RPI considerations

This time I want to write about the famous RPI, return per image, measure. As you probably know, in stock photography this is one key indicator of success.

My RPI/month in microstock (all the agencies together, not just Dreamstime)is at level of 1,2 dollar per image. Average, according to the accepted standards. From 3 up is considered high. A level of 5 is already great. Beyond 5, unbelievable :-)

Since I started to evaluate more closely the RPI, I found out that my 2008 RPI/year (that is the RPI measured yearly, not monthly) is around 2,5. Not so bad.
Fotolia reached a 3,4 that is very good indeed. What is the difference between monthly or yearly RPI? I think the year RPI put all in perspective and sum up the work you have made during a larger span of time. It averages all down to a better picture.

I favor this kind of measurement when evaluating my RPI and other sales related statistics. The results of one year bring more precise numbers and level the fluctuations of good/bad months.

I believe that Microstock can still give a decent RPI, if you are able to provide a good quantity+quality of images regularly, at a fast pace. Today is probably harder for the newcomers than for established microstockers, but who want to make it seriously must always keep a close look at RPI to see if he/she is doing well.

My image,  microstock photography, is licensed through Dreamstime.

Statistics

I want to introduce a small basic historical statistic of my microstock activity, dedicated to the fans of numbers. (which I'm not too much, I confess)

I started out in Dreamstime with 755 uploads in 2006, and monthly revenues for that year were under the 100 dollars line. In 2007 I uploaded 700 new images (for a total portfolio of 1455) and my monthly earnings was substantially up, At around 200% more.

2008 was the boom year, with 1689 new uploaded images. The average revenue per month jumped of another 100%. Not a good result in relative terms, but in absolute, doubling my previous year's earnings, was good.

This year, after nine months, my uploads are slowing down, with only around 450 new images, but thanks to the portfolio size, the monthly average revenues are again growing another 50%.

What that say me? Apparently, that the portfolio size count in some good percentage for the overall revenues.
But if you look closely, you will know that DT (and other agencies as well) has changed the prices and elevated the percentage to contributors, during these years. So, is something more complex than just increasing portfolio size.

I would say that also if portfolio size count (let's say a 30-40 percent?), the most important factor is the regular continued submission of good new images if you want to make it seriously, otherwise you will disappear from the radars.

My RPI is not that great, I must confess, and that's why I have substantially reduced my production and submission of images this year. I believe that in the near future my microstock submissions will be lowered and each one closely evaluated. The aim should be to have less images, better focused on originality.

This will be the third phase of my development as a stock photographer. After the learning of the stock photography world, after having established a position in the market (if we can call it this way! :-), now is time for more business efficiency.

The image, numbers, is licensed at Dreamstime.

Buying microstock images

The first thing to know when buying microstock images, is that a large group of photographers/illustrators are submitting the same images to all the agencies.

So, often you may find the same image(s) in all the main microstock agencies. This lead to a obvious consideration: if the images are not exclusive, better go with the agency that offer the best subscription plan or single image price.

That said, you must probably choose an agency where to commit and became familiar with their stock archive, system of selection, lightboxes, searching features, and so on.

Some agencies have different terms for what is allowed under the standard Royalty free license, so you must also became familiar with the various differences or specific term of each agency, before decide what works best for you.

Probably in iStock you will find the highest number of exclusives images. In Shutterstock exclusivity doesn't exist. So images here are available almost surely in every other agency. Thus, prices come into consideration as said above.

Recapitulating: price dictate surely the choice, but don't forget the advantage of having images that are 'exclusive only' on a specific agency. If you buy a lot of images, subscription plans are the more convenient way top go, if you are an occasional buyer, you should search for the best 'per download' prices.

My photo at the top, stock photographers, is available at Dreamstime.

A basic review of the top four microstock agencies, from buyer's perspective

iSTOCK
iStockPhoto, now owned by Getty images, is the king of microstock realm. They were the creator of the microstock concept and still are a step ahead of the competition.
They have very high standard and surely the toughest review process, so you can be pretty sure to find excellent standard images here.

A lot of photographers are exclusives, guaranteeing to iStock a great amount of unique and very creative images. Notice that you will pay a premium for the iStock 'brand'. Especially for exclusive images, I consider this worth the extra money.

www.istock.com


SHUTTERSTOCK
Shutterstock, is a subscription only agency, where you must buy a subscription and have a set number of images to download in one week, month or year. Is obviously an agency for professionals and large design agencies, not the occasional microstock buyer.

In the last two years they have offered 'on demand' images, the possibility to buy pictures without committing to an heavy investment in a subscription plan. Then recently bought Bigstock photo for that same reason, to enter in the non-subscription share of the market.

www.shutterstock.com


FOTOLIA
Is very popular with european designers and clients, being located in Europe and having addressed since beginning the Germany and France markets. Later they expanded, to become a global successful microstock agency, today one of the top ones.

From this year, you can find video clips at affordable prices as well.

www.fotolia.com


DREAMSTIME

Dreamstime is a favorite of mine, I must confess (it is pretty clear from this my blog, anyway... .-)
I think that since beginning they were (and are) the best as for contributor fairness and this brought many contributors to became exclusive here.

They have quality images, all the features, good advanced search and every month there is a bunch of highly selected 'exclusive only' images available, from the monthly themed assignment.

www.dreamstime.com

Keep always your eyes open because there are continue changes (price structures, mergers, buyouts and so on) in all of these agencies, as the microstock market consolidate e mature.

Story of a small microstock success - part 3

After this small journey of four years I can say that for me, microstock was the door to stock photography (before I was working in photography, graphic and with the publishing industry, but not stock). I can safely say that without it, probably I would never have entered this industry.
Now is anyway the moment to refocus my goals, facing the challenges that are in front of me, in terms of competition and quality, as the microstock is requiring a growing efforts, to just maintain the position.

I will talk in future posts, about my directions for 2010 (among this, the possible testing of videoclip production). For now, I can tell that a huge change of microstock is in place, namely the invasion of new (talented) photographers/illustrators and professional studios starting to consider diversifying their production also into micro.
Is not at all something bad in itself, but surely it requires more efforts to remain on the upper side and avoid a steady decline of income.

Well, that's all. I hope it was an interesting reading and wish you to take motivational inspiration from it. Is the story of a normal person, that has just a good background in visual arts and photography specifically, that with good self critical analysis and lot of work made it true.

Yes, I have reached the four digits earnings monthly, but more important is the fact that I deeply enjoy every moment of this profession!

The photo, success, can be licensed at Dreamstime.

Story of a small microstock success - part 2

In 2008 the effects of my strategic and operating decision, were seen. I could dedicate myself to producing a lot of new images on a monthly basis and spent a reasonable time in keywording and uploading. If 2007 was mostly a year of frantic enthusiasm and expansion, not supported by a logic direction, 2008 was then the year of clear resolution to increase dramatically my portfolio and reach the point to earn enough to sustain our living expenses with microstock only.

At the end of the year (I will use Dreamstime for this example), I growth from 750 images to more than 2000. The fact I could concentrate just on the best agencies, with the best returns and overall earnings, made it more simple.
Well before the end of the year we were living with microstock earnings. The main goal was reached!

After upgrading my camera gear, to continue my growing and be able to produce better quality images, I set the 2009 goal. The year of consolidation, as I named it.
Many many new photographers are joining microstock, also a lot of pro, before skeptical, are joining as well... next year I predict that I will be shifting much more of my work toward RM licensing (that I already started in late 2007, joining some specialized libraries).

(end of Part 2, last Part to follow next week)

The image, Photo camera, is licensed by Dreamstime.

Story of a small microstock success - part 1

I am not here to tell a 'success story' as can be the ones of Yuri Arcurs, Lise Gagne or Andres Rodriguez, or many others famous top microstock stars.
I am trying to testify that anybody can reach a decent success in stock photography (as in life!) with a little patience, hard work, will to learn, lot of passion and dedication.

My story began in late 2005, when I read about an agency licensing images for a dollar and accepting photos from people, to be sold across their website. After pondering over it, bought my first digital camera, a Canon Powershot (the only I could afford in that moment) after many years of film photography with Minolta cameras. I had obviously to learn a lot of things: from software to workflow and the using of digital camera itself.

In few months I felt ready to submit, so in spring 2006 we started our adventure (my wife took part in it since beginning, as an helper initially, then going by herself).

Dreamstime and Shutterstock were the first two agencies I joined in exact order of time. Then in 2007, I joined many others, but I regretted this decision and later in the same year decided to cut most of them. My personal experience tells me that a single photographer, without any helper, must have no more than 4 agencies. Better still if they are the famous 'big four'.

That same year I invested some of the earnings into a new DSLR camera, a macro lens and various accessories. Plus a couple of studio light.
(end of Part 1. Part 2 will follow soon)

The photo, Photographer, is licensed by Dreamstime as usual.