The lives of picture searchers looking for stock photos have just got 50% better! As now you can now get them on the cheap from iStockphoto, which has announced that half of its library been cut in price by up to 50%.
On the face of it seems that the images which are now in the half price category are images which are not exclusive to iStockphoto, but this has yet to be confirmed. As the remaining exclusive library which makes up to 50% of the overall stock has remained at the original price.
This is a win win case for everyone involved. By reducing the price of its non exclusive stock, iStock is now far more competitive against other microstock agencies hosting the same pictures and at the same time offers a great incentive to producers to exclusively licence their work to iStockphoto.
Contributor payouts remain the same so a photographers can get up to 45% from the sale of an exclusive item, and around 15-20% of a non-exclusive one. Obviously with the sale price dropping this will have halved in real terms compared to the previous payout, with more people buying at the reduced price they may sell a lot more images.
If you have any thoughts on this new strategy from a buy or seller point of view please share them in the comments below