The average annual earnings of photographers responding to the 2008 Selling Stock self-employed photographer income survey are $110,409, leaving out the top five producers whose earnings are uncharacteristically large. Of this, the average annual stock income was $65,475, which means that 41% of photographers’ freelance revenues come from something other than the licensing of rights to stock images.
The results of the 2008 survey were somewhat disappointing. It generated only 136 responses, compared to 238 responses to the 2007 survey. Though many factors could have contributed to this, the 2008 data must still be viewed as having less validity.
People who responded to the 2008 survey were probably very different from 2007 respondents. Only five of 2008 respondents said they responded to the 2007 survey; 8 did not respond and 123 were not sure.
In 2007, the gross income reported was $33,741,722, and in 2008, it was only $24,135,104. The average gross 2007 income for all those responding was $141,771.94. In 2008 it was $174,288.63, but five producers whose combined earnings were over $10 million skewed this averages.
The relatively small sample, general trends of the economy and anecdotal information from many photographers suggest there may have been an overall decline in industry revenue rather than growth as these figures might indicate.
| Table 1. Gross and stock revenue: 2007 and 2008 |
| Year |
Respondent group |
Number of respondents |
Gross revenue |
Expenses |
Stock revenue |
| 2007 |
Over $500,000 in stock income |
5 |
$7,935,000 |
$2,500,000 |
$7,645,000 |
| Stock income under $500,000 |
211 |
$23,562,092 |
$9,282,263 |
$12,639,081 |
| No stock sales |
26 |
$2,244,630 |
$991,194 |
0 |
| Total |
|
$33,741,722 |
$12,773,457 |
$20,284,081 |
| 2008 |
Over $500,000 in stock income |
5 |
$10,105,746 |
$7,110,600 |
$5,532,938 |
| Stock income under $500,000 |
125 |
$13,801,158 |
$4,843,415 |
$8,184,356 |
| No stock sales |
6 |
$228,200 |
$118,847 |
0 |
| Total |
|
$24,135,104 |
$12,072,862 |
$13,717,294 |
The top producers
There were seven respondents with gross income of over $500,000. Five of them had gross stock income over $500,000, together representing 42% of the total revenue and 40% of the stock revenue.
The number one seller had $6 million in gross revenue and $2 million in revenue from stock. However, this individual reported work hours that equal 25 full-time employees and $5.3 million in expenses, leaving only $700,000 in profits. Obviously, it is not useful to compare this photographer with those working alone.
Another individual had gross income of $1.4 million, all of which came from self-employed stock production; however, he reported the equivalent of 14 full-time employees and $980,000 in total expenses. The remaining three of the top five had stock incomes of less than $800,000, but more than $500,000.
Over half the income of the individual with $6 million in gross revenues came from advertising assignments; 10% came from illustration assignments; the rest came from stock sales. This individual is a member of ASMP and APA. Four of the top 5 were ASMP members. One was a member of ASMP, PPA and ASPP.
Three of the top five earned 100% of their revenue from stock. In addition to stock, one of the top five does corporate, advertising and consumer editorial assignments. Two made 100% of their income from licensing images as rights-managed. One earned 93% of his income from licensing images as royalty-free, and another earned 75% of his income from royalty-free sales.
| Table 2. Number of respondents: 2007 and 2008 |
| Stock earnings |
2007 |
2008 |
| Number of respondents |
Percentage of total |
Number of respondents |
Percentage of total |
| Over $500,000 |
5 |
2.3% |
5 |
3.9% |
| Between $200,000 and $500,000 |
15 |
7% |
10 |
7% |
| Between $100,000 and $200,000 |
23 |
11% |
13 |
10% |
| Between $30,000 and $100,000 |
67 |
31% |
40 |
31% |
| Between $10,000 and $30,000 |
45 |
21% |
29 |
22% |
| Less than $10,000 |
61 |
28% |
33 |
26% |
| Respondents with stock sales |
216 |
|
130 |
|
| Respondents with no stock sales |
22 |
|
6 |
|
In both 2007 and 2008, there were five people with above $500,000 in stock revenue. However, their proportionate share in 2008 is almost double that of 2007. In the other groups, the number of respondents was lower in 2008 than in 2007, but the proportionate share remained about the same. Almost half the respondents earned less than $30,000 from stock and 80% earned less than $100,000.
The question of “What can I make?” often comes up from people who are considering entering the business. The tendency is to look to the stars, but the stars did not attain their exalted positions overnight. Most people end up somewhere in the bottom 80%.
Industry averages
To provide a fairer picture of what is happening with the majority of individual image creators, the averages presented here concentrate on those reporting stock income under $500,000.
This yields an average 2008 gross income of $110,409, including $65,475 from stock and remaining 41% from photographic work other than stock. In 2007, the average gross income was $111,669, including $59,900 from stock and 47% from other activities.
The important thing to note here is not so much whether the average stock income is rising or falling but the importance of the “other income” to total revenues. While some photographers still devote 100% of their freelance time to producing stock, it may be wiser to devote some of that time to activities that are guaranteed to produce a certain fixed amount of income for the time and energy expended. All income came from stock for 36 survey respondents, while 56 said less than half of their freelance income came from stock.