Change View Options:
In the digital age there is declining interest among consumers and advertisers in print publications. Investors have little confidence that there will ever be a recovery or revival of print. They want the companies they invest in to shed marginally profitable assets and focus on the much more profitable businesses of film and television. Publishers like Time Warner are looking for ways to reduce their print publication exposure and concentrate their investments on assets that offer better growth potential.
In December the United States Postal Service released 3 billion copies
of a first-class postage stamp that showed a low angle close up of the
head and crown of the Statue of Liberty, symbol of American freedom. About
a month ago the service was shocked to discover that the image supplied
by Getty Images was not of the 305 foot tall statue designed by
sculptor Frederic-Auguste Bartholdi and located on Liberty Island off
the tip of Manhattan, but of a half-sized replica outside the New
York-New York Hotel & Casino in Las Vegas.
, a leading research organization serving the printing and publishing industry, has just estimated that the value of printed materials shipped in the U.S. in 2010 was $86.7 billion. Based on my analysis I estimate that the worldwide sale of still stock imagery in 2010, most of which is used in some type of printed publication, was about $1.45 billion. Previously, we have estimated that in the range of 43% of the total worldwide sales of stock photography are licensed for use in the U.S. market. Thus, the comparison would be something in the range of $625 million for photography compared with $86.7 billion for printing.
The December issue of U.S. News and World Report will be the last printed on paper. Beginning in 2011 and marking a three-year transition to a new business model, the publication will go entirely digital, though it still plans to continue printing a series of print products.
Traditionally, the primary uses of still pictures were in printed
products such as magazines, newspapers, books, brochures, direct mail
promotions, catalogs and—to a much smaller degree—posters and product
packages. An estimated two thirds to three quarters of all revenue
generated from stock pictures (in the range $1 billion worldwide) comes
from print image uses, but this demand has steadily declined for a number of years.
A large percentage of the still-photo segment of the stock photography
business is related to advertising—either licensing images for use in
print ads, or licensing them for use in editorial products that are
supported to a great extent by ads. The health of the stock photography
business is directly related to the health of the print business. To
understand what is likely to happen in the still photography business,
it is important to have some understanding of advertising trends.
Street vending your photography is not for everybody. But if you can live within the income limits, are innovative, like the outdoors, and truly enjoy people- you can have a lot of fun. Experience and suggestions from NYC.
The photo discussed in this article is an almost perfect stock photo. It's not cutting edge; it's not trendy. It's not hip or cool. wshat it is is a photo that will license again and aagain for years....extending its revenue stream long after its production costs have been recouped. This is a photo with a very long tail.
According to BIA/Kelsey, local advertising spend continues to shift to digital and to decline overall in gross revenue generated.
Dirck Halstead's perceptive two-part analysis of the photojournalism business is a must-read for photojournalists or anyone considering this career. It should also be a wake up call for stock and advertising photographers hoping to sell their images for use in print publications.
Advertising spending on the Internet will increase 26% in 2008, overtaking radio, and is expected to be more than 10% of the market. By 2010, Internet ad spend is predicted to reach $61 billion, slightly ahead of the $60.5 billion magazine ad segment of the market, per ZenithOptimedia.