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Author Topic: Help Me With My Ulcer!  (Read 1998 times)

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« on: January 06, 2013, 10:02 »
+1
Many of you know my video and if not you can click the link below. iStock is not just tanking on photo sales. At this point last year in January I had earned $1,275.00 now for the same period this year I am at $408.00 I do this full-time so I am getting an ulcer with iStock. I have been loading to other sites with my port turned off as to not break my exclusive contract with iStock. I have a ways to go before I spread out enough to absorb the hit with my cut if I drop. By spreading out I do not have the time for  a lot of the medical shoots I have planned for this year. If you were me would you pour all your energy into spreading out? Would you focus on just shooting more and better material and hope for the best? We all know the IS story so I am in need of a community comfort fix before I turn to zantac shakes every meal. Thanks :-)

wwww.istockphoto.com/jjneff


« Reply #1 on: January 06, 2013, 10:13 »
0

lisafx

« Reply #2 on: January 06, 2013, 10:24 »
+1
Oh, I thought you really had an ulcer.  I have great advice for those.  :)

How to deal with Istock?  Not so much.  We are all in the same boat there, more or less. 

Sounds like you have been working on your exclusivity exit strategy.  I think that's very smart.  Too bad it doesn't leave you as much time to shoot, but it's a smarter strategy than just shooting more.  No matter how good your stuff is, if it buried in the searches of a site whose buyer base is declining, nobody's going to see it, much less buy it. 

Very sorry that your exclusive agent distributor has put you in this position.  Best of luck with spreading out.

And if you ever do get an actual ulcer, pm me.  I know how to get rid of those completely :) 

« Reply #3 on: January 06, 2013, 10:31 »
+1
Thanks Lisa, I may pm you sooner than I like :-) Never expected to be in this position with iStock but I know I am not alone!

« Reply #4 on: January 06, 2013, 12:38 »
+2
I can't comment on what video sales are like elsewhere as I don't do video. But assuming there is a decent market with the other sites (as there is for photos), I would suggest that the troubles you face with building up your portfolio across sites are much better for your long term income than hoping iStock/Getty/Carlyle turn things around.

In my case (I left exclusivity at the beginning of June 2011) I figured that I was going to take a hit in income anyway (I had been watching it drop by 10-20% over 2010 equivalent months at the beginning of 2011). Better to take the hit while building in some future upside potential than just sitting there and accepting whatever iStock/Getty/H&F cared to toss my way. I get the idea that you don't want to bail too soon, but even if you ignore the terrible damage of the debt that H&F saddled Getty with, Getty's track record in past acquisitions - controlling costs by cutting payouts to photographers - was clearly (to me) what was happening at iStock. I knew about all of that when I became exclusive but hoped that Getty would leave iStock alone for longer given that they were making money. Once I saw the writing on the wall with the September 2010 actions, that hope was clearly not the way things were going.

It isn't just iStock. Two of my brothers were PumpAudio contributors. After Getty acquired them, they sent out letters to everyone saying that they were cutting their royalty from 50% to 35% so they could market things better. My brothers got another letter saying they could keep their 50% if they went exclusive with Getty, which they did as they couldn't afford the loss in royalties at the time. Do a google search on Getty acquisitions and there's a sorry tale of the same type of behavior over and over.

I don't have a crystal ball any more than you do, but I couldn't bet on a good outcome by hoping any more. While other exclusives have been reporting huge drops, I saw my October - December 2012 about 5% up on October - December 2010 (my last fall selling season quarter as an exclusive). I know it's only a small uptick, but compared to 50% losses, I'm content.

« Reply #5 on: January 06, 2013, 13:30 »
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Yes, I think you should definitely expand the markets for your work.

The graphs and statistics being reported by IS exclusives in particular look absolutely horrific to me. It's difficult to believe that IS can pull out of their apparent nosedive any time soon. Every action they've taken (reducing staff, increasing prices, introducing credit cards, etc) all seem to have worsened the problem. Do they have the wisdom and the bottle to take the painful measures necessary to steady the business? Can't see it myself. They'd have to admit they were wrong ... and that's not going to happen!

I'm expecting a mass-exodus of exclusives this year, probably from April onwards. I'd suggest you get to the doors first and avoid the rush. There will probably be a lot of excellent new content being uploaded to other agencies, all of it competing for those vital early sales to ensure good sort-order placement.

« Reply #6 on: January 06, 2013, 14:44 »
+1
The video team at iStock is more then helpful and understanding. I am going to give them until the end of May, in the mean time I will push forward with my exit strategy. Hope they can turn it around but only time will tell on this. I really appreciate the support here and from other artist I know!! Means a lot when you have a family to feed!

ShadySue

  • There is a crack in everything
« Reply #7 on: January 06, 2013, 15:13 »
0
iStock seems to be down at the moment with gateway errors, so I'm not sure if you only do video or photos too.
I've never read of anyone saying that there could be any advantage in being video exclusive to iStock. Indeed, conversely it might be a reasonable plan to select carefully where else you want to sell, where the buyers pay less and you get more, and regard iStock as your lowest priority for video.
I guess things could change, but there's no evidence that istock wants to turn things round.My first week of 2013 is well below the corresponding week in 2012 for dls and $$, despite one buyer buying 8 of my images on Friday, which is very unusual for me.

Good luck whatever you decide.

ShadySue

  • There is a crack in everything
« Reply #8 on: January 06, 2013, 15:43 »
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This bytes. Someone fed the glitch monsters after midnight.
The glitch monsters are at work down in the dark internety room, but they sent a note up that said: Dear You, Me fix broken thing. Sorry for trouble. Love, Monsters.

They, and the site, will be back up soon. In the meantime, wed like to offer you 10% off your next purchase of 50 or more iStock credits using the coupon code below.


They foul up, we pay.
       ^^^ bowdlerised.

gillian vann

  • *Gillian*
« Reply #9 on: January 06, 2013, 16:03 »
0

They, and the site, will be back up soon. In the meantime, wed like to offer you 10% off your next purchase of 50 or more iStock credits using the coupon code below.


They foul up, we pay.
       ^^^ bowdlerised.

I thought that bit was a joke you put in there..... :((
yes, there needs to be much more dissent regarding this.
their job is to run the site, pay for that themselves, and pay us. we aren't subsidising their running costs too.
I went to a cafe recently who was asking for donations to help pay the electricity bill, the cheek!

ShadySue

  • There is a crack in everything
« Reply #10 on: January 06, 2013, 16:24 »
+2
I wonder how much more efficient they'd be if the discounts came out of their salaries rather than our commissions.

« Reply #11 on: January 06, 2013, 20:47 »
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At this point last year in January I had earned $1,275.00 now for the same period this year I am at $408.00

So you are concern in this few dead days after new year to be projections for this whole year?!

« Reply #12 on: January 06, 2013, 21:30 »
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This is a 4 week pattern if it continues at this rate I will starve


 

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