First a short definition:
As the word implies, microstock is short for micro-payment stock content in the popular visual formats of photography, illustration (vectors) and video (footage).
Trading takes place exclusively online and is done by both professionals and amateurs. The very low rates for RF (royalty-free) images and video footage are offset by the sheer volume of media finding an instant way from designers and artist to agencies and individuals in constant need of creative content. The specifics of the purchasing scheme (with pricing per unit or by subscription) varies from company to company and so do the submission / review / acceptance / exclusivity processes for contributors; making some agencies more efficient or profitable than others. Recently, larger microstock websites added a fourth category: music /sound clips, and it remains to be seen if the success of audio will match that of visual content.
Like any trend in online media distribution, the microstock model is constantly reshaping to respond to an ever increasing demand for minimally priced content. Content is typically sold at a return measured in dimes per image and dollars per video clip, yet quality worthy of magazines insertion or network TV documentaries. The effort and time spent in formatting and key-wording individual photos, vectors or videos for specific sites is easily justified by the volume sold. Especially for the occasional freelance illustrator or hobbyist photographer, the market exposure and a steady source of additional income more than justifies the initial effort. Rewards (personal and professional) are certain, once the admission process is overcome and the steep learning curve conquered. The over-the-top financial success of microstock is also proved by the amount of new agencies that pop-up every day; also by the constant announcements of mergers and acquisitions – a sign that big players noticed the new kid at the media trading table.
With such lightening speed success (iStockphoto, the admitted pioneer of microstock business model, was founded in Spring of 2000) comes controversy and not seldom resentment, especially from the ones holding the professionalism banner, not to mention the higher fees encompassed by the RM (rights-managed) licensing contracts of stock agencies. The ones familiar with names such as Getty, Jupitermedia (now part of Getty) or Corbis understand this point.
An opinion I share is that in the near future more voices will cross to the supporter’s side of the microstock model – as more and more professional photographers, videographers and artists in general, see the bottom-line benefits of selling at worldwide volume matched by leaps in quality improvement as more non-professional microstockers understand then raise to industry standards.
As far as I’m concerned, “microstock” might be the one word finally giving a positive connotation for “globalization” or “outsourcing” – while bringing in an unlike dialog the words “inexpensive” and “quality” (a.k.a. “cheap” and “exclusive”).
A future post will revisit the subject and elaborate on how we found out about and then got involved with selling and buying micro-payment stock.
For the ones that want to see results before understanding the process, the sidebar ads under MICROSTOCK point to our best selling stock galleries on eight of the largest websites trading microstock content. These are referral links, so if you decide to join as buyer or contributor, the affiliate programs will reward our efforts to inform and promote their respective brands. This is another lucrative benefit that comes with joining the camp of microstock “believers”.
It is also a point where digital advertising crosses paths with social networking, occasionally generating rebel forms of “viral marketing” memes… I will come back to what I mean by this in due time.
Until then, be well.