Magnum Photos, one of the most prestigious photographic agencies in the world, is celebrating a storied 70-year history this year, but it is a history that has not been without financial trouble. The agency has recently announced that they will be taking outside investment for the first time to help them grow and innovate in the digital age.
Time reports that the capital investment (of an undisclosed amount) comes from Nicole Junkermann and Jörg Mohaupt, who are creating a new subsidiary named Magnum Global Ventures, and will join the board alongside Magnum CEO David Kogan and four representatives from the agency.
The deal, which aims to help Magnum accelerate their growth, has been in the works since Kogan was made CEO three years ago.
“We need to be able to experiment and take risk to do interesting stuff with our photographers,” Kogan told TIME. “You have to keep up with all the technological changes and the means of showing the work.”
Magnum have recently relaunched their website, and have found modern ways of injecting capital such as their popular Instagram print sales and educational events and workshops. However, Kogan identified that outside investment was required to move the company forward.
“[Magnum’s] history has been dominated by great work from its photographers and a permanent sense of financial crisis,” Kogan stated in a recent press release announcing the changes. “In the last few decades we have seen our traditional markets of newspapers and magazines decline and the rise of all sorts of challenges. Until recently we have struggled to grasp the challenge of the digital age.”
“We want Magnum to be around for its 100th anniversary. This is a big step towards that goal.”