business skills and eye to consistently bring back the money shot. Make certain that that person is you by constantly improving and updating your skills and business sense.  You may be an artist but you must be a savvy business person to succeed.


Copyright © 2010 Ellen Boughn. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Comments

  • Jon Feingersh Posted Sep 30, 2010
    Pardon me while I go slash my wrists....

  • Bill Bachmann Posted Sep 30, 2010
    Jim, You tell photographers to not have "doomsday predictions" and then that is what you write about ALL THE TIME.

    You did a story on me a few months ago and showed the POSITIVE in stock. Many of us are still doing fine with Rights Managed images. Why don't you do more stories like that on people that are successful and quit telling everyone to go to Microstock and sell shoes on the side?? As I've said before to you, your "Sky is Falling, Sky is falling" is getting rather old to many of us! I give seminars and write books and see many of my people doing WELL.... but you never write those stories!

    www.billbachmann.com

  • Scott Barrow Posted Sep 30, 2010
    I think that Bill is right, Jim. There is a bit of the grim reaper at work here. It is good to have the information, to see the trends and to hear about new marketing methods, but the tone feels like, "thank god I had my career in stock photography when I did because I sure wouldn't want to be doing it now."
    What if this article was entitled, "Working Smart in an evolving Marketplace?" Your advice is good, but your intro is pretty dark. Now you go have a nice day!

    Scott Barrow

  • Ellen Boughn Posted Sep 30, 2010
    Hello Bill and Scott...read my piece again. I think what you suggested:"Working Smart in an evolving Marketplace" is exactly what I wrote. Many of your colleagues are not "doing well" so if you are and want Jim to write those stories, step up and tell the stories. Everyone needs to hear some good news these days.
    Ellen

  • Gildo nicolo Spadoni Posted Sep 30, 2010
    hey try this ...
    www.spa-doni.nsedreams.com
    if you are hurting and want to diversify
    i did...now i'm making what i used to in stock photography
    also...
    gethealthybwealthy.blogspot.com ...
    click on ''what if?''
    gildoantiagingguru@gmail.com

  • Scott Barrow Posted Sep 30, 2010
    Hi Ellen,
    My main point is that staying positive leads to positive outcomes. I had a thriving business in stock for years and backed off of it eight years ago to transition into editorial and fine art. Part of that transition had to do with what I saw happening weekly with the major stock houses as they cut prices for "market share". Everything that I read was negative. It seemed like stock was a dying business so I moved on. Big mistake! My stock agents are down 25% or so and I have had few sales myself because I have not been pushing that part of my business. However, in the last two years I have had three amazing sales at of my office of $ 7000, $ 4000 and $ 21,000 (this at the height of the panic in 2008). And I went "OH, MY GOD, this business is not dead". So I am currently rebuilding my stock site and I am going forward with the idea that if I continue to shoot great work that speaks to me others on the same wave length will want it. This is impossible to quantify. It is just about being creative, being positive and having faith. And continuing to have fun whenever I pick up a camera. There are still a lot of clients that like to work directly with photographers for stock. We all need to stay in touch and be excited about what we are doing. Bill is right, selling shoes would suck!

    Scott Barrow

  • John Harris Posted Oct 1, 2010
    Hi Ellen, tell it like it is! However, whilst the effects of price to gain market share, the massive consolidation with its attendant amateurization, further amplified by recession makes for a toxic mix poisoning the industry -- there is also the danger of talking ourselves down, of "The self-fulfilling prophecy". Much depends on self confidence. Reductive economic determinism can blind us to the self defeating contradictions and deficiencies in the full market model. John Harris

  • Ellen Boughn Posted Oct 1, 2010
    Hey wait a minute guys...I didn't make doomsday predictions: I said diversify and I also said to make great shots for RM...not to give up the ship.

    And the very first thing I said was if you make photos that the market wants...keep on doing it! Hardly negative.

    But it would be a big disservice to many for them to think that the success stories of a few or the success stories of many from the past are a guide to future strategy for photographers.

    Some photographers WILL be selling shoes...and if they have to...I'm going to congratulate them for doing what is necessary to keep the wolf from their door; not ridicule them for being responsible to their obligations. I would rather steer them that way than to encourage them down a path that isn't going to bring them financial rewards.

    I remember when wedding photographers were ridiculed by the other pros. Now that the world order has changed, many of those same photographers are taking wedding shots and advertising it on their websites.

  • Mary kate Denny Posted Oct 2, 2010
    I found some good advice here and not as doomsday as some commented.
    The secret is to look for the good---
    Then use that and build upon it.
    Taking your advice to heart I am attending a seminar on video tomorrow
    and relearning with a new camera for it.
    So much lighter than the previous days of video.
    Yes, Bachmann has quite a machine going there. Power to you.
    Finding a small niche is definitely an asset. Thanks for the article, Ellen.

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