Stock photography is the supply of photographs which are often licensed for specific purpose. The stock photo industry has established models including traditional macrostock photography, midstock photography, and microstock photography. Rates charged by conventional stock photography agencies vary as per copy of image, while microstock photography may sell for around US$ 25 cents for a single copy. Professional stock photographers place their images with one or more stock photography agencies on a contractual basis, while stock agencies may accept the high-quality photos of amateur photographers through online submission.
The global stock photography market is expected to witness significant growth during the forecast period (2021–2028) due to growing demand for quality images. The factors such as animation production, blockchain technology, AI (Artificial Intelligence) and ML (Machine Learning) in stock content are likely to contribute to the growth of the stock photography market during the forecast period. The global stock photography market as well as the video industry has undergone massive changes, such as digital cameras have taken over, driving the popularity of stock photography among amateurs. However, illegal downloads of stock images is affecting the sales of stock photographs.
Global Stock Photography Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 crisis has accelerated some changes that were underway in the marketing industry. With the crisis driving everything digital and increasing e-commerce among smaller companies, opportunities for stock images and videos are expected to rise in near future. Marketers are adding more layers of interaction in web design to make it more experiential and garner more customer engagement with content. This has led to the use of everything from auto-play video to interactive info-graphics to UI (User Interphase) elements. Neuro-marketing is also gaining prominence, specifically among digital marketers that have traditionally used views, scroll depth, leads, subscriptions, and social shares to measure campaign performance.
|Base Year:||2020||Market Size in 2020:||US$ 3.3 Bn|
|Historical Data for:||2017 to 2019||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||5.2%||2028 Value Projection:||US$ 4.8 Bn|
Adobe Stock, Getty Images, Visual China Group (VCG), Shutterstock, 123RF,Agence France Presse (AFP), Agefotostock, Alamy, AP Images, Artlist, Coinaphoto, Depositphotos, Dissolve, Dreamstime, East News, Envato, Fotosearch, ImagineChina, Masterfile, The Mega Agency, Newscom, Photofolio, Pixta, Pond5, PR Photos, Redux Pictures, Reuters Images, SilverHub Media, Stocksy, SuStock Videotock, Imagesbazaar, Videvo, PEXELS, NHK Video Bank, Nippon News, Motion Array, Storyblocks, WENN, and ZUMA Press.
|Restraints & Challenges:||
Asia Pacific held dominant position in the global stock photography market in 2018.
During the forecast period, the Asia Pacific region is expected to register the highest incremental growth due to the sprawling demand for stock images for commercial applications.
Figure 1: Global Stock Photography Market Share (%), By Region, 2020
Macrostock, among source segment is expected to drive the market growth during the forecast period.
The world drifting toward personalized content and brands finding it hard to establish their USPs, they are increasingly auditing their content and aiming to serve tailored imagery to their customers. These trends are likely to drive the demand for macrostock agencies.
Figure 2: Global Stock Photography Market Value (US$ Bn) Analysis and Forecast, 2017 - 2028
The global stock photography market was valued at US$ 3.3 Bn in 2020 and is expected to reach US$ 4.8 Bn by 2028 at a CAGR of 5.2% between 2021 and 2028.
Major players operating in the global stock photography market include Adobe Stock, Getty Images, Visual China Group (VCG), Shutterstock, 123RF,Agence France Presse (AFP), Agefotostock, Alamy, AP Images, Artlist, Coinaphoto, Depositphotos, Dissolve, Dreamstime, East News, Envato, Fotosearch, ImagineChina, Masterfile, The Mega Agency, Newscom, Photofolio, Pixta, Pond5, PR Photos, Redux Pictures, Reuters Images, SilverHub Media, Stocksy, SuStock Videotock, Imagesbazaar, Videvo, PEXELS, NHK Video Bank, Nippon News, Motion Array, Storyblocks, WENN, and ZUMA Press
Stock photography refers to the supply of photographs, which are often licensed for specific purposes such as magazine publishing or pamphlet-making. Traditional stock photo agencies have large catalogues that may include press archives and works by notable photographers. More recent trends in microstock photography include "lifestyle" photographs of people "at work and play," food, sports, and fashion. Other stock photo themes may include stereotypes, expressing common emotions and gesticulations, pets, and images related to travel and tourism.
Among license segment, popularity of royalty managed (RM) images is fading due to its high cost and complex licensing process. For instance, in late 2019, Getty Images, the largest player offering RM images in the license segment announced that it was going to steadily drop its RM creative collection in 2020 to focus on its RF offering. While there are quite a few small and mid-sized agencies that offer RM images, the growth of the segment is slowing down.
Among source segment, Macrostock is expected to hold the largest market share. Market is moving slowly towards promotional content which is specifically made for the customers and companies, who are focusing to make personalized images for their clients. This trend will drive growth of macrostock agencies.
Key features of the study: