Posted November 11th, 2009
Stock is dead, well, at least it is not what it used to be. I got a call recently from a photo editor who I have known for years. She worked for several of the stock agencies, including being NY director of one of the biggies. She is out of a job, and was calling me to see if I wanted to contribute to a new agency that she was considering starting up. I said no way, it was not worth my time or the energy of my staff. She was a bit shocked when told her that in my view, stock was dead, it is over, time to move on to the next thing. A bit of background here. I was signed up by Tony Stone himself to contribute to his agency. My editor was his daughter Sarah Stone. Both of them were caring, insightful, sensitive and brilliant people. I was a bit tentative about the idea of stock, it struck me as being in the the sphere as the used car business, but they were good people so I went with it. We started with a handful of pictures and we kept working at it, expanding by a few pictures every month. The initial residuals were $50/month, but is grew steadily so that after a 3 years I was pulling in low 5 figures every month. Then Tony sold to Getty, and things changed a bit, but not so bad. I still worked with Sarah, and then a succession of other editors. They would take 1 picture out of a thousand, so that the collection was tight, and they did all the captioning and key wording.
For me to do stock there are cost involved. Models must be paid, model releases must be organized and filed, all images that stock agencies have must be kept track of, copyright must be filled, insurance must be maintained against lawsuits, payment and sales records must be kept, and all this does not include the expense of the actual shoot cost.
Over the years things evolved, and I won’t bore you with the minutia. The state of affairs now is that my stock sales on a good month are 10% of what they were 5 years ago. The selection process is not what it used to be, to say the least. I am not only a Getty “artist” but I have had occasion to be a user, so I get their sales emails. ” Special discount, 30% off before the end of the month”, which is not an exact quote, but I get those sort of emails. Yesterday I got an email from someone at Getty who says they saw my work on Flickr and thought I would be a good fit for them. This sums up the issue. The guy who sent it had no idea who I was, that I had been one of their heavy hitters. Just that they are trolling FlickR for images says something. The business model now seems to be sell quantity and keep to an absolute minimum the involvement on the part of the agency. Sort of the throw the spaghetti to the wall approach. So for them, the more images the better. Photographs as commodity.
As a photographer, I think one can still make money in stock, but it seems like the way to do it would be to do a tight cost/benefit analysis of all your shoots, and spread sheet all the shoots, and see what sells for how much at what profit margin. It seems that one could then project out that say “photo of girl with lolipop” which sold well in Europe last year, may sell well if redone with new talent, in China next year. Or something like that. I don’t want to say that stock is not possible, because I think it is, but to do it profitably, my gut instinct is that it needs to be done as a commodity business. Now that is going to generate some hate mail, oh geez.
I have read from my friend Selina Maitreya on Aphotoeditor.com that the biggest part of the photo market is the pro-summer segment. Stock works great for pro-summers, and I encourage them to participate. If you are a pro-summer, and you get $25 for a photo that you did, that is wonderful, free money. If you are starting out and have some good images, it is also a great vehicle. But to someone like myself, it is not worth it.
I think that this is indicative of what something larger. It used to be that to make a stock quality photograph one needed a certain amount of technical skill. Transparency film is not a forgiving medium. It required equipment, training and a good eye. Now, with digital cameras, RAW files, auto-focus, most anyone can turn out a reasonable looking shot. This is not the same as being able to pull off a six figure ad layout with a a crew of 50. No way. But for the type of photos that stock is used for, it is fine. The most important thing anyone ever told me about stock was ” Stock is the trailing edge of the image market”. This was told to me by the director of the Image Bank, and he was right on, now more than ever. For an ad agency, for an art director, there is no satisfaction in doing something that has already been done. What’s the point? The good ones are interested in making something new, giving their brand a special place, a special look. They have no interest what so ever in buying something that has already been done. Maybe they troll the web on something like Stumble Upon, and find something great, which is cool. I know I am going to get some flak about what I am saying, because obviously the downward pressure on budgets has made the need of stock a reality for smaller projects. All I am saying is that I am not willing to participate in it on a stock agency basis. Once a business, any business, becomes a massive price competitive commodity business, it is time to get out.
I dabbled in RF a couple years back. It always made me feel a little uneasy as it was just a numbers game with people. What bugged me were the numbers nobody talked about: risks of legal entanglement, risk of personal or property damage on a shoot, risk of opportunity cost lost… It didn’t look bad, but it didn’t exactly look good either if you thought about the risk too much. It was great for the early birds (one of whom was a good guy and giving me advice). Still, I was finding my way and thought it worth a try. And so I discovered that I don’t have the skills or interest to compete in such a game.
Anyway, I am looking forward to the Time Mag piece and reading more posts about it.
Excellent blog David! But a correction please. “I have read from my friend Selina Maitreya on Rob’s blog that the biggest part of the photo market is the pro-summer segment”
Not accurate. On my interview with Rob on aphotoeditor, my comment on the number of prosumers was related to a discussion about social networking only. My comment was that it seemed to me that the majority of photographers actively participating on twitter was 80% prosumers and maybe 20 % pros meaning that pros had yet to utilize twitter ..
I feel that the prosumer market is growing but the vast majority of photographers seeking to service accounts is still a pro market.
:):) seems to be tougher to get into than the old 54, or the bathrooms at the mud club in the old days? (both by the way I had no problem with
Hey how do I get on the coveted ” people who make me better list”
David,
Does this mean you no longer submit any more images to stock agencies, including assignment out-takes ?
HI John,
Thanks for your comment. Yes, that is what I mean. It is no longer worth my time and energy to submit images to stock agencies.
David
Hi Larry,
Thanks for your comment. Yes there are costs involved with stock which often get ignored in the stock as free money calculation.
Best
David
Hi Selina,
Thanks for writing in, and good to hear from you. I miss quoted you, and correction is taken. I agree fully with you that the vast amounts of photographers servicing accounts are pros, I couldn’t imagine an art buyer trusting her job to anything other than a professional. The point I was trying to make was that it is easier to take a reasonable good picture these days than 20 years ago. So the barriers to entry to shooting stock have gone down, partially as a result of technological changes. Remember when there was “long distance” charges on you telephone bill? Remember Watts lines? Now any one who has a cell phone doesn’t pay long distance charges, so the technology has reduce the barrier to calling someone far away. It has democratized telephone long distanace to the point that most people don’t even think about it. Related to that is that high res digital cameras have made it possible for a lot more people to take stock images. More people submitting, more images out there, and the price goes down.
Seeing as how without our meeting 25 years ago I would be a photographer, you should make that list!
Best wishes,
David