The iStockphoto founder has launched a new stock photo service, called Stocksy, which gives a little more percentage from a transaction to the photographer.
When Bruce Livingstone launched iStockphoto, everybody loved it. Photographers were happy with how things went, but that quickly came to an end, as the service has been purchased by Getty Images.
Stocksy announced as an industry-shifting stock photo service
In order to give a helping hand to photographers around the world, Livingstone has decided to create a new website, called Stocksy, seven years after selling iStockphoto. The new stock photo service consists of a digital licensing platform, where the ownership is collective.
The licensing terms of the new service say that the owner of the photo can receive 50% each time someone buys his image. Additionally, Bruce announced that the owners will receive a share of the company’s profit.
Photo owners will receive royalties never seen before
The business model is said to be “revolutionary”, because the artists will get a royalty of 50% each time a transaction is completed. Moreover, they will also receive 100% for an extended license. The good news does not end here, as 90% of the annual profit will be split among Stocksy’s members, depending on their contribution.
Bruce Livingstone said that the photographers have the right to build themselves a sustainable career. The system is “straightforward and transparent”, therefore Stocksy will soon be an established portal for people who want to purchase high-quality photos.
Renowned photographers already ditching Getty Images in favor of Stocksy
One of the first Stocksy members is none other than Thomas Hawk. The popular photographer announced on his official blog that he would be quitting Getty Images mainly because of the “lousy 20% payout”. Many other artists are expected to switch to the new service in the near future.
Professional photographers have more options now. This means that the competition is stronger and that it will only lead to better services for the artists.
The iStockphoto and Stocksy founder believes that artists have never received such considerable royalties and that this will reshape the industry altogether.