I just received an email today signed by Allen Murabayashi (CEO at PhotoShelter Collection) with a shocking news for me: the PhotoShelter Collection is closing!
That is something I wasn’t expecting happening and I had the impression things are developing well and PhotoShelter Collection (PSC) is changing the market of the photostock industry. I’m very sad to see them go and I just cannot comprehend why they decided to shut down only after one year after launching, but I guess they were conducting some researches like they always do.
In the letter Allen says:
“However, our approach was insufficient to change buyer behavior on a grand scale and generate revenues quickly enough to satisfy our goals for this product line. While image buyers worldwide appreciated our new approach, the size of our image selection and the incumbent player’s entrenched subscription relationships were a persistent challenge. As a result, we saw few strategic options for the Collection that would allow us to stay true to our commitment to a better deal for photographers and our desire to change the industry.”
It was difficult decision for them, but I appreciate the effort they’ve done and I hope this is just the beginning of changes in the photostocks market, and sometimes you need to fail first in order to succeed. They tried to show more respect to fellow photographers and