economy

Despite the threat posed by AI and general financial insecurities, the photography and videography markets are doing well, according to a recent report.

World-class chipmaker NVIDIA became the first company in its industry to reach a market cap above $2 trillion. This remarkable high water mark capped off an incredible week for NVIDIA, which posted record revenue last week.

The US Commerce Department has published a semiconductor supply chain report that projects the worldwide chip shortage will exist well into the last part of 2022, and possibly even 2023, meaning photographers will likely continue seeing shortages in new cameras for many months to come.

Doom-and-gloom stories of the state of the camera market have been pretty common over the past year due to COVID-19. But what if the data used to determine the health of the industry was flawed?

Right on cue, CIPA has released its latest report, showing how camera shipments in March were affected by the rapid spread of the coronavirus, and the economic shutdown that followed. No surprises here: the numbers are grim.

Gear rentals house Lensrentals recently conducted a survey of over 1,000 photographers and videographers to see how the coronavirus pandemic has affected their businesses. The results show just how hard some photographers have been hit.

As the coronavirus pandemic brings the world economy to its knees, retail intelligence firm Stackline put together a report identifying the 100 fastest growing and 100 fastest declining industries based on e-commerce data from March. No surprise, the outlook is especially grim for cameras.

As the coronavirus has spread throughout the U.S., it has left a wake of economic turmoil. As of Wednesday, April 9th, over 16 million Americans have filed for unemployment. Like many other freelancers, photographers have seen an abrupt drop in income. For many, late March brought about cancellations in droves over the course of about a week.

Despite my background as a CPA, auditor, and experience as a business owner, I don’t openly post direct financial advice. However, I feel like this is an appropriate time considering COVID-19 and the massive global impact of this pandemic.

As fears of coronavirus (COVID-19) balloon in the U.S., many freelance photographers have begun to contend with the economic impact of event cancellations and social distancing policies. Freelancers are accustomed to seasonal slowdowns or the occasional cancellation, but the uncertainty around the breadth and duration of this outbreak has resulted in anxiety, frustration, and anger.

Ever wonder how much the arts and photography contribute towards the United States economy? Wonder no more. According to a newly-published government report, the arts contribute over $763 billion to the economy, and photography represents over $10 billion of that total.

It’s true. Both Neil Leifer and Walter Iooss worked for free.

If you've been paying attention to the professional photography industry, you no doubt understand that times are tough and likely to continue getting tougher for newspaper photographers.

The Chicago Sun-Times has laid off its entire photography staff, according to a report from the Chicago Tribune. Twenty full-time staffers received the grave news at a meeting on Thursday morning, leaving them jobless.

Moving forward, the newspaper will be strictly working with freelance photographers, a move that is expected to further cut down on costs in this already financially troubled industry.