I am retired. A few years ago while I was still working I got the idea of supplementing my retirement income by submitting my photos to stock photo agencies. The thought being that like putting money away in the bank or investing, photo sales later on would supplement my retirement income.
The very first agency that I applied to, Getty Images asked me to submit a sample of my photography and I got my first rejection. The second agency, was called First Light and happily they accepted my early images and it was off to the races. I photographed what I always had, landscapes and submitted them.
A few years into that agreement I was looking to one of the more successful and larger stock photo agencies in the world that was also headquartered here in Canada, Masterfile.
I applied to Masterfile and to my delight I was accepted. Wow, I thought at the time. Shortly after I was sent a box of professional looking business cards with theirs and my name on it. It seemed all very professional to me.
I still kept my older images with the first agency, I continued to get royalty payments and had no reason to withdraw them. My newer images were all sent to the new agency.
For a few years all was going great. I received almost monthly royalty payments from Masterfile to the point where my accountant said that I should probably start keeping track of my expenses related to photography as I was earning more money from my hobby than I counted on, so I did.
Slowly over a time the stock photo business changed. Before, only real professionals were with stock agencies. The expenses were high, film, processing, travel, etc. Now with high quality and cheap digital cameras, many new photographers were jumping on board. As in all economies, supply and demand dictate price. There was suddenly a flooding of new digital images on the market.
Getty Images was one of the first stock agencies to notice this and quickly moved to promoting royalty free images, i.e., you buy it once and can forever use it which ever way you want. Translation, the photographer gets paid once.
All of my photos with both agencies were with the old royalty program where they would sell for one time use and the agency and I would retain the rights to that image continually. Clients were guaranteed that the image they bought had a trackable history of where it had been used and could be guaranteed uniqueness in the market.
Getty was pushing really on the rights free model and prices continued to plummet.
The squeeze was on other stock photo agencies and some went under, others barely survived which is where we are in the story with Masterfile.
My first missed payment with Masterfile was in October of 2014, then November, 2014, then December 2014 and again in January of 2015. That is four months of royalty payments that almost two years later I have still not been paid.
I was told that Masterfile was working things out and that I could expect my money sometime so I continued to to remain with them in good faith.
Long story short, over the following two years I was alternately paid and not paid for photos of mine that were sold to companies around the world. Yes, you read that right, my photos were being sold, used by a client and I was NOT receiving royalty payment however I still stuck with them in good faith hoping that things would turn for the better.
Earlier this year at the end of summer I had more sales but no royalty payments. Again the promise of money coming. And again more sales and no payment. And again.
I had enough with Masterfile. I had my photos pulled from their system a few weeks ago and now only have my images with Firstlight/Designpics which manages somehow to pay me in this bad market but more and more I find I am generating better income from the sale of prints through Fineartamerica.com
Things change. Jobs change. The market changes.
I do believe that there is a time to say enough is enough and cut my losses. Why continue to keep my photos with Masterfile when it looks to me like I will have more sales in the future and the chance of NOT being paid for them. A win for them but a loss for me.
If you are reading this it means that Masterfile still owes me royalty payments. The day that I receive all the money that I have earned from them, I will delete this post.
If you are interested in purchasing my photos you can contact me through my website or through Firstlight.com but I am no longer associated with Masterfile. No money. No photos.