Monthly Archives: October 2018

Highs and Lows of Microstock Photography Royalties

This week I received my latest monthly royalty report from leading microstock agency – iStock. It highlighted to me the highs and lows of microstock photography royalties.

So What do I Mean?

Let’s start with the highs. One of my royalties was USD$145 for a single download of one of my images. That’s good news. Especially as the image was shot about 5 years ago and continues to sell. Based on today’s exchange rate, that’s about AUD$200 for a single sale. This type of royalty is uncommon, unfortunately! But when it does happen it is a very nice boost to the overall royalties for the month.


Australian dollars

Occasional big royalties make a significant difference

Now for the lows. One of my downloads generated a royalty of just USD$0.02. I’m really not sure how Getty Images and iStock justify such low royalties. This month I’m glad these small royalties were offset by several large ones.

What Should You Learn from Your Royalties?

I’d suggest not reading too much into individual month royalty amounts. Based on a few large sales, your monthly royalty income can vary significantly from month to month. Making any assumptions based on just one month, or even a small collection of months would be unwise.

So How Should You Assess Progress?

If you are looking for measures which reflect your progress I’d suggest 2 measures are worth looking at.

First is the total number of downloads from month to month. While royalties can vary significantly from month to month, your total download numbers are likely to be much less volatile. There will be seasonal differences in what is downloaded, but the variation in download numbers will not be as dramatic as the variation in royalty amounts.

money

Growing the size and diversity of your portfolio is the only sure way to increase royalties

Second is the total number of files in your portfolio. If you are serious about stock photography you’ll be adding new content regularly. Your number of future downloads – and hence your royalty income – will be determined by the size and diversity of your portfolio. If you want a number you can directly control, measure the number of files in your portfolio and make sure it’s increasing!

What’s the Wrap?

Be happy when the larger royalties come your way. Don’t be too unhappy when they don’t. Keep building your portfolio so that it is large and varied.

Thanks for reading the Highs and Lows of Microstock Photography Royalties. Happy shooting.

One More Photography Business Contingency to Plan For

Running a photography business I find myself planning for all sorts of contingencies. What will I do if a camera body fails? If there is a problem with a lens? What if my second shooter doesn’t turn up? What would I do if my computer hard drive fails? Or if my customer doesn’t pay? This week I’ve found one more photography business contingency to plan for.

Couple St Kilda

I wouldn’t be able to do an outdoor lifestyle shoot today given the state of my back

What Happened?

Yesterday afternoon I went for a run. It was a nice sunny day and I enjoyed the break in the middle of the day getting some exercise. When I got home I do what I normally do after a run – absolutely no stretching, a glass of water, and resting on the couch. When I went to get up suddenly, my back didn’t like it at all.

Where I’m At?

So today I’m immobile, but feeling grateful that I haven’t got any jobs in the next few days which can’t be rescheduled. I am pleased that I don’t have a wedding to photograph this weekend. If I did I would be in trouble. So I’ve been lying around the house today, doing whatever jobs don’t take much physical effort and thinking about one more photography business contingency to plan for.

Contingency Planning?

Have you planned for this type of contingency? I generally enjoy good health and so haven’t done much planning for a scenario when I might be out of action. If I have a big shoot when I have the flu, I generally fill myself with cold and flu medicine and carry on with the shoot. Perhaps through good fortune I haven’t yet had a scenario where I physically couldn’t do a shoot I had committed to.

stretching

I’m going to do a lot more stretching in the future, but nothing quite like this

Today has been helpful in prompting me to think about what I will do if I have a shoot which wouldn’t be possible to move. It may be a Friday night basketball game? It might be a weekend wedding? Or it may be like the shoot I did last weekend, where we shot family portraits as the grand parents were visiting from overseas. In these scenarios I would need to find another person to tackle the job at the agreed time, as there is no way to reschedule.

First Choice

So what am I thinking about? First, I am fortunate that I have several second shooters and other photographers I know who could step in for me at very short notice. That would be my first choice.

Second Choice

My second choice would be photographers I’ve worked with before but don’t know so well, or haven’t been in touch with for some time. This is less than ideal, however, I will try all options so my client gets looked after.

If I Am Struggling to Find Someone

My third choice would be to call on my professional membership colleagues. I am an Accredited Professional Photographer through the Australian Institute of Professional Photography. It has a very active (and very helpful!) Facebook group of AIPP members. If I am really stuck I will ask for help in that group. I will outline details of the job to find someone willing to help at short notice.

exercise

Sports will not be possible for me for at least the next few days while my sore back recovers

Can My Experience Help You?

Have you planned for contingencies in your business? Considered what you would do if you were physically unable to do a job? Has this scenario happen to you? I hope my back gets better soon because I’ve got a commitment I can’t break in the middle of next week. In the meantime I’m trying to strengthen my business by considering one more photography business contingency to plan for. Thanks for reading. Happy shooting, and good health to you! I might do some stretching exercises more regularly in the future!