It's a jungle out there when searching for a new stock photo agency!
Choosing A Stock Photo Agency
There
are hundreds of stock photo agencies out there, and more seem to spring up
every day. In the volatile and every changing stock photo industry it can be
important to diversify. You never know when an agency may fold or undergo a
dramatic turn for the worse, or when some upstart agency (remember iStockphoto)
will come along and upset the apple cart. Even a gradual shift in the client
base of agencies can sneak up on you and leave you scrambling. Whether you are
looking for your first agency, or an ancillary one, or perhaps one that offers
penetration into a new market segment, here are thirteen important points to
keep in mind (I have to give credit to Rick Becker-Leckrone, CEO of BlendImages, for bringing these points to my attention).
1. How
will the agency ensure that your work is viewed by the maximum number of
potential customers? How extensive
is their sales network? Does it include the highest producing agencies
like Getty, Corbis, Shutterstock, and Masterfile? If the agency is not relying
on distribution, how much are they prepared to invest in marketing?
2. If
the agency offers direct sales opportunities, how does their search / retrieval
system and e-commerce platform function? Be a secret shopper.
3. What
new licensing models and innovative ways does the agency have for getting
non-traditional buyers to explore and license your work?
4. Who
else’s work does the agency represent? Any shooters you know and admire?
Call them and get their perspective on the agency.
5. What
kind of systems do they have for editing and ingesting content? Can you upload
edits from anywhere in the world 24/7? Can you upload high-res and model
releases?
6. Will
you have an editor to work with in generating shoot ideas and to provide sales
statistics and feedback on how different types of imagery are performing?
7. Will
they represent both your stills and motion stock?
8. What
kind of experience does the agency personnel have in delivering results in the
stock photo industry? Look for at least 15 years industry experience in
an editor and even more from senior management.
9. How
well placed in search will the content be on sales partner sites?
10. How
big is their overall library? If too large, your work will get lost.
Look to see how much work exists in their collection that is similar to
yours.
11. How
long will your images take to get to market?
12. Will
the agency have face-to-face photographer meetings and provide creative
research reports on a regular basis? What does the agency provide in
terms of support outside of basic editing? What is the
overall level of transparency of the agency? Do you have any idea what
their gross revenue is? How many images in the collection? What the
goals of the agency are? Who the owners are? Good to know all of
these things.
13. Does
the agency understand the legal requirements of stock and carry a robust
E&O policy? If there are legal complications, do they have the
knowledge, legal counsel, and wherewithal to defend the agency from lawsuits arising
from models / clients? Do they carefully vet model / property releases?
Getty
And Blend
My own
agencies of choice are Getty Images and Blend Images. Getty, being the largest
of the traditional agencies, is an obvious choice. But Blend is a very interesting
one as well (Disclaimer: I am a co-founder and owner of Blend Images).
With Blend my images not only get a wider audience with both RF and RM
content on Getty, Corbis, Masterfile, Superstock and God knows how many other
distributors, but I also get my images up on Microstock sites at macro prices.
How cool is that? The eyeballs appear to be migrating to places like
Shutterstock, Fotolia and others. With Blend Images, without any additional work, I
get representation on Shutterstock, Fotolia, iStockphoto and others. In addition, I can actually call
Blend and get a person on the phone! I might add that I know other Blend
non-owner contributors who have the same experience…and not just with art
directors and creative directors, but with all of the staff right on up to the
CEO, Rick Becker-Leckrone. Finally, Blend gives me art direction, research reports, and creative meetings
as well. As a matter of fact, I head off Thursday to a two-day Blend meeting
and workshop focusing on motion stock.
A Word
About Royalty Splits
If your
goal is to make as much revenue as possible then it is important to look beyond
just your royalty split. Running an agency is expensive. Shutterstock, for
example, is reported to have spent $40,000,000.00 on advertising last year. An
agency that gives photographers an unrealistic share of the royalties won’t
have the funds to run effectively, and it is important to remember that 50 or
more percent of nothing is…well…nothing! What is a fair royalty split? I don’t
have an answer to that question. But that may not be the best question to be
asking.
Consistent
Production The Key To Success
Once you
have signed with an agency the key to success is producing your best work
consistently. It is consistent production more than anything else that will
eventually lead to success. It is a universal truth with stock photographers
that big royalty checks motivate us, and small royalty checks tend to sap our
creativity and motivation. You have to be aware of that and move beyond it.
Seeing Results
One
final note. In my own experience (and I don’t have experience with micro
agencies) it takes time to see results. Give it a good year of consistent
production before judging the success or failure of the agency.