Tag Archives: stock photography

What To Do When the Ideas Dry Up

This week I was one of the guest speakers at a function hosted by iStock / Getty Images and General Assembly in Melbourne, Australia. The topic being discussed was How to Build a Small Business Brand on a Budget. I was bringing a photographers perspective in relation to producing new stock photography content.

In that presentation I covered ‘my inspirations’ behind being able to produce 1000 new stock images per year. I have summarized those points for this post and called it – what to do when the ideas dry up. Ironically, after more than 7 years of producing stock photography content, I find it easier to find new ideas and generate new content now than I did 7 years ago. The list below is my “go to” sources when the ideas dry up. Each photographer is different, so this list might not suit you. If it helps – great – and if it doesn’t, work on your own list.

Few tourists would know this part of Melbourne. Local photographers produce unique local content

(1) Local Content. My first go to idea is to shoot local content. I love living in Melbourne, and don’t think I will ever get tired of shooting local content from a local’s perspective. My starting point for what to do when the ideas dry up is to shoot local content.

(2) Client Feedback. My second ‘go to’ idea is to seek client feedback and keep shooting what they want, and avoid what they don’t want. In some ways this takes the pressure off having to come up with all the great ideas myself, by asking clients what they need.

I shoot wildlife images as I believe in and support the work of conservation organisations

(3) Interests and Causes. My third ‘go to’ space is to shoot content about things that interest me or causes I believe in. I am an animal lover and believe in the work of conservation organisations. I like shooting wildlife images that will be useful to these organisations, so when the creative juices aren’t flowing, I’ll go and shoot some wildlife images.

Shooting for fun can help you create unique images

(4) Shoot for Fun. This one I am not so good at. The concept is to not be at all concerned about the outcomes and just shoot something fun. This might be something new as well, so it will have an element of learning as well.

I know business and try to shoot business themes

(5) Shoot What You Know. I find ideas come more easily when I focus on a subject I know. Having worked in a corporate environment for 20 years I have a good understanding of what works for business images. When I am struggling for new ideas, I’ll work on concepts for an area I know.

Getting back to nature helps me relax and develop new ideas

(6) Nature. Lucky last! When I’m really stuck for new ideas I’ll take the chance to relax and get back to nature. There is a beauty and simplicity in observing nature, and often it will get me into a more relaxed frame of mind and help the creative ideas flow again.

Thanks for reading ‘What to Do When the Ideas Dry Up’. I hope it has been useful to you.

Inside a Stock Photography Shoot

I am in the process of shooting a series of stock images of business people. This is a very popular category of stock images, with continual demand for fresh content. Images like these are used extensively in websites, brochures, corporate communications etc. You can probably imagine, this is a very big market. So this post looks behind the scenes, and takes you inside a stock photography shoot.

Lighting is important. The model needs to be well lit, with a pure white background

Lighting. Once you understand how to light images like these, it is straight forward to produce a wide variety of business images. And equally, if you make a mess of the lighting it can be very hard to produce usable files. For this shoot I used a lighting set up very similar to what I outlined in this post. It has one off camera flash to the left of camera, fired by a remote trigger through a shoot through umbrella. In this case it was a 43 inch umbrella. The model is lit with just the one light. The background (a white muslin backdrop) is lit separately through another off camera flash, again fired by a remote trigger (you can read more about the triggers here). This ‘blows out’ the background so that it appears completely white. That flash unit is placed between the model and the backdrop.

Space. It’s a misconception to think you need a large studio space to be able to shoot these kinds of images. The room this image was shot in is 3.2m wide and 6m long. The backdrop is 3m x 3m and just fits across the width of the room.

Makeup, wardrobe and posing are key to effective images.

Wardrobe, Makeup, and Posing. Wardrobe, make up and posing are very important in shooting this style of image. The model needs to be believable and realistic – in this case she needs to look like a professional business person. For this shoot we used two different colored shirts – one white and one blue. We also took images with the jacket on and jacket off. That helped provide a range of images – some of which look more formal, and some which look more informal.

The brief for her makeup was ‘light and natural’ which she did very well. It helps to reinforce the ‘real business people’ theme.

Posing is also important for this type of shoot. When we weren’t using props we focused on a ‘natural and confident’ look like in this image. Because of the studio setting and the beauty of digital photography we were able to shoot and review each image until we got the right look. While this image is very simple it has flexibility – the model could be anything from corporate executive to a home based entrepreneur.

Shoot Length and Process. This shoot took 90 minutes and that is fairly typical of my stock photography shoots. I find that is long enough to get a range of images, but not too long that the model or the photographer get bored!

We started this shoot with straight forward poses like the one above and then move to more specifically themed images using props. Mid shoot the model took a wardrobe change giving us the opportunity to assess the images taken up to that point and to plan how to make the most of the remaining time.

Corporate Whistle Blower. This image uses a sports whistle as the only prop.

Post Production. I aim to keep post processing to a minimum on stock photo shoots. I import the files to Lightroom, check for sharp focus, set the white balance and make minor changes to color saturation and contrast. Importantly, I make sure the background is pure white. This is a short process which takes 1-2 minutes for each image.

Where to from there? I complete model releases and look after any paperwork with the model before we start the shoot. That means that after post production, the file is saved as a JPEG image. From there it is uploaded to iStock (along with model release form). It then goes through an inspection process and, assuming it passes, is added to the stock database and is available to be downloaded. That’s it – inside a stock photography shoot.

Note, the model in this shoot is Klara. She is an up and coming model in Melbourne, Australia and is originally from Frankfurt, Germany. She is a great person to work with. See her current work here.

Thank you for reading ‘Inside a Stock Photography Shoot’. If you would like to receive regular emails from Beyond Here, please add your email address in the sign up box in the margin of this page. Thank you.

Why I Shoot Stock

This week I’ve been fielding lots of questions about stock photography. Those questions ranged from what rates to pay models, to the best stock libraries to work with, to what is the best sort of content to shoot. The answer to those questions vary with each photographer and what you like to shoot. To set a foundation to answer those questions for yourself, I’ve outlined here ‘Why I Shoot Stock’.

First it’s important to understand that stock photography only makes up a component of my photography income. I am not a full time stock photographer. Many of the points I make below I would take a different point of view if I were a full time stock shooter. Stock is an important foundation to my photography business, and makes up one part of an overall strategy.

Stock makes up an important part of a wider strategy

So, this is ‘Why I Shoot Stock’

1. Stock generates a consistent income year round. Outside of stock photography, I primarily shoot weddings and portraits. Both of these have significant seasonality. I live in Melbourne, Australia and most of my weddings and portraits are local. Down here at the bottom of the world we have hot summers and cold winters. This brings seasonality to my work especially in wedding photography. I am typically busy in spring, less so in mid summer, and busy again in autumn. Winter tends to be very quiet. There are not many people getting married in the darker and colder months of June, July, and August. On the other hand, stock photography provides a consistent income all year round. There are some ups and downs between months, but for the type of content I shoot, the demand is steady year round. That means my downloads and income from royalties are also consistent.

In stock photography, I work on the image. The stock library looks after the sales and marketing.

2. The stock library looks after the sales and marketing. With my wedding photography I look after everything from meeting with potential clients, building a relationship, quoting, pre wedding preparation, shooting on wedding day (with a second shooter!), post production work, delivering images, organizing prints and albums, and delivery of the final products. It is a ‘full service’ proposition and I look after each step of the journey. Stock photography is different. I look after the shoot planning, shooting, post production, and uploading to the stock library. Then they take over. They look after marketing images to potential clients, the download process, the payment from the client, the licencing agreements for use of the file, and any client inquiry or complaint. They also look after payment to the photographer, which happens automatically. For me, the simplicity of this model works well. I shoot and upload, the stock library looks after everything else. That’s why they keep a percentage of the price paid by the end customer.

3. Stock gives me leverage. With my wedding photography work, there is a limit to the number of weddings I can shoot per year. Even with a number of really good second shooters, there is a limit to the number of clients we can look after. And they are nearly all local to Melbourne. Stock on the other hand allows potential sales worldwide and, in a lot of cases, my stock sales happen when I am asleep. They are selling to clients in the USA and Europe during their day time hours, which is in the middle of the night in Australia.

4. Shoot once, sell multiple times. When I shoot a wedding, the income from that wedding only comes once. Now and then a couple order additional items for their first anniversary or another occasion, but mostly the wedding produces an income for me just once. Stock is different. I started shooting stock in 2008. Today, files from 2008 are still producing an income. I love the idea that if I can develop a strong concept, and execute it well, then it can keep selling for years. A single stock image can generate an income multiple times.

Stock photography allows me flexibility. I am not dependent on the client for when I can shoot.

5. Costs today, income tomorrow. Combined with the point above – with stock photography I incur my costs associated with producing the files today. I receive no income until into the future. Some people don’t like this model – they like to be paid today for the work they have done. On the other hand, I like the concept that my costs are incurred today, but my income from those costs is spread out into the future. As my portfolio grows I am building an asset which has value to me in the future. It is the basis for a revenue stream in the years ahead. I like the concept of ‘planting’ now and ‘harvesting’ later.

In portrait and wedding photography, I work to the clients timetable.

6. I work to my own timetable. When I shoot a wedding for a client I plan around meeting their needs. That means I work to their timetable and to their brief. I work hard to make sure I understand their needs and then exceed them. If they really want a shot of the first kiss with a fish eye lens from an upstairs balcony – I’ll do my best to get it for them. By necessity I work to the timetable they set out. In stock, the timetable is all mine. If I have a brilliant idea in the middle of the night and want to get up and shoot it straight away, I can. If I want to work long hours and uploads hundreds of files per week, I can. And if I want to take a holiday and do no stock shoots for 3 months, I can. In stock, I can work to my own timetable. I can work as much or as little as I want to.

7. I can shoot a wide variety of subjects. Image libraries don’t care that I mainly shoot weddings. As long as my images are up to the technical requirements they set, I can shoot any subject matter. I like this variety and flexibility. There are times of the year after a series of weddings where I need a break from shooting with people all day. It’s especially at these time that I enjoy shooting wildlife images and relaxing outdoors. Stock allows me to do this while still being productive. Win, win.

If you have read some of my earlier posts about stock photography you will know that I value the stock photography model as a key part of my business.

Thanks for reading why I shoot stock. If you would like additional information, please see the previous posts I have written about stock photography. The most popular have been Starting in Stock Photography and Simple Stock Concepts. I also have an ebook called Build A Five Figure Income in Your Spare Time. It is for the photographer who is full of enthusiasm and needs a little guidance and encouragement. It goes into more detail on my own stock photography journey and the lessons learnt along the way. You can download it here for $5.

Thanks again for reading ‘why I shoot stock’. Happy shooting.

Why Be Exclusive on iStock

This week I have had two separate people asking me questions about where to contribute their stock images. I see many benefits in being an exclusive contributor to one site. And that site for me is iStock. So, why be exclusive on iStock?

First, for anyone not familiar with iStock – it is one of the best known microstock photography websites. It is owned by Getty Images. I have been contributing to iStock since 2008, and have been an exclusive contributor since May 2010. (You can read an introduction to stock photography here).

When you start on iStock, you begin as an independent contributor on a royalty rate of 15%. Your royalty rate can increase as you have more downloads of your files. When you reach 250 downloads, you qualify to become exclusive if you want to.

Contributing to many stock sites can be time consuming. Being exclusive can be a great time saver.

Why be exclusive on iStock? For these 6 reasons:

1. Higher Royalties. As an independent contributor your royalty rate starts at 15%. As an exclusive contributor that immediately jumps to 25%, and can go as high as 45% depending on your downloads and ‘redeemed credits’ (I will save an explanation of redeemed credits for another post). The point is iStock pay higher royalties for exclusive contributors.

2. Different Collections. Independent contributors files go into a collection called Essentials. These files cost 1 credit each. Exclusive contributors can also have files in the Essentials collection, but their new files default into the Signature collection. Signature collection files cost 3 credits, so again, exclusives can earn higher royalties by having files in a higher priced collection.

3. Better File Placement. Where your files appear in search results is driven by a complex algorithm. One factor is whether the contributor is exclusive. Exclusive files will generally, but not always, appear before independent files giving them a better chance of being downloaded by the buyer.

4. Time. Uploading and key wording images to multiple different sites is time consuming. While there are tools available to make this process easier – for me, I enjoy spending more time shooting or relaxing, and less time uploading and key wording.

5. Faster Inspection Times. Exclusive files have their own inspection queue which generally has a turn around of less than 24 hours. Its nice to upload files knowing they will be reviewed promptly, and displayed in the search results soon after.

Being exclusive offers higher royalties and access to different collections

6. Getty Images. Files from the Signature+ collection are automatically mirrored onto the main Getty Images website. To get files into the Signature+ collection, exclusive contributors can nominate them at the time they are submitted. They will then be inspected for inclusion in the Signature+ collection. Having files on the Getty Images website is an additional place for your files to be downloaded from. The Getty Images royalties is a significant and growing part of my monthly royalties.

So, why be exclusive on iStock? Those are the 6 reasons for me. Exclusivity has worked very well for me, and helped stock to become a key component of my photography income. I am happy to answer any questions on iStock exclusivity – please leave a question on this post. Equally, if you have experience to share with Beyond Here readers, please use the comments section under this post. Thanks for reading ‘why be exclusive on iStock’.

Why Stock Photographers Should Crash Their Cars

Let’s just clarify one thing up front in this post, I am not really suggesting you have an accident in your vehicle! I don’t want you to cause any damage, get hurt, or run into problems with your insurance company! I want to make a point as you consider subjects for your stock photography portfolio, and hence the title ‘Why Stock Photographers Should Crash Their Cars’. Read on, I will explain.

I have written blog posts for Beyond Here on a range of subjects related to stock photography. It has been very exciting that many readers have opened stock photography accounts and are now turning their hobby into an income. In the age of digital cameras and the internet, generating an income through stock photography is open to nearly everyone. If you are reading this blog online and you have access to a digital camera, it is open to you.

If you haven’t read those posts, you can find some of them here.

When you are starting in stock photography it is easy to think that your stock images need to be outstanding or very creative. I have found that isn’t the case, and that well lit ‘every day’ images have a market.

That point was reinforced to me this week, when this image was downloaded from my iStock portfolio again. To date, it has been downloaded over 150 times and has generated over US$700 in royalties.

Successful stock images need to be useful not outstanding

So how did this image come about? Unfortunately this is my car! Several years ago it was accidentally backed into the front fence outside our house (not by me!) leaving a dent in the side of the vehicle. I took some shots thinking they were potential stock images which could be used by businesses in the car repair or car insurance industries.

This specific image was taken several weeks after the accident, when I had been out shooting sunrise images. The space in the car park, and the morning light, created a more useful image than the ones I had previously taken in my drive way.

This has turned out to be true and the image has sold steadily since I uploaded it in 2010. At the time I made an insurance claim and, after I paid the policy excess of A$500, the insurance company had the vehicle repaired. It has generated just over US$700 in royalties which, based on today’s exchange rate, is the equivalent to around $900 in Australian dollars. So it cost me $500 and has so far generated $900 in royalties, and that’s why stock photographers should crash their cars.

The point is that successful stock images don’t need to be high impact, creative images – they need to be useful. If you keep looking for everyday useful images you will find that potential stock images are all around you. Shoot them in good light conditions and you will be building a stock portfolio which generates royalty income every day. Thanks for reading ‘why stock photographers should crash their cars’ and please don’t go out and have an accident. Drive safely!

Request Your iStock Payment Today

21 January 2015 is the final day to make an iStock payment request

iStock, one of the best known microstock photography sites, is making changes to its payment frequency. Instead of being able to request payment once a week, from the end of January 2015, payments will automatically be made once per month. So, if you would like to request one more payment, request your iStock payment today.

What are the key dates? Wednesday 21 January 2015 is the final date to request a payment.

What then? After January 2015, money left in your iStock account at the end of each month (above the minimum payment threshold) will automatically be paid to you on the 25th of the following month. For example, if you have $376 in your iStock account at the end of February, this will be paid to you on 25 March.

What do you need to do? To make a final payment request, do that today (21 January 2015). To receive the automatic monthly payments beyond January 2015, you need to register how you want the payment to be made and your tax details. You can enter these details on your account after 22 January 2015 on the iStock website.

Thanks for reading ‘Request Your iStock Payment Today’. If you are an iStock contributor I hope this has been useful to you. If you are not an iStock contributor and would like to learn more about stock photography please see this post – Starting In Stock Photography.

iStock Changes Payment Frequency

Beyond Here has been following the changes in the micro stock photography industry, and particularly the changes at iStock. This coming week, on 21 January 2015, iStock changes payment frequency options for contributors.

Previously contributors were able to request payment of their earnings on a weekly basis as long as their earnings were above the minimum payment threshold. That process was outlined in the earlier post How Does Payment from Stock Photography Work.

Midnight on 21 January 2015 (PST) is the final date you will be able to request a weekly payment of earnings from iStock

What are the changes? 21 January 2015 is the final date that iStock contributors will be able to request a payment of earnings. After this date, contributors will be automatically paid on a monthly basis, as long as they are above the minimum payment threshold and have entered their payment details.

Who will this impact? This change will effect all iStock contributors. This isn’t an opt in or opt out exercise, it is a change in the way that iStock operates to be more in line with its parent company, Getty Images.

What impact will it have? This change will have the biggest impact on contributors who are currently requesting a payment on a weekly basis. Instead of the steady cash flow of a weekly payment, those contributors will be paid monthly. To operate their businesses they will need to plan for the more ‘lumpy’ cash flow of monthly payments. Ironically those that it will impact the most are those contributors who generate all or most of their income from iStock and rely on the weekly cash flow.

What benefits are there? Not many that I can see from a contributors point of view. For iStock it will simplify their payment processes and presumably bring some cost savings. How that might be reinvested for benefits for contributors or customers hasn’t been made clear by iStock yet.

What do I need to do? If you are an iStock contributor and wish to make a final payment request – this needs to be done by 21 January 2015 at midnight MST. Keep in mind the time difference to where you live. Then you need to make sure your payment details are entered in your profile so that you can be automatically paid on a monthly basis. That first monthly payment will be made on 25 February 2015.

Thanks for reading ‘iStock Changes Payment Frequency’. If you are running or plan to run a photography business and would like regular articles from Beyond Here, please sign up in the area in the margin of this blog.

Making the Dream Real

Several readers of Beyond Here have opened stock photography accounts in the last 3 months. Most do so with a sense of hope and trepidation. While it is exciting to see your portfolio growing, it is normal that downloads are slow to begin. Inevitably new contributors get to a point where they say – is this really worth it? Will this effort pay off? And ultimately, am I any good at this? If you are thinking those questions – this post is for you. Don’t give up, read on for 6 tips for making the dream real.

Success in stock photography is open to everyone. Expect a slow start and keep building that portfolio.

Firstly, as a new stock contributor, what should you expect?

(1) Downloads take time. This is a reality so don’t be surprised if you go for several months with few downloads. It happens for a range of reasons, but the main one is that of the thousands of buyers out there – it is highly unlikely that they will see your file on the day it is uploaded and download it immediately. More likely is that when they find your file, they are researching a range of different images for their project. They will think about it for a while, and only then, go ahead with the purchase. Consider also that your file is one of tens of millions of pictures in the stock library. It is unlikely that you’ll make a significant income with only a few hundred images. This process takes time, and a portfolio needs to be built.

(2) Stock is not a get rich quick scheme. Tied directly to the fact that downloads take time is that stock will not make you a fortune immediately. It has made many people fortunes, but it takes time, practice, and dedication. It is very likely that in your first few months, your income will be negligible or small. If that’s the case – don’t worry, it’s normal.

(3) There is competition. A little searching on stock libraries makes this clear. There is competition in stock which means poor quality images will not sell. Buyers have lots of alternatives among well lit, interesting images. This is what will drive improvement in a beginners photography skills – you need to produce good quality, well lit images to succeed in the long term.

Ok, enough of the reality check. So, what about tips for making the dream real? Here are 6 tips for getting past the new contributor doubts.

Tip 1 – Build That Portfolio. The quicker you can build a portfolio, the quicker success will come. If you have uploaded several hundred images with little success – this is the time to push on, not to give up. When I first started contributing to iStock in 2008 there were weekly upload limits of 15 images. Yes, I was only allowed to upload 15 images per week. It took ages to build a portfolio back then. Today, on iStock, that limit is 999. Effectively that means there is no upload limit – you can build your portfolio very quickly compared to what was possible in 2008. Make the most of it – build that portfolio.

Tip 2 – Diversify. A broadly diversified portfolio has more opportunity of success than a very narrow one. Shoot a range of different material. Don’t rely solely on what you have shot in the past. Step out of your comfort zone and shoot something new. If you love landscape photography, try some portrait and macro work too.

Tip 3 – Learn What Sells. Yes, this means studying what types of images are successful as stock. Look at the major stock libraries and search for topics you are interested in. Look at the portfolios of successful contributors. See what makes their work stand out and be successful. Beginners in stock photography often think they can just upload images that have been sitting on their hard drive for years and instantly generate a significant income. I have never seen that happen. The most common path to success is to learn what sells, and then set about building a portfolio with that in mind. Think of it as first understanding stock photography, and then shooting for that market.

Tip 4 – Make Key-wording a Strength. Key-wording refers to adding words to your file. These are important because this is how a buyer finds your files. You need to make sure that your key words are relevant and accurate. To do this, study successful files. Look at how they have been key-worded. It is worth being good at key-wording. It is no good having great files which buyers can’t find.

Finding a niche will accelerate your stock photo results

Tip 5 – Find A Niche. You can find success in stock without having a niche – but it is much easier if you do. This might be an area where you have access to a type of image that others don’t, or you have an intimate understanding of a topic which helps you shoot unique images. Finding a niche is not that hard. I live in Melbourne, Australia where there is a large colony of flying foxes. I found a niche with images of bats – which sell very well around Halloween. Where is your niche? If you are a member of a motor bike club – photograph bikes and bikers. If you’re a plumber, how about plumbing or trades person themes? If you are a mum, how about baby or kids themes? If you catch the ferry across Sydney harbor every day, how about a daily image of the opera house and harbor bridge? Finding a niche is not hard, and will help your stock photography results.

Tip 6 – Keep Going. Nothing in stock photography is more important than persistence. Don’t give up. Keep growing your portfolio, diversifying, and building your knowledge of the stock photography market. Success is open to everyone – you can do it too.

Thanks for taking the time to read ‘making the dream real’. The first 12 months as a stock photographer are the most challenging. If you can make it through that with a steadily growing portfolio, your chances of long term success are very good. Got more questions? Please add a comment to this post. I’ll do my best to answer your question. Good luck in making the dream real!!

How Does Payment from Stock Photography Work

I have written a series of posts on Beyond Here about stock photography, and specifically about micro stock photography. It has been exciting that readers of Beyond Here have opened micro stock photography accounts and are starting to earn an income from their images.

If you’d like to read those earlier posts, two of the most popular posts are here:

One common question from new stock photographers is ‘how does payment from stock photography work?’ My first advice to these photographers is not to worry about downloads and income in the early stages of their stock career, but to focus on building their portfolio. But I understand they still want to know how the payment function works. So here we go.

You need to meet the minimum payment level before requesting a payment

1, Minimum Payments. Each micro stock photography site has a minimum payment level. That is the minimum you need to exceed before you can request a payment. I assume this is so that the micro stock sites are not processing thousands and thousands of very small transactions.

I am an exclusive contributor at iStock where the minimum payment is USD$100. That means, when your balance from royalties from downloads of your images exceeds USD$100 you can request payment of those funds. Other micro stock sites may have different minimum payment levels. When I was contributing to Shutterstock in 2008 and 2009 the minimum was USD$70.

2. Payment Method. Again, the way that you get paid can vary slightly depending on which site you are using. Using iStock as the example you can currently choose between cheque, Paypal, Skrill, pre paid Mastercard, or direct deposit (for US account holders).

I live in Australia and have always used PayPal as my payment method. iStock has a published weekly payment schedule, and the funds appear in my PayPal account within 5 business days from that date. From there I transfer the funds from Paypal to a nominated bank account. It takes a few days to appear in the bank account, but it is a very simple transfer process.

3. Payment Frequency. iStock’s payment terms also outline that you can request only one payment per week. I assume this is so that they are not processing multiple payments to a single contributor. When you are starting out, the USD$100 minimum will seem a long way off. But with persistence it won’t be long until you are requesting a payment every week.

The payment process from micro stock sites is straightforward and they are processing thousands of payments each week. You will need to look into what are the payment methods your stock photography site offers, and then set up the appropriate account. For example, if you decide to use Paypal, you will need to set up a Paypal account and link a bank account to it. This is also a straightforward process which can be done online.

So if you are starting out in stock photography, don’t be anxious about the payment process – it’s easy. Instead focus on building a portfolio of quality stock images and trust that the downloads and royalties will come in time.

Thanks for reading ‘how does payment from stock photography work?’ I hope it has been useful for you.

My Take on This Weeks iStock Announcements

Over the last 3 months I have written a series of posts on Beyond Here about stock photography. Several readers have since opened microstock photography accounts and become contributors. Many are turning their passion for photography into an income. Super.

In those posts I have shared my positive experiences with iStock, where I have been a contributor since 2008 and an exclusive contributor since 2010. This week iStock announced some significant changes that will come into effect on 15 September 2014. Here’s my take on this weeks iStock announcements.

First, some background. In April 2014, iStock introduced a subscription offering in addition to its normal offer. This allows high volume image buyers to purchase high volumes at a fixed price. This is an area where competitor site – Shutterstock – had been doing considerably better than iStock for many years. iStock’s subscription offer seemed to be a re-focus on the large volume buyer.

In this weeks announcement iStock states that ‘in only a few months, these subscriptions now represent a meaningful percentage of total iStock sales and materially increased spend per customer’.

It is the final part of this message which I find interesting – the ‘materially increased spend per customer’. In microstock photography there has long been an obsession with the calculation of dollars per download to assess value. The statement from iStock suggests their thinking has changed. If a customer is spending $1000 per month on images and buys 1 image from iStock for the month for $100, the revenue per download is $100. What that statistic overlooks is that the customer is spending $900 with competitors. The announcement suggests to me that iStock are refocussing to look at that remaining $900.

Unfortunately for the buyer, iStock’s highest quality content has previously been excluded from the subscription offer. That is about to change.

So, what’s changing?

iStock are taking several steps to ‘dramatically improve the simplicity of the iStock site, search and messaging’.

The key changes include:

Offering just one payment method – credits
Dividing the collection into 2 tiers
Implementing one price per file

What do the changes mean?

(1) Offering just one payment method – credits

iStock previously offered two ways to pay – the buyer could use credits, or they could use a credit card to pay for images directly. The credit method suited the regular buyer, the credit card method suited the occasional buyer.

Going forward buyers will only be able to use credits. Discussion in the iStock forums suggests that this change will simplify the coding on the site. It seems again, that iStock are focusing on the needs of the large volume buyer and are prepared to fore-go the needs of some smaller buyers. This seems a fair trade off, if the large buyers in the example above bring more of their monthly budget to iStock. I like this approach. It strikes me as another application of the 80/20 rule. I expect 80% of downloads come from 20% of buyers, and iStock seem to be tuning in to that 20% of buyers.

(2) Dividing the collection into 2 tiers

iStock’s collections were previously divided into 4 areas – Main, Signature, Signature+, and Vetta. From the middle of September that will be consolidated into 2 tiers – Essentials (standard content) and Signature (premium content). The old Main content will become the Essentials tier. The old Vetta, Signature+ and Signature collections will form the new Signature tier.

The big implication here is that Vetta and Signature+ content will become significantly cheaper – good for buyers, and potentially good for contributors only if an increase in downloads makes up for the reduction in royalty per image the contributor will receive (because of the lower price).

The second big implication here is that the best content on iStock (Vetta) will now be available to those buyers who have taken up the subscription offer. This will make the subscription offers more attractive.

(3) Implementing one price per file

Currently the price paid per file downloaded depends on which size the buyer wants. A small file suitable for web use only is cheaper than a large file suitable for printing. From the middle of September the price will be the same regardless of the size. This is a very big change for iStock. It will make life much simpler for buyers. It will be to the advantage of buyers needing large sized images and to the disadvantage of buyers only needing small sized images.

Again, this seems to support the view that iStock has asked and listened to what the high volume image buyers want. And they seem to want access to the best images in the subscription offer, simpler collection structures, lower pricing, and more transparent pricing.

What’s my take?

iStock’s moves are bold and have the potential to re-shape the microstock industry again. iStock has a reputation for having a high quality collection of images – and the Vetta collection is the jewel in that crown. There will be high volume, large budget buyers who are now considering switching to iStock. There will also be current iStock customers considering spending more of their total budget with iStock.

I expect these moves will generate a higher volume of downloads, at a lower average price per download. iStock will be counting on the volume increase to drive total revenue increases. Whether that happens will be known in a few weeks.

What’s the risk?

There is a lot at stake for iStock. Successful execution could see benefits for buyers, contributors, and iStock itself. Failure could see current customers move to competitors, and exclusive contributors looking for alternative sales avenues for their images.

Overall, I am very positive about the boldness of this strategy from iStock. I can see benefits for buyers and contributors. But having a good strategy is only half of the challenge – being able to execute it is another question. iStock’s record for implementing major change over the last 5 years is not great – I’m hoping this time it will be different.

iStock is making a big move in 2 weeks time that may re shape the stock photography industry. It seems to be focussing on the needs of the high volume, large budget buyer. I like the focus and the offer. As an exclusive contributor I just hope iStock execute this well.

That’s my take on this weeks iStock announcements. What’s yours?