The stock photography business has its first billionaire. Bloomberg news reported that last week Jonathan Oringer, the founder of
Shutterstock Inc. (SSTK) became a billionaire. Oringer owns 18.5 million shares of Shutterstock, or 55 percent of the outstanding shares. Last week shares of the company reached a record high of $56.44. Today, shares are trading at around $56 per share which makes Oringer’s holding worth in excess of one billion dollars.
Here’s the second in our continuing series of things I’ve found on the web that might be of interest to readers. Rather than my trying to summarize each article it is better for readers to just check out the link. The first article deals with using discarded cell phones in the Philippines to replace costly textbooks. Next National Geographic gives cell phone users guidance and on how to produce great pictures. There is a great photographer’s review of Stocksy and finally brief biographies and pictures taken by 10 of the world’s most famous art photographers.
Internet entrepreneur and prolific angel investor Fabrice Grinda recently commented on his
blog that stock photography may be the “best business ever” – for the organization marketing the work online, not the producer.
Registration is now open for the 18th Annual
PACA Conference in New York City October 20-23, 2013. PACA will be teaming up with
Visual Connections to bring a 3-day event, which will feature the PACA Conference on days 1 and 2 and Visual Connections on day 3.
As a result of technological advancements, and the new image search techniques on the horizon, we are about to enter another paradigm shift in the way stock images are licensed. Delaying or ignoring this new trend in image marketing is not a viable option. It will move forward whether individual creators like it or not. The only option is to figure out how to adapt to this new reality in a way that will allow creators to continue to earn a living.
The biggest problem for the
CIR will be finding a way to let all the potential image users know it exists. It may be fairly easy to make the big publishing organizations aware of the CIR. They have been crying for a way to quickly determine if an image needs to be licensed and where to go to license it. But there is a long tail of small design firms and web developers that in the aggregate use a lot more images than these big users. It will be very difficult to reach all these small occasional users and make them aware of the CIR and its benefits.
Last month we reported on the storm over the
Enterprise and Regulatory Reform Act (ERRA) that was passed by the U.K. Parliament. Photographers were up in arms, but it turns out that many of the initial concerns may have been misplaced.
Yesterday we talked about the search by image feature on the
CIR. Today, we discovered that Getty has added a search by image feature to
Thinkstock. Go to the Thinkstock web site and look for the “search by image” button under the search box.
Motivated by the European Union’s challenge to develop a technological system that would make it easier for European citizens to gain access to cultural resources CEPIC has developed the CEPIC Image Registry (CIR) that will allows simultaneous visual or text search across thousands of image databases. Read more about how will work and how it may change the image licensing business.
Two Vancouver art directors faced with using stock photography because their clients don’t want to pay for assignments have launched a blog called
Getty Critics which pokes light-hearted fun at some of the stock photos that can be found at
www.gettyimages.com.