With all sorts of upheavals in the image business, it is easy for smaller players to sit on their hands because they are unsure of what to do, or because they hope that one of the bigger players is going to buy them. Both are big mistakes.
The photo agencies that will prosper are those that innovate and try to build sales and new revenue streams. And here’s the logic behind that:
Firstly, with so many photo agencies trying to survive with a formula of cost cutting and business as usual, doing anything is likely to make you stand out from the crowd. Innovations include identifying and selling images containing brands, offering focused feeds tailor-made for territories and clients, 24/7 operating hours, promoting a reliable research service, selling pre-made galleries of image sets, and more.
Secondly, even if you are secretly (or not so secretly) hoping a big player or investor will buy you, you will be a much more attractive proposition if you are seen to be innovative and progressive. Also – and this is a point often overlooked – the value of your archive is hugely enhanced by orderly metadata and relevant, consistent keywording. No one wants to buy a disorganised mess.
To discuss the options and opportunities, make contact by clicking here.