Last week I was asked by a photographer who is new to iStock what my thoughts were on becoming an exclusive photographer. Regular readers of Beyond Here would know that I have been contributing to iStock since 2008, and have been an exclusive photographer since 2010. A lot has changed in stock photography since 2010, and his question forced me to reconsider the issue. Here are my thoughts on iStock exclusivity in 2017.
Firstly, what is iStock? iStock is one of the leading microstock photography agencies. A photographer can submit images, and will receive a royalty each time one of their images is downloaded.
So, what is exclusivity on iStock? As a contributor you can choose whether you only upload your images to iStock (this is called being an Exclusive Contributor), or to submit your images to a range of different stock agencies (this is called being an Independent Contributor). Back in 2010 there were minimum criteria to meet before you could become exclusive, but today there are no minimum criteria. It’s just a matter of choosing exclusive or independent.
Why would you choose to be exclusive? For iStock, being able to promote that they have content which is only available on their site is a major selling point. To make that attractive to photographers, iStock offers a high royalty payment if your content is exclusive. For the photographer who asked me the question, he had just been approved as a contributor and so would earn 15% as an independent contributor. If he chose to become an Exclusive Contributor his royalty rate would increase to 25%. (Higher percentages are available as you become more successful up to a maximum of 45%).
Why wouldn’t you choose the higher royalty rate? You wouldn’t choose to become exclusive and earn the higher royalty rate if you were prepared to upload your content to a range of microstock sites, and if you felt this would produce a better financial outcome. While I have chosen to be an exclusive contributor at iStock, thousands of photographers choose to remain independent and submit their content to other sites as well. iStock is not the only game in town.
After some deliberation, my suggestion to this photographer was that he remain independent and contribute to three other sites in the short term.
Why did I make this suggestion?
- iStock was a dominant player in the market back in the early 2000’s. It had first mover advantage and rode the success from a large group of loyal contributors many of whom were also buyers. Since iStock was sold to Getty Images there have been numerous changes to the site and the people running iStock. While some changes are for the better, the army of loyal contributors has reduced in size. The roar of the crowd has become more of a whimper, and when the voices do rise in unison it is more often to raise concerns than to cheer for team iStock. While I don’t have market information, I expect iStock is not the major player it was 10 or more years ago.
- Using different sites will enable him to judge what is best for him. Without knowing exactly what content he was planning to upload, I suggested he remain independent and upload to other sites too. This would enable him to figure out what is going to be the best path for him. He could reassess exclusivity in 6-12 months based on facts from his own performance on different sites.
- One of the major benefits of iStock exclusivity in years gone by was the preferential treatment exclusive files were given in the search results. The iStock site and back end systems have gone through major changes in 2017 and it appears that exclusive content no longer gets as well placed. That reduces the benefit of being exclusive, and is reflected in my own earnings which are down from recent years.
While my current year earnings are down, for now I’m choosing to remain an exclusive contributor at iStock. Why? It’s partly my loyalty to iStock after nearly 10 years as a contributor, and it’s definitely because I remain hopeful that iStock and Getty Images will not only realise that exclusive content is the key to their success but that they will also deliver benefits for exclusive contributors. They are my thoughts on iStock exclusivity in 2017. I hope I’m right and iStock can return to its leadership position on the back of the success of it’s exclusive contributors.
I hope “My Thoughts on iStock Exclusivity in 2017” has been useful to you. Best wishes with your stock photography journey.