While there has never been so many photos taken and shared online, the world of professional photo licensing is not striving. In fact, most legacy companies have seen their revenue freeze or decline in the last decade, with rare exceptions. While at first contradictory, a closer analysis reveals that part of the issue seems to be linked to antiquated business model that are ill-fitted to our all digital, mobile world.
The few companies in this space that continue to grow, and some as much as 40% YTY, are those that have embraced crowdsourcing, along with an uncluttered pricing model. Heavily relying on technology to process massive intake of content and constantly adjusting algorithms to deliver the appropriate result to clients’ queries, they remain however blind to how, where and when their content is used.