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Author Topic: Cutcaster Closing, Sat. April 25, 2020.  (Read 1191 times)

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H2O

« on: April 21, 2020, 11:37 »
+4
Here is the information from their Site:-

ATTENTION Cutcaster Buyers and Sellers - Cutcaster is Closing
A note from Cutcaster founder John Griffin: We started Cutcaster nearly 12 years ago to help connect photo buyers and sellers, and it has been an honor to see the marketplace grow over that time. Regrettably, we are now planning to close Cutcaster on Sat. April 25, 2020. If you buy or sell images on Cutcaster, please see the following instructions regarding credits and payouts.

Buyers: If you have any remaining credits with Cutcaster, please use them before 11:59 p.m. PT on Sat. April 25, 2020. Credits remaining in any Cutcaster account after Sat. April 25, 2020 will be forfeited.

Sellers: If you have more than $5 in earnings in your account, please request a payout before 11:59 p.m. PT on Sat. April 25, 2020. To request a payout, log in to your account, and choose Earnings from the Profile menu in the upper-right corner of the window. Click Request Payout and follow the onscreen instructions.

All existing images in the Cutcaster library will be removed from the public site after Sat. April 25, 2020. If you would like to delete your images earlier, please let us know by emailing [email protected].


I upload to them years ago as they looked like a good site at the time, unfortunately they don't seem to have made it.

Not a good day, I thought they maybe able to give some of the larger sites a run for their money.


50%

« Reply #1 on: April 21, 2020, 11:55 »
0
oh another blast from the past (no pun intended)
oh I once was so young
oh I once was so incredible young

« Reply #2 on: April 21, 2020, 12:41 »
+3
I am surprised they lasted this long.


« Reply #3 on: April 21, 2020, 12:42 »
+7
Thanks for posting this.  They sure didn't give us much warning, did they?  Funnily enough, I barely made that $5 minimum.  I got my first sale there 9 years ago, and my last sale 6 years ago.  At least they're paying what they owe; not everybody is that conscientious.

Microstock Man

  • microstockman.com

« Reply #4 on: April 21, 2020, 14:52 »
+1
Wow, so what's that, 2 agencies (plus all the Masterfile subsidiaries) closing up shop this month?


« Reply #5 on: April 21, 2020, 16:40 »
+2
I thought they closed years ago.

steheap

  • Author of best selling "Get Started in Stock"

« Reply #6 on: April 21, 2020, 16:53 »
+11
I think it is a real sign of an ethical person to allow us to ask for any remaining balance before it finally closes. I had about $9 over there - so thanks John for this. After losing $80 or so with Crestock (yes, my own fault for never going to the site), it is refreshing to see a different approach.

Steve

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #7 on: April 22, 2020, 08:21 »
+3
Wow, so what's that, 2 agencies (plus all the Masterfile subsidiaries) closing up shop this month?

Sure shows us that the market is really down. The places that offer all the same files, from all the same people, and market as "we are selling for less", are finally seeing the end of the ride.

We're seeing which places have won the race to the bottom?  ;D

For the record 4 votes, average = 0 at this point.

I think it is a real sign of an ethical person to allow us to ask for any remaining balance before it finally closes. I had about $9 over there - so thanks John for this. After losing $80 or so with Crestock (yes, my own fault for never going to the site), it is refreshing to see a different approach.

Steve

That's true and the short noticed probably means Cutcaster, was losing money and with the Virus, less income, losing money faster, the time to cut losses was forced on them. If the business is losing money, and the future is showing like the entire Microstock market for the small agencies, why throw away more money, just hanging on.

Instead of going hundreds of thousands of dollars in debt and then going bankrupt, stiffing everyone, Cutcaster is trying to give buyers and artists a chance to recover some of their money. Sounds like he's trying to do the best he can to do the right thing.

Noedelhap

  • www.colincramm.com

« Reply #8 on: April 22, 2020, 17:15 »
+3
Wow, I was wondering, just when Crestock closed down: "what about that other small agency, Cutcaster..?" And whaddayaknow, they close down the same month!
I left Cutcaster years ago, as there were almost no sales. I had almost forgotten Cutcaster was put of for sale a year ago, apparently no buyer was found.

Seems like this economic crisis (due to corona) was the final nail in the coffin and it's weeding out the small fish in the pond and give the industry a good well-deserved shaking.
« Last Edit: April 22, 2020, 17:18 by Noedelhap »

Microstock Man

  • microstockman.com

« Reply #9 on: April 22, 2020, 17:40 »
0
FeaturePics, GL and YAY next?

« Reply #10 on: April 23, 2020, 08:27 »
+1
Thanks for posting that!  I would not have checked until it was too late to request my $11.04.  We will see whether they honor all of the payout requests but will have to give them credit if they do.  I stopped uploading there in 2014 after it was clear they weren't worth the effort and my last sale was July 2015.  Now I'm going to make payout requests from the other low-earner agencies in case they have the same end.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #11 on: April 23, 2020, 09:34 »
+2
FeaturePics, GL and YAY next?

Featurepics seems to be managed smart and small, has been around a long time that way. Early entry into Microstock, but after that I don't know.

GL Stock is up for sale, has been for many months. Was $5,000 no bids, renewed the auction, no bids. Last I looked he lists it as making negative numbers a month and is now asking $15,000 opening bid.  :o Looks like the current owner bought the GraphicLeftovers site as an investment, made improvements, and now has other things he'd be working on more, that are much more profitable. If I had the money, I'd buy it. All I need to do is win the lottery?  :) In other words, the only way to own a site would be not need the income coming from that.

Yay I never followed close, so maybe people who sell there have some opinion. That was a pretty new entry, late into the market. Seems to be another smaller staff operation, which means they run lean and can handle the downturn, better than places that were once larger and have dropped much worse. Now I see, they did a virtual close, didn't pay people and are under new ownership. I changed my opinion to "I'm staying away from this one".

Too many agencies jumped in, after the market was past the major growth stages. If we have observed right, everything peaked sometime in 2012? Unless I'm just seeing SS and IS as example and the smaller ones held on longer. The first major sign that the boom was over was "Unsustainable" from iStock, cutting commissions, and then pretty much every agency followed by dropping referrals or putting time limits on them.

What I mean is, I wouldn't be surprised if a bunch more of the small agencies decided to cut the losses and close down. A business can only stay open losing money for so long, before the writing is on the wall, that there will never be a recovery.
« Last Edit: April 24, 2020, 07:54 by Uncle Pete »

« Reply #12 on: April 23, 2020, 13:05 »
+4
I think it is a real sign of an ethical person to allow us to ask for any remaining balance before it finally closes. I had about $9 over there - so thanks John for this. After losing $80 or so with Crestock (yes, my own fault for never going to the site), it is refreshing to see a different approach.

Steve

Amen, to that.  Jon was always a stand up guy.  I have a lot of respect for him - he was always a pleasure to deal with.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #13 on: April 24, 2020, 06:06 »
0
Odd that I got this in the morning email.

"You're receiving this email because you had at some point signed up to be a yaymicro/yayimages contributor. However, because you have not uploaded any files and/or had no earnings in this account, we will be looking to schedule old and inactive accounts for deletion."

I wrote and thanked them for being nice and telling me, instead of just discovering that some day. I mean, not that it's important, but they are polite and up front, which is appreciated. Yes I have a totally inactive account that I probably would have never used.

Oh I was really out of touch. New owners? Good luck, I think it's too late to save that place. Good Luck
« Last Edit: April 24, 2020, 07:56 by Uncle Pete »

« Reply #14 on: May 22, 2020, 05:11 »
+1
Has anybody received the final payout?

« Reply #15 on: May 24, 2020, 12:50 »
0
Has anybody received the final payout?

Nope.  Payments came in from all the other agencies though (but still waiting to see if Crestock is going to pay anything from their bankruptcy).

« Reply #16 on: May 25, 2020, 05:37 »
+1
I think it is a real sign of an ethical person to allow us to ask for any remaining balance before it finally closes. I had about $9 over there - so thanks John for this. After losing $80 or so with Crestock (yes, my own fault for never going to the site), it is refreshing to see a different approach.

Steve

Would have been even more ethical to send a notification to contributors. I guess it's too late for me. Yes I know, it's my fault that I did not check so often.

« Reply #17 on: May 25, 2020, 10:54 »
0
I think it is a real sign of an ethical person to allow us to ask for any remaining balance before it finally closes. I had about $9 over there - so thanks John for this. After losing $80 or so with Crestock (yes, my own fault for never going to the site), it is refreshing to see a different approach.

Steve

Would have been even more ethical to send a notification to contributors. I guess it's too late for me. Yes I know, it's my fault that I did not check so often.

According to the posts before yours, it seems like final payments haven't been made. It's been a month. I didn't receive my balance when I dropped them years back.


 

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