24.06.09
The State of The Stock Photography Market
Professional Photographer: You’ve been working in the photographic syndication industry for some years now, both for the major players and more recently for boutique agencies. How do you feel that the industry has changed over the last 10 years?
Phyllis Giarnese: Well, over the last 10 years the quality of stock photography has really skyrocketed. It’s emerged as a seriously formidable threat to commissioned photography, especially to lifestyle work.
For starters, photographers are now producing stock material using research advice from the agencies they contribute to, instead of merely sending in their old work in the hope that it will have a second life as stock. However, photographers aren’t the only ones to change their ways, agencies have stopped printing sales catalogues and have started using print media for marketing purposes. Intelligent keywording is driving image searches now, as well. This has allowed clients to do their own image searches whenever they want, rather than having to rely on an army of agency researchers. It’s much more efficient.
The fact that digital cameras have become a lot more affordable in the last decade is also a major factor in the way that agencies have changed. It has meant that where some photographers now excel and produce technically superior digital files, others have stuck to traditional scanned transparencies and prints, putting more variety into the market.
Another benefit to stock was the period of agency consolidation, which has meant that entrepreneurial agencies have merged into a formidable industry. After acquiring many of the small time operations, Getty and Bill Gates jumped in to become the number one and two ‘mega’ stock agencies in the market, whilst others have battled for the third and fourth place positions.
Royalty free has taken a different turn too. Once much maligned, it has now become a respectable revenue stream. Meanwhile the clever ‘stock’ people out there formed companies to produce wholly owned, finely-tuned lifestyle content with professional models, expensive locations and highly talented assignment photographers, all willing to work for a day rate.
In the past three years, microstock companies have also been springing up like mushrooms to vie for royalty-free market share. Whilst amateur photographers with professional equipment have added unneeded competition to the market, agencies have stopped scanning their old archives. And with the development of more affordable searching software packages, lots of smaller players have jumped on board, due to the disappearing need to house enormous film archives and delivery becoming web-based.
To put it all in a nutshell, stock has become a far more competitive market.
How do you think these changes have affected photographers?
Firstly, many assignment photographers realised they needed to diversify into stock. If they didn’t, they knew they would lose revenue to aggressive stock photographers, who had already diversified. Despite that, an over-saturation of material in the market has required photographers to concentrate on generating high-quality volume. They’re now looking out for what the market needs; hence ‘photographer-owned’ companies like [ethnicity-based stock agency] Blend have emerged – a need that was not being adequately met before.
Other areas of the industry traditionally looked down on stock photography. Do you think that this was fair and how is it seen now?
Stock is no longer the after-market game it was in the ‘70s, ‘80s and early ‘90s. Obviously it will never compete with ‘couture’ photography, which is driven by constantly changing styles or products. However, I believe that the quality of stock has risen so high that some of it can compete with literally any other type of commissioned work – even fine art!
What are you looking for from photographers?
Predominantly we’re looking for talent and commitment. Photographers need to understand that the stock photography market is flooded, and the cream always rises to the top.
Jaded editors in particular are looking for stylistically current material with a fresh twist, in a range of subjects and styles. They’re looking for lifestyle imagery that is relaxed and authentic, but not too slick. They want inspired landscapes and travel images with a difference.
As for what they don’t want, I’d always say avoid a snapshot style with any travel material. High concept images attract the larger sales, and volume is the other critical component. Photographers tend to go wrong when their expectations are too high in the short term. To avoid this they need to listen to their editor’s suggestions for content production.
So do you think that they have unrealistic expectations of what they will earn and how quickly?
Yes, some do. Stock is a completely different world to what it was even 10 years ago. Now, it can take up to two years for some images to penetrate the global markets and begin generating any return. So it really goes to show, the wider range of good material you have, the more likely you can get those sales happening faster. It’s vital for content to be on target, so working with your editors and researching what’s in demand are the best ways to get results.
If you’re shooting lifestyle images, then contemporary styling, interesting locations, attractive models with a believable feel, good lighting and using targeted ideas are the way forward. And don’t forget professional model and property releases – this can really separate the men from the boys and the women from the girls. Amateur photographers don’t usually realise the importance of this critical element, and as a result, larger advertising agencies are rightfully fearful of using images from them.
With the current price war over the cost of images and the change of usage from print to web and mobile phones, do you feel there is still a role for the professional photographer within stock photography?
There will always be a role for the professional photographer within stock. Styles and technology are constantly changing. Even demographics are shifting and becoming more inclusive; same sex and mixed ethnicity couples, which are more common now, were very rare 10 years ago. However, everything changes, and it’s the photographers with vision and intent that will step up to capture it all.
The professional will always do it right, with releases, up-to-spec equipment, fabulous locations, research, and artistic and technical expertise. Artistry, commitment and range are the winning formula.
A number of stock agencies have had financial difficulties recently. Is there any way for photographers to protect themselves if this happens?
The best way is probably to align yourself with bigger agencies that have been around for over 10 years. ‘Start-ups’ and smaller agencies have trouble competing with the mega-players and often cannot survive if they have a few bad months.
And, finally, what would your number one tip be for successful stock photography?
Stay the course! As I’ve already mentioned, artistry, commitment and range are the formula.
Study the competition, and then outshoot it!
Phyllis Giarnese is the Creative Director, Monsoon Images, New York
www.monsoonimages.com
Grant Scott
- Average Article Rating 0 Stars
-
Your Rating
Login Required!
Sorry - You must be a registered user & logged in to rate this.
Login | Register
Back to Categories