Are you into photography? Perhaps the data from the Bureau of Labor Statistics (BLS) is enough to give you a heart attack.
According to it, the demand for photographers might decline by about 4 percent between 2019 and 2029. This is higher than other known professions.
However, when you read further, you can understand where the negative forecast is coming from. For example, it mentioned that a huge part of the problem stems from the declining costs of digital cameras. Today, you can already buy a decent one for less than $300 in Walmart.
This also means that with the lowering costs, more people can afford to buy these pieces of equipment and pursue photography. In fact, this leads to the second possible reason, which is competition.
If it’s any consolation too, BLS also provides professional photographers hints for growth and diversification, so they can widen their clientele, decrease competition in their field, improve their craft, and earn more money. These include spotting these four photography trends:
1. Use of Drones
The enterprise market for drones is huge. According to Insider Intelligence, the global shipments for these types of tech could increase to 2.4 million by 2023. That’s nearly 70 percent of the compound annual growth rate (CAGR) in such a short amount of time.
These enterprise drones are beneficial in a lot of industries, including media. Many photographers are now adding this tech in their arsenal as they can get sweeping views of the landscape, capture more details that may otherwise escape a typical professional camera, and add more context to the images.
They can also offer more to their clients besides pictures: they can expand their services to include videos, leading us to the second trend.
2. Video Marketing
WordStream has curated some of the astonishing pieces of information about video marketing. According to it, the expenditures for digital video ads could grow by over 40 percent between 2017 and 2024. Meanwhile, in 2020, the global streaming market already reached at least 55 percent compared to the previous year. More than 150 billion watch videos consistently.
YouTube alone already has 2 billion monthly users and is currently the most preferred video platform in the United States.
This presents an opportunity for photographers to pivot to video marketing, especially since only 9 percent of small businesses actually have a YouTube channel.
Granted, starting in this new line of business may be challenging. Fortunately, you can already find a marketing agency for photographers. This level of specialization is important as these self-employed individuals have different needs and target markets than other known online businesses.
3. New Photography Trends
The kinds of photos clients are looking for change over time. Over the past few years, one of the emerging photography trends is boudoir. On average, a photographer can earn at least $300 as a sitting fee. A full session may cost around $3,000 depending on many factors, such as the number of shots the clients want.
The popularity of boudoir photography is largely due to the growing movements that focus on female empowerment and self-love. These photos help women celebrate their bodies in whatever form and size in the most intimate way possible.
More clients are also taking photos of and with their pets. This is understandable as around 85 percent of households in the United States now own one, said the American Pet Products Association (APPA). Meanwhile, an overwhelming 95 percent of those with pets treat these animals as part of the family, and they’re willing to spend money for them.
The information from Martha Stewart revealed that a pet owner might end up shelling out at least a hundred dollars on the animal or almost $15,000 throughout the pet’s lifespan. This doesn’t include the costs of adoption fees and initial supplies.
Therefore, it is not surprising that many pet owners won’t mind spending a few more dollars on getting portraits of their beloved furbabies.
4. Stock Photography
Although offline photography is declining, the demand for online pictures is rising. E-commerce is only going to be more popular. According to Statista, the industry revenue could hit at least $560 million by 2025 from no more than $470 million in 2021. To reach these figures, you can expect to see more websites that would need photos and videos for their products and services, as well as their websites.
Many websites now allow photographers to earn money every time they upload photos, and other clients download these images or view them. Others like Pixabay permit photography professionals to build their portfolios online while receiving at least a $5 optional fee from users.
The declining need for photographers shared by BLS tells only half of the story. The other talks about other avenues they can conquer to continue earning money.