OFFICIAL STATEMENT - SEPTEMBER 11, 2008
"Today, we regret to announce our plans to close The PhotoShelter Collection, our stock photography marketplace, effective October 10, 2008.
Going forward, PhotoShelter will focus our energy and resources on enhancing the PhotoShelter Personal Archive our original product that today provides thousands of photographers worldwide with bulletproof backup storage and robust ecommerce capabilities for managing image sales online. We will continue our commitment to developing new ways to use technology to advance the art and business of photography.
Just one year ago, we started the PhotoShelter Collection with a mission to change the image marketplace for good. Our objective was to provide an unprecedented selection of fresh, diverse, and authentic imagery culled from a global community of thousands of photographers, while bucking industry standards by treating our contributing artists fairly. Rather quickly, we built a unique position in the industry, fueled by integrity and a true passion for photography.
The PhotoShelter Collection became a haven where photographers could find a better deal based on our 70/30 revenue split, and access to professional insights directly from world class image buyers. Buyers welcomed the Collection as a much needed alternative - whether they liked the access to content never before seen, or simply because they appreciated our approach to better treatment for photographers.
Our unique approach, however, was insufficient to change buyer behavior on a grand scale and generate revenues quickly enough to satisfy our goals for this product line. Hence, our decision is to close the Collection. "
That last paragraph is so telling.
