I think every one is seeing bad changes. I have stopped uploading after April was the lowest in years.

I agree 100%.   Why upload now?  I can't even buy a cup of coffee and a doughnut with these none sales.

They have a millions of bad images, yes! If I were a buyer I would be lost. And they still accepting everything.

This is no search problem or anything and I dont care what their Q whatever reporst says I think they are plain and straight losing buyers. Simple as that.

I do care because its the only audited report we have. Supply is going up much faster than demand which is more concerning as buyers are not picking up the demand on other sites. You are of course entitled to believe what you choose but its useful to consider all the evidence rather than just  that which supports your case....unfashionable I know.

...I dont care what their Q whatever reporst says I think they are plain and straight losing buyers. Simple as that.

I think the story is probably a variation of the old joke about one foot in ice and the other in a fire - on average, things feel just fine. 12% revenue growth isn't across the board, even if you for a moment discard the elephant in the room of the 63% growth in the collection. Some big chunk of that growth is rubbish that will sell very little, but we're competing, I think for a smaller 7% growth because the big bucks is in the enterprise business, not "e-commerce" (what they're calling the traditional SS agency).

Their quarterly report and earnings call transcript said that buyers increased 13%, revenue increased 12%, their buyer retention rate was 92%, paid downloads grew 6% and that growth was spread about evenly between existing and new buyers. I'm not sure how those can all be true without something declining (that they aren't detailing). Enterprise business was 29% of revenue and now it's 32% and most of the increase in revenue per download comes from enterprise and video which are higher priced items.

Using hypothetical numbers for an example: The comparison quarter was 100 buyers with 100 sales at $2 each (average). $200 in revenue. Revenue increased 12% and is now $224

Enterprise revenue was $58 and it's now $71.68 (29% of $200 versus 32% of $224); e-commerce revenue was $142 and it's now $152.32 - about 23% growth in enterprise and about 7% in e-commerce. Many of us have seen the large SOD sales dry up, meaning probably that we're in the low growth bucket. Where we're competing with a substantially larger collection.

It'd be interesting to know more about where the lost buyers are - enterprise or e-commerce. I thought about ways to guess the download split between the two segments but I don't think there's any way to do that with what they've said publicly. I'd guess that the lower-royalty, lower price packages that are replacing some of the on-demand sales might have more impact in the e-commerce sector where our revenue per download is flat or falling.