From the 1st June 2020 Shutterstock are updating the earnings structure for contributors – above and below are a preview of what those structures will look like.
‘The new structure is designed to address market changes while creating fair opportunities for all contributors. It rewards content creators for producing quality work that is fresh, relevant and currently in-demand by our customers.’
The previous earnings structure at the agency was based on a contributor’s lifetime earnings, rewarding them based on tenure and historical performance. Additionally, for some plans, contributors earned a fixed-rate, however, these are no longer aligned with how customers engage with those products.
• UPDATE: We asked Shutterstock for some clarification on how this effects editorial photo contributors, they told us – ‘This new structure does not apply to contributors of editorial content for Shutterstock.com/Editorial or Rex Features. It does apply to contributors who upload editorial content to shutterstock.com’
Shutterstock say: ‘On June 1st, we are moving to a new earnings structure with Image Levels and Video Levels. Each level is based on the number of times content is licensed rather than a contributor’s lifetime earnings. There are 6 separate levels for images and for videos and a percentage based earnings model for all licensing plans. The amount contributors earn from each download is a percentage of the price paid by the customer for that license. As you can see from the table attached, the 6 separate earnings levels for images and for videos range from 15% up to 40%.’
‘Contributors can graduate through the levels based on their download count in each category. Levels for all contributors will reset to level 1 on January 1st of each year. By resetting the royalty levels each year, we aim to provide an avenue for contributors to be fairly rewarded for content that is performing well at the current time and offers greater earnings potential. The more content customers purchase from a contributors portfolio, the faster they progress through the levels, increasing the percentage they can earn from each license.’
• Check for the new earnings structure HERE on 1st June