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Messages - AaronBooth

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1
Veer / Veer Subscription Royalties Update
« on: September 30, 2011, 10:24 »
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 [email protected] 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

2
Veer / Re: veer subs
« on: September 27, 2011, 15:30 »
Veer appreciates your feedback and we are listening.  We are working through some new scenarios for our subscription model and will announce an adjustment within the next day or so.  Stay tuned.  And meantime, keep the ideas flowing.

Aaron

3
Veer / Re: veer subs
« on: September 26, 2011, 18:16 »
We appreciate the points raised here and in Lee's article.  Thanks for your patience in hearing our reply. 

First on the $3.00 - $0.10 per download: 

When designing our subscription royalty model we did not want to follow the approach of other subscription sites that pay a fixed royalty per download, because of the imbalance of what the company earns versus what the contributor earns.  Let's say a subscription site pays $0.25 per download, their customers pay $250 for a 31 day subscription, amounting to a daily spend of $8.06.  An estimated average of nine downloads per day means $2.25 royalty is paid to contributors (who's images were downloaded by a customer) and $5.81 is kept by the site.  For four downloads, the site pays $1.00 in royalties and keeps $7.06.  One download per day, the site pays $0.25 in royalty and keeps $7.81 - that's a 3% royalty to the contributor.

So we decided to do things differently and create a more balanced royalty model for Veer subscription.  Unlike other sites, Veer offers a guaranteed "royalty pool" of $3.00 per day, per image-downloading customer.  Whether a customer downloads thirty images or just one image per day, we pay out the full $3.00 to contributors.  Compared to the previous example, if a Veer customer downloads one image, the contributor gets $3.00 (the other site would pay only $0.25).  Four downloads, Veer pays $0.75 per image.  Nine downloads, $0.33 per image royalty.  I won't give away our pricing yet but I can say it's less than $250 per month.

As Lee points out, most customers don't use their full quotas, and so $0.10 per image is an outlier.  With a typical range of five to fifteen downloads per day, the typical Veer subscription royalty per image is between $0.20 to $0.60, which is consistent - and in many cases better - than other subscription sites.

Veer's subscription model is different than other sites by paying out the full share of $3.00 per image-downloading customer per day regardless of the number of downloads.  In a few cases, we acknowledge that Veer contributors will earn less per download than other sites but in many cases, contributors will earn much more per image than other sites.  We believe the law of averages is on side with contributors in Veer's subscription royalty model.

Regarding the extended license royalty, we aligned our extended license rate to what we found in our market research of daily download subscriptions.  Veer needs to be on par with the playing field and so we've designed our extended license royalties to be, in our view, a standard price for this type of subscription (to be presented at launch).  We're by no means trying to insult our contributors and we appreciate everyone's concern.  As always, Veer is committed to openness and transparency with our community.

As part of this commitment we have given our existing contributors the option to opt-out, but that said, we believe our offer is competitive with the current market and we are glad to offer this new subscription revenue stream to our contributors.  We hope you join us.

Aaron

4
Veer / Re: Veer? what are they doing??
« on: September 13, 2010, 10:59 »
Brian is off today so I'll jump in.  He posted an update on this topic on Friday.  Check it out here:  http://www.microstockgroup.com/veer-marketplace/dash-for-cash-editing-and-payment-update

5
Veer / Re: Veer Dash for Cash
« on: May 06, 2010, 16:15 »
gostwyck, you make intelligent points and sound like you'd be a perfect contributor to Veer.  I do hope you give Veer a try.  You'll see some big initiatives at Veer starting this summer to support a volume business.  We're just getting started.

6
Veer / Re: Veer Dash for Cash
« on: May 06, 2010, 11:01 »
Aaron
Is the information below correct? Is this for current contributors only or does it also include new contributors that registered after the Dash for Cash start date? Just want to clarify this.
 
Got another question...is this only for current contributors?
And the way I'm reading it you're getting .35 for the first 99
.70 for the next 100 to 399, then after that you get paid the 1.40.
It doesn't sound like just because you have 400 images on there already, that you will automatically be getting 1.40. You'll still be only getting the .35 for the first  99, then .70 for the NEXT 100 to 399. In other words you have to get 400 accepted to even get the 1.40 and that would only be on the accepted ones from 400 and up.
If I'm wrong please correct me.

Quote
""Existing contributors (fewer than 199 images on veer.com)

Get 1 to 99 new images accepted and youll earn $0.35 per image.
Get 100 to 399 new images accepted and youll earn $0.70 per image.
Get 400+ new images accepted and youll earn $1.40 per image.
Existing contributors (200 to 399 images on veer.com)

Get 1 to 49 new images accepted and youll earn $0.35 per image.
Get 50 to 399 new images accepted and youll earn $0.70 per image.
Get 400+ new images accepted and youll earn $1.40 per image.
Existing contributors (400+ images on veer.com)

Get 1 to 399 new images accepted and youll earn $0.70 per image
Get 400+ new images accepted and youll earn $1.40 per image""

Good question.

If you were a contributor with a completed, approved account prior to May 5, then you are an existing contributor in Veer Dash for Cash. 

If you registered on May 5 (or after), then you are a new contributor in Veer Dash for Cash.

If you had partially registered before May 5 and never completed your account (tax forms, etc), then you are a new contributor in Veer Dash for Cash. 


New contributors
Get 1 to 199 images accepted and youll earn $0.35 per image.
Get 200 to 399 images accepted and youll earn $0.70 per image.
Get 400+ images accepted and youll earn $1.40 per image.


Existing contributors (fewer than 199 images on veer.com as of May 5, 2010)
Get 1 to 99 new images accepted and youll earn $0.35 per image.
Get 100 to 399 new images accepted and youll earn $0.70 per image.
Get 400+ new images accepted and youll earn $1.40 per image.

Existing contributors (200 to 399 images on veer.com as of May 5, 2010)
Get 1 to 49 new images accepted and youll earn $0.35 per image.
Get 50 to 399 new images accepted and youll earn $0.70 per image.
Get 400+ new images accepted and youll earn $1.40 per image.

Existing contributors (400+ images on veer.com as of May 5, 2010)
Get 1 to 399 new images accepted and youll earn $0.70 per image
Get 400+ new images accepted and youll earn $1.40 per image

7
Veer / Re: Veer Dash for Cash
« on: May 06, 2010, 10:38 »
FTP Upload:

Make sure your FTP client's protocol is set to "FTP over explicit TLS/SSL".

Read the FTP help information in the Upload area of your workspace for more detail.

8
Veer / Re: Veer Dash for Cash
« on: May 06, 2010, 10:26 »
Question....what is their payout limit??? I tried looking on their site and couldn't find it.

Oh my god! The sky is falling. I've never seen so many people in a panic about an agency doing something good. Either submit your files or don't. Sorry, I didn't mean to single you out. I just thought this thread was a little crazy. Here's my olive branch.  :D

When will I be paid?
The minimum threshold for payout is $100.00. Royalties will accrue until you surpass $100. If you dont happen to hit $100 during the year, youll automatically receive payout of any accrued royalties after the close of the calendar year.

You will be paid 15 days following the month your accrued royalties surpass $100. So if you made $50 in March, and $75 in April, you will be paid $125 by May 15th. If you made $105 during the month of June, you would receive payment on July 15th.


Referenced from here: http://ideas.veer.com/group/marketplace/discussions/92


To clarify -- the above information is correct for image royalties generated from sales but payment for Veer Dash for Cash uploads will be on or before September 15.  We'll pay everyone as soon as we've finished editing all the submissions - hopefully in July so we can make the payment in August.  If the edit is completed in August, then we make the payment in September.

9
Veer / Re: Veer Dash for Cash
« on: May 05, 2010, 18:10 »
Thanks for the feedback on the FTP issue.  Looks like one of our servers was acting up. 

The development team has resolved the problem so FTP should be working properly now. 

Let us know if you encounter any other hiccups.

10
Veer / Re: Veer Dash for Cash
« on: May 05, 2010, 11:04 »
Great discussion here. 

I'll clarify a few of the main questions to make sure everyone understands how Veer Dash for Cash is going to work, and why we have launched this program.

Submission Date, Publish Date, Payment:  images submitted between May 5 and June 30 that are approved will count towards your final tally, even if it's published after June 30.  We expect to have a large backlog after this program so it'll take time for our editors to get through all the submissions.  Even if your image was submitted on June 30, no matter how long the image is pending before it's published, you will be paid for it.

Weekly 100 image upload limit:  we are keeping our standard 100 image per week upload limit because we expect new contributors to sign up, which may add significantly to our submissions pool.  The weekly limit is necessary to ensure we aren't overwhelmed.  We want to take as many images as we can but it's also really important that we publish the images quickly so you can start making royalties. 

Selects:  to maximize your select rate and payout make sure to minimize similars and upload your best 100 images per week from a broad range of topics, locations, models.  We're looking for quality and variety.

Why is Veer doing this:  we are ramping up for a relaunch this summer, along with new marketing campaigns to reach a lot of new customers.  First impressions are important so naturally, we aim to impress new customers with an even bigger and better image collection.

Ryan is your point person - feel free to reach out to him with questions.

Thanks for the support!  Keep us busy!!

Aaron

11
Veer / Re: Where are the sales reports???
« on: August 31, 2009, 17:19 »
Hello, everyone. 

We appreciate your patience over the last few weeks waiting for the sales dashboard, which launched last weekend.  Our development team is working around the clock and there's still a ton of work to do both for contributors and customers.  Your feedback is important to us as we build the site -- bugs, positive and negative -- so keep it coming.  It will make VMP a better experience for all.  And watch for some new features next week, like 'search by artist name' and more localization for our German customers.

Brian will be back soon.  He's been on a well deserved holiday after one insanely busy summer.

Aaron


 

12
Hi folks,

The age of the model is helpful to our customers as it's possible in the Veer CV to search by age, but we won't require it for Veer Marketplace.  That's the same model release we use for macro, hence the inclusion of model's birth date.  I'll talk to Brian about a revised model release for Veer Marketplace.

Much appreciate your feedback as it helps us tweak and polish things along the way.

By the way, I'll have the updated rate card including Credit Pack and Subscription pricing posted soon to clarify the questions on royalties.

Stay tuned...

Aaron

ps.  Brian is on holiday this week but I'll be around for questions and comments.

Clarification on the model release birth date question.

Veer will continue to include the requirement for the model's birth date on the Veer model release and we strongly prefer model releases to include the model's age, however, we will accept third party model releases (ones from other companies) that don't have the model's birth date or age provide that it states "Model represents that they are age 18 or older".

We need to make sure that the model who signs the release was an adult at the time they signed, otherwise the guardian would need to be signing on behalf of the model.

And of course, providing accurate ages in your metadata is also much appreciated.

Let us know if you have any questions.

Aaron

13
Veer / Re: Veer Marketplace Royalties
« on: May 12, 2009, 13:20 »
Aaron,

what are the specific pixel dimensions on your sizes ex S, M, L, XL, etc?


The pixel dimensions are listed on the product detail page of VMP images. 

Here's an example:  http://www.veer.com/products/detail.aspx?image=MPP0076434

Also, check the Submission Guidelines FAQ for more information.

14
Veer / Veer Marketplace Royalties
« on: May 12, 2009, 12:54 »
I'd like to clarify the Veer Marketplace royalty structure for everyone here.  There's been discussion about our rate of 35%, which is close but not quite correct as it doesn't take into account pricing for Credit Packs and Subscription packages.

The VMP Rate Card now includes pricing so you can more accurately calculate net percentages.  Note: the currency exchange rates will be updated monthly.

For Credit Packs, VMP pays $0.35 per credit, however, the customer price per credit ranges from $1.50 to $0.95 depending on the size of credit package purchased.  As such, contributor royalties will range from 23% to 37% accordingly.  We expect the sweet spot for customer purchases to be mid-range.

For Subscriptions, VMP pays $0.20 per credit.  In this model, contributor royalties range from 24% to 65% again depending on the size of the package purchased and by how many credits are used.  Remember we pay per credit, not per download for subscriptions.

All the pricing details are on the updated Rate Card.  It's been posted to Veer at http://submissions.veer.com

Here's the direct link to the PDF:  http://www.veer.com/download/pdf/vmp_ratecard.pdf

Aaron

15
Good morning, everybody.

It's true, Veer sets the bar higher than SnapVillage and does not accept every submitted image to our site.  I have these same conversations with established macrostock companies who earn millions of dollars from Veer annually, as we don't accept all of their images either.  Our selectivity makes Veer's business stronger and makes more money for all our contributors.

We understand the frustration for those of who started uploading new images over the last couple of months, only to be told you have not been selected for auto-migration.  The silver lining here, is that the new contributor site is awesome and light years ahead of the SV system so loading your new images on June 8th will be easy and I dare to say - enjoyable!

Batch FTP - Keywords map to Veer's Controlled Vocabulary - Flip between list view and grid view of images - Weighted keyword relevancy tools - Great UI - plus other cool stuff soon to be seen.

Like Perseus says, Veer is a different company and this really is a fresh start.

Hope to see you on June 8th.

16
I might be wrong, but I read Aaron's post to mean that if you upload a few of your best and they like what they see, then they'll migrate those in your SV port they deem worthy (thus alleviating the need to re-upload 100s or 1000s of images).

I won't be here on June 8th, but I assume the offer will be good for a while after that date. If I'm correct, then perhaps I'll take him up on the offer.

Once I decided to opt out of subs on SV, my sales dropped off the proverbial cliff. I guess that's why I wasn't chosen; too few sales.

Shoot, I even had one of my images featured on their homepage for a few days, so they liked at least one of them!  ;D

Hi everyone,

Well, I mean that if you were not selected for auto-migration and if you believe that you'd be a successful contributor to Veer Marketplace, then we welcome you to apply to become contributor by uploading your latest and greatest images on June 8th or after.

When making selections from hundreds of thousands of images, there's always going to be some "needles in the haystack" that get missed.  By applying next month, you're putting the spotlight back on your work for us to see.  If it's great, we'll definitely notice.

So, while there are no plans for further auto-migration, if your new material really stands out we can talk about it.

18
I was not on SV, but these rejections from established contributors sound really strange.

Hi folks,

This is a really good point.

Veer's success in the macrostock world is largely due to the curated approach we take to developing image collections and brands.  Customers appreciate Veer because our selectivity has always made it easy for them to quickly find relevant images without having the dig through pages and pages of search results.

For the SV to Veer Marketplace migration, we based our selections on contributors' past sales performance and image quality.  Due to the high volume of contributors to evaluate, the sales history played an important role in making our selections. 

Considering that we're pulling sales info from SnapVillage which (as we all know) hasn't exactly been a beacon for consistency in the microstock industry :) it's possible that some unselected contributors are established and talented but didn't have enough of a proven sales history in SV to be flagged for auto-migration.

If you feel that you've been overlooked, then please prove us wrong.  You just have to upload a few of your best images on June 8th and we'll take it from there.

Aaron



19
Hi folks,

The age of the model is helpful to our customers as it's possible in the Veer CV to search by age, but we won't require it for Veer Marketplace.  That's the same model release we use for macro, hence the inclusion of model's birth date.  I'll talk to Brian about a revised model release for Veer Marketplace.

Much appreciate your feedback as it helps us tweak and polish things along the way.

By the way, I'll have the updated rate card including Credit Pack and Subscription pricing posted soon to clarify the questions on royalties.

Stay tuned...

Aaron

ps.  Brian is on holiday this week but I'll be around for questions and comments.

20
Veer / Re: Content not good enough for Veer - confused?
« on: May 11, 2009, 14:40 »
Ok I just got an email from Snapsvillage (Veer Marketplace Team) saying that:

Unfortunately, based on the images you currently have on SnapVillage, we have decided not to transfer your work to Veer Marketplace. It could be that your images just need some polishing, that you chose subjects that aren't a great fit for Veer Marketplace, or that you hadnt submitted very many images.

However, my not good enough images have been selling there for several months, I have already received two payouts.

Is this a re-think on the quality of my port or is this an error.

Has anyone else who's been accepted onto Veer received such an email?

Thanks

Stu :-)

Hi Stu, yes indeed, you shouldn't have received that email.  Your images are safe and sound on Veer Marketplace.  Sorry about that.  You can ignore the message.  Same goes for anyone else who's images have already been migrated to Veer Marketplace.

Aaron

21
Veer / Re: Veer Marketplace Is Live
« on: May 01, 2009, 11:10 »
Yes indeed, Veer Marketplace will offer PayPal and Moneybookers as payment options.

22
Veer / Re: Veer Marketplace Is Live
« on: February 24, 2009, 14:07 »
Hi Zeus, until Veer Marketplace is fully launched in spring/summer, sales will be reported and paid to contributors via SnapVillage.

23
Veer / Re: Veer Marketplace Is Live
« on: February 23, 2009, 17:23 »
Hi grp_photo, not sure what you mean by "next site".   Do you mean to click to the next page of search results?  Marketplace results are maintained as you move through the pages.

24
Veer / Re: Veer Marketplace Is Live
« on: February 23, 2009, 16:56 »
Hm.  Checking on the questionnairre email issue.  Should be resolved soon.

melastmohican -- Images are transferred during "phase one", then accounts are transferred for the full launch in spring/summer.  You don't need to open a new account at Veer Marketplace.  We'll do it for you to make sure your settings are retained.

Update on the site speed from dev:

"Aaron there is a slowness right now due to caching on the site.  As there are no existing searches for Veer Marketplace, the search hits the prod server and builds the result set from scratch.  The next time the search is done it pulls from the server cache which speeds it up.  This will resolve itself."

25
Veer / Re: Veer Marketplace Is Live
« on: February 23, 2009, 13:59 »
Will do!

And on the submissions.veer.com questionnaire, make sure to select "Marketplace" from the drop down menu so your contact info is sent to the right place.

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