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The Queen's Awards 1994: The Picture of Success – Tony Stone Images Sells Photographs Around the World

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... In addition, the 1978 U.S. Copyright Law, which asserted that an image was the photographer's rather than the client's property, provided an institutional guarantee for photographers to exploit stock photography as an additional business opportunity (Frosh, 2001). Moreover, picture agencies adopted the subtle and highly differentiated licensing system of rights-managed content (RM), allowing them to propel repeated and upscale sales of the usage rights of the same picture and thus increase revenues per picture to an unprecedented extent (Rich, 1994). In sum, the combination of the legal assignment of copyright to the image creator, the invention of the RM licensing system along with its sophisticated fee structure, and the efforts of agencies to establish themselves as brands for high-quality visual content were important changes that raised the demand for creative content in advertising. ...
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During the advent of digital technology, the market for stock photography has undergone radical transformations that have disrupted incumbent businesses and produced new divisions of labor. Picture agencies have responded to this challenge with a veritable proliferation of inter-firm alliances. In the attempt to understand this network boom, this paper develops a theoretical link between the concept of regular equivalence and its capacity to detect intra-industry divisions of labor. Based on a network survey of picture agencies in Germany, a prespecified generalized blockmodel yields a valid representation of an increasing functional specialization of new value stages that translates into an extended social and spatial division of labor in ways that challenge a dualist theory of the division of creative labor.
... Der britischen Agentur Tony Stone gelang es beispielsweise, dasselbe Foto in einem Jahr 300 Mal mit einem Gesamterlös von 30.000 Pfund zu verkaufen (Rich 1994 ...
Article
Incomplete information implies a lack of market transparency and rising transaction costs. But how does a market react to an excess of information? Using the example of stock photography in Germany, this paper discusses the consequences of digitization for the organization of the supply chain. A qualitative case study in Munich demonstrates that the relationship between stock agencies and customers has become spatially disembedded through digitization and that it is being increasingly virtualized. Two significant aspects of the consequences of this disembedding are discussed: Information-economy studies show that digitization creates new transaction costs due to a new abundance of information which creates strategic space for navigation services in the supply chain. Secondly, as a result of digitization, new geographies of organization are emerging with regard to picture demand, the locational consolidation of stock picture agencies, and the offshoring of production. In the context of the growing expansion of e-commerce, the stock photography sector serves as an example for many other industries.
... In Europe, half of all agencies publish catalogues on an annual basis (CEPIC 2001). In addition, the British pioneer Tony Stone developed a sophisticated licensing system to maximise the profit per picture such that the agency succeeded in selling the same picture over 300 times in just one year generating revenues of £30,000 with just one photograph (Rich 1994). ...
Article
Full-text available
Incomplete information implies a lack of market transparency and rising transaction costs. But how does a market react to an excess of information? Using the example of stock photography in Germany, this paper discusses the consequences of digitization for the organization of the supply chain. A qualitative case study in Munich demonstrates that the relationship between stock agencies and customers has become spatially disembedded through digitization and that it is being increasingly virtualized. Two significant aspects of the consequences of this disembedding are discussed: Information-economy studies show that digitization creates new transaction costs due to a new abundance of information which creates strategic space for navigation services in the supply chain. Secondly, as a result of digitization, new geographies of organization are emerging with regard to picture demand, the locational consolidation of stock picture agencies, and the offshoring of production. In the context of the growing expansion of e-commerce, the stock photography sector serves as an example for many other industries.
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