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Jeffrey Burke announces retirement at PACA conference
In his opening remarks today at the 2006 Annual Meeting of the Picture Archive Council of America (PACA,) acting President Jeffrey Burke gave a comprehensive overview of the state of the stock photo industry. His statements about where the industry is now headed left little doubt as to the strategic plans of his current employer, JupiterImages. Burke also announced his and his wife, Loraine Triolo’s, plans to step down from their respective positions at from Jupiter at the end of this month, and to depart from the stock photo industry.
In an in-depth look at the extreme changes the stock photo industry has undergone, Burke discussed how the current period of consolidation and drastic changes in technology and explosive growth in the supply of new images have created a challenging and competitive market wherein large companies, especially Getty Images, dominate while growth in the number of images licensed has slowed, creating an intense battle for a share of the existing market. Stock photo company managers must also contend with new pricing models such as subscription and micro-stock services, which, while representing a possible threat to the industry, Burke argues, may increase the over-all market for images in the future by bringing in a new type of image user.
Burke also reflected on the difficulties the current market conditions -- especially the trend toward acquiring more wholly-owned material on the part of the big three, which he calls an “image production arms race” -- have made for an extremely difficult environment for photographers. He concluded, “In a winner-take-all scenario, a few very prolific and business-minded photographers, who can operate as efficient production companies will probably be producing the bulk of new work delivered to the industry in years to come.”
Nonetheless, Burke says there’s reason for optimism in the stock photo industry. His discussion of the opportunities for stock photo companies today reveals much about Jupiter’s approach and strategic view of the business. The simultaneous growth of Internet users and expansion of broadband will, ultimately create the long-awaited multi-media convergence creating “…increased demand not only for products our industry currently provides but for other media as well.” Burke predicts this will include, “text, pictures, motion graphics, the spoken word, music and full-length movies woven together into a seamless presentation…” This approach clearly coincides perfectly with the acquisitions Jupiter has made over the last two years.
In order to take advantage of these opportunities, Burke warns that stock photo company managers must not only be open to exploring new products, but must also accept the “Creative Destruction” that goes along with innovation, often making current technologies and business practices obsolete.
After discussing the importance of pending Orphan Works legislation and the value of the Picture Licensing Universal System (PLUS) initiative to our industry, Burke bade a fond farewell to the industry he and his wife have enjoyed being a part of since 1994. He did not disclose details of his future plans other than to say he will continue his work at PLUS. We at abouttheimage wish them all the best with whatever they do next.
Click here to read the full text of the speech presented by Jeffrey Burke.
Posted in: News, Stock Photo Companies
