The famed bank robber Willie Sutton was asked why he robbed banks? He is oft quoted as answering, “Because that’s where the money is“. Simple enough, but profound enough that in the medical industry it’s known as “Sutton’s Law”. It states that when diagnosing, one should first consider the obvious. Easy enough, but many photographers simply don’t think to follow this simple bank robber’s mantra. Here are some suggestions from us as to where Mr. Sutton would look for money today if he was a photographer, rather than a bank robber.
With so many photographers looking for clients and jobs there is simply no more “low hanging fruit” out there. You know, jobs that are just sitting there waiting to be picked off. Not gonna happen. Photographers (and their agents) in their search for income sources all too frequently stay concentrated on the traditional sources of clients with budgets. They look for the “same old” in the same old places. They often fail to read the Wall Street Journal, Barrons and similar reliable sources of business news. The Dow Jones Industrial Average is currently at record highs, in fact it hit a new high just today. Many businesses simply can’t claim (with a straight face) that money for advertising and promotion is not available. While companies are generally not hiring employees at anywhere near the rates that their reported profits would seem to suggest, they are also not just putting their money into mattresses. They are smart enough to put their money into advertising and promotion.
While there is plenty of bad news in the photo world, photographers are actually optimistic for the coming year, as shown by Photoshelter’s recent photographer’s survey. It says 73% of the photographers responding think the coming year will be better than last year. More telling is that 98% (that’s like everyone) say that they are pursuing secondary areas beyond their primary niche. The fact is that there are now more platforms, venues and places for the use of professional photography than ever before. The industries, businesses and sectors which are now thriving, and those that are predicted by the business pundits to boom over the next few years, deserve your attention. Otherwise join the 27% that walk around in a circle and repeating the mantra “woe is me, woe is me”. Better to expand your view and join the 73% that see a brighter future.
Below is a list derived from a compilation of articles and references appearing in over a dozen business publications, newspapers and general circulation magazines. The industries/sectors are listed in no particular order and each was referenced by at least two mainstream publications.
Internet publishing and broadcasting (up 33% since 2001), generic pharmaceuticals, elder care, retirement planning services, Hispanic foods and condiments, large general merchandise stores which sell basic foods and necessities at low prices, employment services, for profit colleges and technical schools, sales and installation of “green” building materials including solar panels, video gaming and business consultation services of all kinds.
As stated, these are not low hanging fruit, but rather opportunities if you look close and sometimes out of the box. As example:
Carnival Cruises has taken yet another PR hit (if you’ve been hiding under a rock the last few months, do a Google search for Carnival Cruise disasters), yet over the last few decades the cruise industry has built and put into service several hundred ships with capacities ranging up to 5,000 passengers per ship. Cruising is now a 40 billion dollar industry in the US alone. About 13 million Americans took a cruise in 2012 and the industry directly supports 320,000 jobs in just the United States. We know photographers that are in the “optimist” column because of the cruise lines they have as clients.
Almost every cruise ship features a casino, which segues to another industry, the gaming industry (Ed’s personal favorite). Today there are 450 casinos in the U.S. alone. (Add to that figure over 100 horse racing tracks). The several hundred cruise ships, race tracks and casinos share some common traits which ought be of interest to all photographers looking for clients and new fertile fields.
Casinos, race tracks and cruise ships all contain restaurants, fast food outlets, retail stores of every description and price point, related leisure/recreational facilities (golf, skiing, spas) and rooms for guests. Casinos and cruise ships are constantly remodeling and are heavily competing with their rivals for every dollar. This means frequent renovations and makeovers to restaurants, room decors and ambiance. These businesses must relentlessly promote, stay “fresh” or be eaten by their competition.
What does this mean to you? Simply that stock photography cannot be employed to illustrate the unique features of a given casino, hotel, race track or cruise ship.
There are thousands of guest rooms and common areas that require wall art or photography. These industries simply cannot advertise or promote themselves without current imagery regardless of platform.
These are just two industries and sectors as an example. You ought to make the effort to research these and others to add more of them to your current client list. According to the numbers, the money is there. Good luck…seriously, good luck.
#1 by Edward C. Greenberg on April 3, 2013 - 1:20 pm
Responding to one of our client who contacted us off line as the above column struck a major chord with him/her:
Casinos, race tracks, dog tracks, poker rooms and slot parlors all have excellent and consistent cash flow. State laws require them to maintain X amount of cash on hand 24/7 AND maintain substantial credit lines with local banks who are eager to loan amounts in high six and seven figures quite literally on a phone request from the customer.
As a result of the ready access to cash, bills tend to get paid quickly by such business. So, (client) you ought not be a bit surprised that the turn around from the issuance of your bill to receipt of payment was well under 30 days. Enjoy.
Cash is king in the gaming industry and ready access to cash is why as Mel Brooks and Steve Wynn both say, “Its good to be the king”.
#2 by Edward C. Greenberg on April 4, 2013 - 12:33 pm
Answering several off line inquiries as one. I will only comment on the two largest gaming companies as there are dozens of consequence:
Caesars (formerly Harrahs) is the largest operator with over 50 wholly owned properties throughout the world and many more which it manages for a fee but does not wholly own or is a “joint venturer” with another entity. In its role as landlord Caesars has well in excess of 5,000 tenants including countless restaurants of all descriptions. It owns and/or manages numerous golf courses/resorts in the US and world wide. I don’t know the exact number but if you contact them they will be overjoyed to hear from you.
MGM (formerly MGM/Mirage) wholly owns about 40+ properties in the US and elsewhere and like Caesars, manages or is a joint venturer on other properties, most notably Foxwoods in Ct. and Borgata in AC. Like Caesars it leases to thousands of tenants of all descriptions world wide.
The mainstream media ignores the enormous amounts of gaming and gaming related business in: Pennsylvania (surpassed AC this year in revenues) Biloxi, Ms., California and Florida based Indian casinos.
The Mogegan Sun in Ct. is located 20 minutes from the Foxwoods/MGM. Together the three hotels have several thousand rooms and draw from both NY and Boston. The largest grossing slot facility in the world is now located in the NYC area which has racinos at both Aqueduct in Queens and in Yonkers which is just over the NYC border.
All of the info you need is readily available on the web and through the various casinos who will jump through hoops if they think they can make a nickel.
#3 by Edward C. Greenberg on April 5, 2013 - 6:18 pm
Re-phrasing a question received at our office:
“Do hotels sometimes advertise jointly with cruise lines? I had a bad experience in the past and would like to avoid dealing with any foreign laws or courts”
My extensive (19 cruises) but mostly anecdotal experience, is that the following US cruise departure cities tend to attract more cruise passengers to local their hotels for stays pre and/or post cruise:
NYC/Brooklyn, Miami, Charleston, Boston, San Juan and (my favorite) New Orleans.
Other major departure cities include: Tampa, LA, San Diego and Ft. Lauderdale.
Just Google any cruise line, Liberty Travel, Vacationstogo.com, etc. and you can find all the departure ports for NCL,Carnival, Royal Carib., Princess, Disney and on and on . The cruise lines are more than happy to arrange for such stays as a “service” to their passengers. They “partner” with local hotels for their mutual financial benefit and in many cases offer tie in deals with hotels at departure ports. You typically can book both the cruise and “their” hotel when booking with the cruise line directly. (Usually not cost effective but I digress…)
Just a suggestion – don’t concentrate just on US mainland departure ports. Both Puerto Rico and St. Thomas are part of the US, subject to US copyright law and are about the busiest ports in the Caribbean.