Conde Nast
Feeling down this morning in a serious cash flow crunch.
Commercial photographers and artists-where we are at......?
The market for stock and assignment photography is shrinking rapidly. I have had to cut fees to assignment magazine clients and more and more stock clients are looking for virtual freebees. With some magazines that have been my bread and butter, I don't mind cutting fees (many as much as a 1/3 cut).....if they stay in business it is an investment in future business, but it is disheartening after thirty one years in this business, at almost 60 years of age, to have to revert to an income level of 15+ years ago. That 1/3 cut is all profit as expenses have not gone down-virtually halving my real income from these sources for the same amount of work.
Fortunately, the architectural market (after a serious first half slump) has rebounded well in the third quarter, largely making up for the first half slump, but payment is very slow. Diversifying, I have won some public art commissions but the paperwork is so slow I may not be still kicking before I see a dime from them.
My son's business (who is the head web guy for a large national ad agency) is booming and they are hiring for next year, while my daughter-in-law's custom wedding accessory business (75 outlets nationwide) is just starting to feel the pinch this quarter after expanded sales in the first two quarters. The magazines she advertises in have all cut their page rate with the exception of Martha Stuart Weddings which has raised theirs.
What is happening with you guys?
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