Is the stock photography bubble about to burst in 2008?
photo credit: Jeff Kubina
Doom mongers and naysayers have been predicting the collapse of the stock photography industry almost as long as Nostradamus has been predicting the end of the world.
So who is right?
Thanks to a link on the Alamy forum earlier today I got to read an excellent post on Philip Nealey’s blog, Unsharpmasked.com regarding the possible crash of the Stock Photo industry as we know it today. Philip talks of the history of Stock Photography and how it rose into the models we are all familiar with. There’s some wise words for microstock participants too.
Here are my thoughts on Philip’s article…
Whatever happens, you can be certain that the status quo won’t apply in a few years’ time. I think we all agree on that.
It was a very good read but strangely there was no mention of Alamy. I think Alamy and its ‘find anything as it’s unedited’ business model may just win out - because there are still gaps in Alamy to fill. The world is a very big place and not even 12m images will cover everything that a researcher wants.
Contrast that with the microstock libraries where most micros have more shots of smiling teenagers with phones than you can shake a stick at…
Philip reoprts that some of microstock’s leading players are beginning to question the business model as it stands today. Why would this be?
Like most “mass produced” goods, the iStock profits were there initially for the people with the foresight to get in and risk their shirts ahead of the curve of the masses. Who could resist “proper” stock shots for $1. But now the masses have caught them up and their returns are being spread among more and more image producers and decreasing rapidly, so it’s no wonder their enthusiasm to carry on with that model is waning.
Traditional RF could well get squeezed down price-wise as it must compete with RF micro. But good conceptual RF as sold by the likes of Getty, Corbis and Jupiter may still have a few years left to reap rewards and even more if the micro bubble bursts from oversupply and disinterested contributors.
I still think that the safest bet is in production of high end exclusive RM. This has a place and the best will continue to rival bespoke assignment work especially for agency buyers.
Strangely enough Alamy, by its very diverse unedited model will have a place too. Still plenty of gaps in that 12m (at time of writing!) to find. Happy hunting folks..!
PP
