Istock posted a second "Explanation" to its contributors - the link is here:
http://www.istockphoto.com/forum_messages.php?threadid=252322This is the bit that irritates me:
"Since roughly 2005 we've been aware of a basic problem with how our business works. As the company grows, the overall percentage we pay out to contributing artists increases. In the most basic terms that means that iStock becomes less profitable with increased success. As a business model, it’s simply unsustainable: businesses should get more profitable as they grow. This is a long-term problem that needs to be addressed."If they want Istock's profit to increase each year why don't they advertise to potential customers more. Concentrate on raising everyone's profit - istock's and contributors. Concentrate on getting more people buying from Istock.
Next year are they going to lower contributor royalties again because they need to increase their profitability next year too?
Basically what they are saying is "We get one pizza a year -- and whereas before you used to be given two slices of pizza from us, now we will just give you one." -- instead of being like - "Okay how can we get more pizza for both of us"