MicrostockGroup

In an interview in a UK newspaper this weekend, the UK's Chancellor of the Exchequer (Finance Minister) warns that the economic times faced by Britain and the rest of the world "are arguably the worst they've been in 60 years". To deepen the sense of gloom, he adds: "And I think it's going to be more profound and long-lasting than people thought."

How will that affect us? Will sales of images slump too as businesses/publishers/newspapers/magazines cut back on costs?

Or will they remain buoyant as advertisers/editors/etc desperately try to drum up new custom?

One aspect in favour of this 'industry' weathering the storm is its global nature. For example, just this morning I learned that I'd sold an image in South Korea. The global span of stock makes it different to other more localised industries.

Any other ideas?

(P.S. you can read the article here:

http://www.guardian.co.uk/politics/2008/aug/30/economy.alistairdarling)

yeah you make a good point as to the global nature of microstock. I don't think we would suffer as much as say a wedding photographer

I was taking notice yesterday of the available bill boards.  There is a lot of blank advertising space available.  I've always heard that the advertising budget is first to be cut.  I lived thru this in the early '80s, watching many of the magazines to which I contribute cut the number of pages; then cut the staff; Several folded.   Granted, the market was not global during that period.  Actually, their was no microstock agencies, but the situation is certainly reminiscent of those times.

In a recession advertising becomes even more important. Also microstock is a small percentage of the cost of advertising.

Years ago, I worked for a small chain of Heath & Beauty aids stores.

The stores ran a newspaper flier once a month to coincide with when retired people received their social security checks.
Always had a big boot in sales.

When the economy started to slump. they cut out the fliers.
They went belly up six months after that.

Anyone that cuts advertising, is cutting their own throats, at least in the retail world.