This is a challenging time for photographers, as it is for almost all sectors of the economy. The photo industry was already facing a gloomy outlook even prior to the recent stock market meltdown.
The economy is cyclical. Booms followed by busts are the norm. But for many areas of professional photography this recession is a watershed moment. Print publishing, the financial lifeblood of commercial, editorial and corporate photography, was already rapidly loosing readers and advertisers. The current recession will only accelerate the loss of advertising dollars and hasten the death of many print publications.
General estimates are that this recession will last 18-36 months. Once ad spending does begin to increase again, fewer ad dollars will go back into print and more will go into Web, mobile, games and product placement. Much of the costs of creating an ad campaign that previously went to photographers will instead go to videographers, graphic designers, user experience designers and 3-D modelers.
Read the Entire Article Here.