Freelance Photography Business Plan: with Feasibility Report and Financial Model Template

The photography industry even though it has been in existence since the 17th century, started growing and developing in the late 1980s due to improvements in technology. Digital photography made its foray into the industry in the late 1990s and ever since then cell phones have also evolved to include digital photography and video in their features.

The niches that exist in the photography service industry include photojournalism, portrait photography, sports photography, wedding photography, news photography, advertising photography, commercial photography, scientific photography, industrial photography, nature photography, and architectural photography.

Professional photographers have the choice of either shooting with film or with film and digital even though most commercial photographers prefer digital cameras due to the convenience and speed it offers. This increased efficiency however means that photographers have to offer other services in order to be able to stand out.

The rise of digital cameras has however allowed for the phasing out of certain jobs related to photography such as photo processing workers, film lab technicians, and those that repair cameras or their accompanying equipment.

According to IBISWorld, a research and analytics company, the photography industry generates annual revenue of #10 billion and has grown at an average rate of 1.7 percent between the periods of 2012 and 2017. There are more than 195,000 photography businesses in existence employing more than 235,200 people; which means that most photography businesses are run by one or two people with only a few employing more than four people.

The industry specializes in a different range of photography services and the final products are either printed out on photo paper or electronically but in a compressed file format. There are some operators that print photographs on objects such as promotional items but sales from these niche amounts to just 1 percent of the revenue generated by the entire industry.

The photography industry has experienced growth between the period of 2012 and 2017 due to the growing per capita disposable income as well as an increase in how advertising agencies are spending which has led to an increase in demand for services regardless of the niche of photography one is in. it is expected that the continuous improvement of economic conditions will help further boost growth for the industry from the period of 2017 to 2022.

Globally, the photographic service industry generates more than #35 billion in revenue with the American region having the largest market when compared to other regions. The number of establishments in the industry comprises companies that are in a single location as well as those that are in multiple locations.

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