Pricing

Growing Revenue In The Future

By Jim Pickerell | 1121 Words | Posted 4/6/2018 | Comments
The major stock agencies seem to have reached a revenue plateau. It is time to consider a major change in marketing strategy. There is a strategy that should be relatively easy to implement which could result in higher, overall revenue from licensing the same number of images.

Growing Revenue At Shutterstock

By Jim Pickerell | 820 Words | Posted 2/27/2018 | Comments
A Shutterstock investor asked me recently, “What can Shutterstock do to grow revenue?” He went on, “worldwide, the number of customers willing to actually pay for the images they use seems to be flat, not growing. Shutterstock cut prices In 2017. Downloads were up less than 2% compared to 2016. Meanwhile, they added enough new images to grow their collection by 46% in 2017 compared to 2016. Art directors say the size of the collection is making it harder, not easier, for them to search and find what they need. AI doesn’t seem to be solving the search problem."

Shutterstock’s Average Price Increases: What Do They Mean?

By Jim Pickerell | 946 Words | Posted 2/23/2018 | Comments
The numbers Shutterstock put out yesterday got me thinking. Is it really possible for the average price per download to steadily rise in a year when they have introduced new 10 and 50 image packs at lower costs to the customers?  Do the download figures really mean the customers are using more of every category of imagery?

Blockchain Pricing – Will It Work In The Stock Photo Industry?

By Jim Pickerell | 1827 Words | Posted 1/12/2018 | Comments
When I first heard about a blockchain based strategy for licensing stock images it sounded like it might have some potential. What photographer wouldn’t like to be able set the price for the licensing of his/her images, have customers pay those prices, and have most of the price the customer pays immediately credited to the photographer’s account. Sounds great.

Raising Prices By $1.00

By Jim Pickerell | 565 Words | Posted 1/9/2018 | Comments
It is hard to find a stock photographer who has been in business for any period of time who can point to rising revenue per-image-licensed. Some who have dramatically increased the size of their collections may be able to point to overall annual revenue growth, but not growth per-image-in-the-collection.

Will Blockchain Benefit Image Creators

By Jim Pickerell | 907 Words | Posted 12/28/2017 | Comments
Can blockchains improve tracking of stock photo sales, give creators greater control, cut costs and increase royalties? Various companies are talking about instituting such systems. Announcements are expected in the near future. Such systems may reduce the need for some of the services stock agencies currently provide and remit 80% to 90% of the fee the customer pays to the photographer.

Why Creators Are Dissatisfied With Getty

By Jim Pickerell | 750 Words | Posted 12/13/2017 | Comments
Recently, a Microstockgroup post by Hochmann asked, “Why all the hate towards Getty Images?” He went on to say, “Yes, I know that they give 20% as a commission while a bunch of other companies start at 35% and many of them go above 50%. But the thing is that in Getty you're getting 20% of photographs sold for $100 or $1000 instead of 50% of 1 dollar.

Getty Promotion Offers 31% Discount

By Jim Pickerell | 566 Words | Posted 12/12/2017 | Comments
Getty Images has sent out a promotion inviting customers to “Stretch Your 2017 Budget Into 2018  With Ultrapacks” and giving them 31% off if they purchase before the end of the year the right to download a certain number of images in 2018.

RF, RM And Model Releases

By Jim Pickerell | 996 Words | Posted 11/27/2017 | Comments
“Must all Royalty Free photos be model released?” This question came from a stock agent who is considering converting his collection from RM to RF. The answer is NO. An increasing number of images are being offered under a Royalty Free License for Editorial Use Only. What the Editorial Use Only means is that “we don’t have a model release for this image,” and thus it can not be used for commercial purposes.

Promoting Images That Have Been Licensed

By Jim Pickerell | 1193 Words | Posted 10/27/2017 | Comments
Stock photo agents tell me that they can’t offer a system that would let customers search for just the images that have been licensed at least once because their photographers will complain.

Does Adding To An Image Collection Automatically Grow Revenue?

By Jim Pickerell | 664 Words | Posted 10/17/2017 | Comments
The question for today is: “Does adding to an image collection automatically grow revenue?” and the companion question “Must an image be NEW to be useful to a customer?” Shutterstock supplies some detail that is instructive and worth reviewing.

Storyblocks Will Generate $30 Million In 2017

By Jim Pickerell | 860 Words | Posted 10/12/2017 | Comments
Storyblocks, formerly Videoblocks will generate about $30 million from licensing stock imagery in 2017. Currently, they have a little over 200,000 subscription customers who pay $149 a year for unlimited access to about 115,000 video clips. They also offer about 200,000 photos, 200,000 vectors and other illustrations and 100,000 pieces of music for a separate subscription price.

Stories Related To Stock Photo Pricing

By Jim Pickerell | 243 Words | Posted 10/9/2017 | Comments
The following are links to stories that deal with stock photo pricing trends. Probably the biggest problem the industry has faced in recent years has been the steady decline in prices for the use of stock images. This has led to a dramatic shift in how stock images are produced and who produces them. It is harder to tell how this has affected the quality of the offering, but the huge oversupply (compared to demand) has made it more difficult for customers to find the images they need.

Future Of Aggregation Agents

By Jim Pickerell | 677 Words | Posted 10/4/2017 | Comments
Photographers placing images with agents that seek to license uses at higher prices ($100 or more), and generate a lot of their sales via distributors, need to think hard about whether such an approach is in their best economic interest.

Stock Photo Prices: The Future

By Jim Pickerell | 1277 Words | Posted 9/28/2017 | Comments
This story is FREE. Feel free to pass it along to anyone interested in licensing their work as stock photography. On October 23rd at the DMLA 2017 Conference in New York there will be a panel discussion on Stock Photo Prices and whether there is anything that can be done to raise them -- even slightly. I will moderate the discussion.

Sales Trends At Getty

By Jim Pickerell | 1013 Words | Posted 9/22/2017 | Comments
Contributors report that Getty Images believes there is still a demand for RM imagery. However, they are seeing fewer high quality submissions on a consistent basis, despite the fact that they have many more RM contributors than was once the case. The company is trying to encourage more production by posting increasingly frequent shoot briefs on the Getty contributor website.

Videoblocks Launches Storyblocks.

By Jim Pickerell | 657 Words | Posted 9/21/2017 | Comments
Videoblock has rebranded itself as Storyblocks. The existing video and audio libraries are being maintained as separate subsites: Videoblocks by Storyblocks and Audioblocks by Storybloacks. (Each offering requires a separate subscription.) The former GraphicStock library is now part of Storyblocks.

Why Would Customers Pay Higher Prices?

By Jim Pickerell | 930 Words | Posted 9/19/2017 | Comments
The big question for the industry is, “Why would customers agree to pay slightly higher prices?”
Everyone seems to believe that the only way to get, or keep, customers is to constantly give them lower and lower prices. I think there are a couple other things customers want: (1) better quality and (2) the ability to find what they need quickly. The industry is missing out on both these levels.

Raising Prices

By Jim Pickerell | 852 Words | Posted 9/19/2017 | Comments
How much would we have to raise prices to begin improving the pricing situation? Not all that much. Many image creators would like to see the industry return to the much higher prices of old. While it is easy to justify those former prices based on the cost of production and the value the customer receives from using the image, a return to such prices is not likely to happen. On the other hand, if a strategy could be developed that would increase prices by just a small amount, it could begin to move the industry in the right direction.

Can Prices Be Raised?

By Jim Pickerell | 1139 Words | Posted 9/14/2017 | Comments
In a little over a month I will be moderating a panel discussion at the DMLA 2017 Conference in New York on the subject Prices: Can We Raise Them? Stock photo prices have been declining for years, partially due to oversupply. Must prices continue to fall? Is there a strategy for charging more, to enough customers, that production of new images will become a viable business option for more producers? If so, how? What’s the strategy? If not, will that impact contributor supply? What alternatives are there for agencies to grow their business?”

Define The Term “Microstock”

By Jim Pickerell | 938 Words | Posted 8/30/2017 | Comments
I was asked recently if I could provide a definition for “microstock.” The term is probably meaningless today as are the terms Rights Managed and Traditional Royalty Free. All have changed dramatically and overlap in many ways..

Discounts: Do They Generate Enough Revenue?

By Jim Pickerell | 705 Words | Posted 8/10/2017 | Comments
A reader has pointed out that Image Source is offering its customers using the promo code AUG50 a 50% discount on any image purchased during the month. Cavan Images is also offering a 25% discount all month if customers use the discount code CAVAN25. Will temporary discounts bring in more customers and result in more sales overall?

More On New Distribution System

By Jim Pickerell | 1746 Words | Posted 6/30/2017 | Comments
Justin Brinson of PicturEngine posted a thoughful comment to last week’s article “New Stock Image Distribution System Needed.” I’m re-posting his comments here because I want to be sure all my readers have a chance to consider them. I’ll add a few of my own comments below his.

What Is A Premium Image?

By Jim Pickerell | 927 Words | Posted 6/20/2017 | Comments
Many of the attendees at the CEPIC Congress are working to produce a collection of more “Premium” images as a way to set themselves apart from the massive collections produced to a great extent by amateur contributors. To do this they are editing tighter and separating out images of the highest “quality” and production values. The argument for this is that there are still customers willing to pay higher prices for better quality, unique images with top quality models and great production values.

InMagine Closing

By Jim Pickerell | 281 Words | Posted 6/2/2017 | Comments
InMagine has announced to its contributors that it will be shutting down its website on 30 September 2017 and will no longer be distributing your images, vectors and/or video on our website after that date.