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Author Topic: Veer Subscription Royalties Update  (Read 8775 times)

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« on: September 30, 2011, 10:24 »
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Last week Veer announced its plan to launch a subscription service.  Though we expected the response to be positive, we offered contributors the opportunity to opt-out of the program if they so desired.  The response from contributors has been loud and clear.  Clearly, we missed the mark.

We've asked for your feedback and have been listening carefully for the last few days as we went back to the drawing board to revise our royalty model.  Two key issues were raised by contributors:

1. Basic plan royalty per download range of $0.10 to $3.00 is generally good but a minimum of $0.25 per download is preferred.
2. Extended license plan royalty per download of $0.13 to $3.75 is far below expectations; there are other subscription sites averaging $28.00 per extended license download.  This was a show stopper for many contributors.

So here's what we're going to do. 

First, we are raising the rates of our Basic subscription to have a minimum royalty of $0.25 per download.  Not only that, but we're also raising the maximum royalty from $3.00 to $4.95.  The range is now $0.25 to $4.95 per download, per image-buying customers.

Second, we are changing the subscription extended license plan.  Instead of a daily download model for subscription extended licenses, Veer will enable subscription customers to easily purchase extended licenses on a per-image basis, as we do now on Veer.com.  If a customer purchases an unlimited reproduction license for your subscription image, you will earn $35.00 for the extended license, in addition to your subscription royalty per download of between $0.25 and $4.95.

A look at typical scenarios -- if the average subscription customer downloads nine images per day and the general range of downloads is between five to fifteen downloads per day, then here's how much a Veer contributor will earn with the revised subscription royalty model:

Customer downloads 15 images per day = $0.33 royalty per downloaded image
Customer downloads 9 images per day = $0.55 royalty per downloaded image
Customer downloads 5 images per day = $0.99 royalty per downloaded image

And if a customer adds an unlimited reproduction license to your image, you'll get an extra $35.00 per image on top of the subscription royalty.

See the updated
rate card for all the details.  We'll be sending an update email as well today.

We believe these new subscription royalties are competitive and will be an attractive new revenue stream for participating subscription contributors.

For anyone that communicated a subscription opt-out message to Veer and would now like to opt-in, simply send a message to contributorhelp@veer.com with the subject "Opt In" and we'll make sure your images are included in the subscription site.  You'll have until October 21st to let us know, but the sooner the better. 

Note, if we decide to offer a daily download subscription extended license in the future (with much better rates), then you will have the opportunity to opt-out of that as well. 

Veer puts a high value on open communication and collaboration.  Once again, we really appreciate your honest feedback and we've taken it to heart.  This has been a learning experience for us.  We're inspired by the engagement of our contributors and we hope you continue this engagement by joining us on the launch of Veer subscriptions.

Aaron


« Reply #1 on: September 30, 2011, 10:47 »
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How refreshing to hear a stock site listening to the contributors and adjusting things accordingly.  There are a few other sites that could take a lesson from you and I wish you all the luck in the world to take you to the top.

« Reply #2 on: September 30, 2011, 10:57 »
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That's much better.  I'm also really pleased to see that you've listened but I hope next time you get it right first time.

« Reply #3 on: September 30, 2011, 10:58 »
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you guys rock out end of story

wish you the best as I keep on supporting you, HIGH FIVE!

« Reply #4 on: September 30, 2011, 11:11 »
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Well done, guys.  I'm not even that upset about your first plan, given how well you listened to and responded to our comments.  You put a stake in the ground, we pointed out our issues and you adjusted your plans accordingly.  Extra points for transparency, along with all the ones you get for treating your suppliers with respect.

RT


« Reply #5 on: September 30, 2011, 11:16 »
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Nice to see an agency listening to it's contributors and acting on that information.

« Reply #6 on: September 30, 2011, 11:23 »
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My respect for Veer has quadrupled.  Thanks for your integrity and respecting our concerns.

Microbius

« Reply #7 on: September 30, 2011, 11:27 »
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OMG, some of the other agencies really need to take a leaf out of your book!
Thanks for listening!

« Reply #8 on: September 30, 2011, 11:47 »
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Your new proposal sounds much better. I also want to add that I appreciate the willingness to go back and revisit the issue.

The extended license solution is excellent.

About the only thing that concerns me is if it turns out that all the subscription sales are 25 cents in practice, having the higher theoretical maximum has no real value to us. Given that concern, what about keeping the opt out possibility rather than having it be just temporary for those of us who happened to be signed up prior to that October date? I'd be more than willing to give it a shot but if it wasn't working after 6-9 months I'd be stuck (unless I wanted to leave Veer altogether).

« Reply #9 on: September 30, 2011, 11:52 »
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Now that's a much better and interesting  offer.

Very good for veer.

Sorry for being harsh to the first plan.

« Reply #10 on: September 30, 2011, 11:54 »
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Sounds good. Thanks!

« Reply #11 on: September 30, 2011, 11:59 »
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I just clicked the 'Like' button.

« Reply #12 on: September 30, 2011, 12:03 »
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Question: can I still 'back opt-in' after the 21st October? (I am currently opted out.)

velocicarpo

« Reply #13 on: September 30, 2011, 12:05 »
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Thanks so much Aaron and Veer!
It is really good to have someone listening to our concerns. I will certainly continue to support you in the future!

« Reply #14 on: September 30, 2011, 12:07 »
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Sounds like a very good improvement on the first offer! Finally a site that is listening and making an effort to balance the equation to be more equitable for the contributor regarding subscription sales! Bravo Veer!

« Reply #15 on: September 30, 2011, 12:08 »
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wow.  thank you! 

« Reply #16 on: September 30, 2011, 12:22 »
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I'm pleased to sell subs on Veer!

« Reply #17 on: September 30, 2011, 12:37 »
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Question: can I still 'back opt-in' after the 21st October? (I am currently opted out.)

Maui - no, it's not possible to opt-in after the October 21st cutoff date.  From Aaron's announcement above:

For anyone that communicated a subscription opt-out message to Veer and would now like to opt-in, simply send a message to contributorhelp@veer.com with the subject "Opt In" and we'll make sure your images are included in the subscription site.  You'll have until October 21st to let us know, but the sooner the better.

« Reply #18 on: September 30, 2011, 12:40 »
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.
« Last Edit: October 03, 2011, 22:14 by Sadstock »

Xalanx

« Reply #19 on: September 30, 2011, 12:42 »
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How impressive! I was so sure you won't be able to come up with something that will change my mind (perhaps due to the atmosphere crowded by greedy agencies with zero respect for contributors), but you really did. I will opt back in.

KB

« Reply #20 on: September 30, 2011, 12:47 »
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I'm just an idle bystander, but I applaud Veer's efforts at coming up with changes that work for both Veer and contributors. Bravo!

That said, I still do not see one word about size. Size matters. Giving away XXXL images for a quarter is still a poor deal.

I also don't see why there couldn't be a permanent opt-in / opt-out option, but I guess there must be a good business reason for it.

Regardless, well done, Veer.

« Reply #21 on: September 30, 2011, 12:50 »
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Excellent!  You have done a great job with redoing the plan. It now falls in line with the industry averages and I'm sure most of us will accept this. I'm opting back in.

« Reply #22 on: September 30, 2011, 12:54 »
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Woo-yay! :D    (In other words: opt in)
« Last Edit: September 30, 2011, 13:00 by Perry »

« Reply #23 on: September 30, 2011, 12:59 »
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Very impressive!
Nice to see an agency listening to it's contributors and treating it's suppliers with respect.
Wishing you the best and thanks for respecting our concerns.
You definitely have my support! :)

« Reply #24 on: September 30, 2011, 13:06 »
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Question to VEER:

The examples mentioned a customer buying x amount of images using the subscription model like:

Customer downloads 5 images per day=$0.99 royalty per downloaded image which results in $4.95 from that customer.

Ideally many customers will get a subscription plan and purchase my images - so is my following example correct?:

Customer A downloads 5 of my images per day=$0.99 royalty per downloaded image which results in $4.95 from customer A.
Customer B downloads 1 of my image per day=$4.95 royalty per downloaded image which results in $4.95 from customer B.
Customer C downloads 9 of my images per day=$0.55 royalty per downloaded image which results in $4.95 from customer C.
Customer D downloads 15 of my images per day=$0.33 royalty per downloaded image which results in $4.95 from customer D.

Which totals 4 x $4.95 = $19.80 for four customers downloading 30 of my images ($0.66 RPD).

I'm sorry if this has been addressed before or if I misread any of the terms. I'd greatly appreciate clarification about that.

Thanks in advance.


 

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