Founded in London in 2001 and now headquartered in New York, the World Picture Network has announced that it will discontinue its daily news-image feed as of February. WpN CEO Brian Miller said the feed, which distributed images shot on spec to breaking news outlets, was unable to compete with larger companies in a crowded industry.

WpN cited the high costs of labor and technology, decreasing photo-editor budgets and Getty Images' competitive pricing as factors that contributed to the shut down of the daily wire. In addition to Getty, the top players in the breaking news-image business include the newly rebranded AP Photo and Reuters.

Though some jobs will be lost, WpN says that it is hiring additional staff to manage its growing assignment business. According to Miller, the business is shifting direction to concentrate resources on the areas of highest growth.

WpN says its assignment revenues grew by 70% last year, while revenues from the daily wire stagnated. Led by senior assignment editor Todd Cross, the assignment division expects continued demand due to both market conditions and the agency's quality of service. WpN prides itself on personalized relationships and equal level of service for both clients and photographers.

In addition to assignments, WpN will continue to represent photographer-supplied news features and offer stock images from its archive. The image archive is searchable at the agency's own Web site, as well as through LexisNexis, StockPhotoFinder.com and 18 additional agencies throughout the world.