The last couple of years had been rough. The lockdowns, health restrictions, postponed events, social distancing, and all the radical changes that we’ve had to live with had also inevitably changed how we run our business.
On the face of it all though, we came up with cool new ways to keep going as a creative professional in what they’ve coined as the “new normal.” However, things are starting to pick up as we close out on the pandemic. More people are getting the jab and society’s slowly but surely falling back to something resembling the old pre-pandemic world.
And as we push through 2023, we’re seeing a lot of interesting things emerging in the photography industry, whether it’s anything COVID had a hand on or not. So here’s our roundup of industry statistics, facts, and trends to help prepare you for what’s in store for 2024.
Most Popular Photography Statistics (Editor’s Choice)
- The demand for photography as a whole is going down, but demand in some niches (eg. elopements) are rising.
- Olympus and Nikon are struggling, Canon and Sony now combine for 70% of global camera sales. (Nikkei)
- An estimated that 1.6 trillion photos will be taken in 2023. (Mylio)
- The share of pictures taken with a mobile phone is estimated at 93% for 2023. (Mylio)
As a professional photographer, let’s start with the search demand for photographers. Using Google Trends data, no surprise here, we’ve seen a decline for the industry nearly across the board since 2004. We know this though from our previous industry statistics research, more and more people are sticking with their smartphone instead of a digital camera, and subsequently, people are “just fine” with their smartphone portraits, family photos, etc. Here’s a look on how it’s impacted interest for “portrait photographers”:
Though we’ve seen a decline across the photography industry, there are a few niches that are holding steady – newborn photographers, maternity photographers and real estate photographers. The former two likely because they are very special moments, and the latter, perhaps due to the popularity of websites like Zillow, Redfin, etc.
I see one area of photography that is steadily rising though – elopement photographers:
Not only that, we’re seeing a lot of new niches related to elopement photography emerge…
Photographers: Get Ready for “Micro-Weddings”
The COVID-19 pandemic has undoubtedly changed our idea of a wedding. Well, the pandemic didn’t really stop people from getting married, but we are seeing significantly less-grand receptions, minuscule guest lists and more intimate celebrations overall — making way for “micro-weddings” or “minimonies” to enter our vocabulary. There’s no telling how this will affect the wedding photography industry, or if this is going to be a more permanent affair even after the pandemic’s long gone.
The Photography Services Industry is on a Path to Recovery
Individual photographers, partnerships, studios to large businesses like Getty Images are looking a little livelier this 2021. According to the recent Photographic Services Global Market Report, the industry is expecting to hit $36.42 billion in 2021 with a 10.6% CAGR or compound annual growth rate from 2020’s $32.92 billion. This has much to do with the Covid-19 recovery which put our industry to a halt.
Interestingly, the forecast for 2025 is at $44.07 billion at a 5% CAGR. I’m not quite as bullish, seeing some of the “major companies” they mention, like Portrait Innovations, have numerous studios are shutting down nationwide. Another “major company”, Getty Images, perhaps the most popular stock photo agency, we’ve seen more and more websites utilize high quality free stock photos from sites like Unsplash.com
From a professional standpoint, I have seen the demand for photography services decreasing (this could also be from increased competition), however, there’s still a huge market on the high-end as I’ve covered in How Much do the Top 10% of Photographers Charge?
Photographers are also branching out, many are making their money on Instagram Reels, or YouTube, selling presets, stock footage, photography courses, etc.
Bigger “Pro-Level” Mirrorless Camera Bodies are Coming
Now we might have slightly different definitions as to what a “pro-level” camera is, but one thing’s for sure. We’ll be seeing more beastly sized mirrorless bodies that can shoot more photos per second than you have fingers and toes.
Vertical grips with enormous batteries were only seen in the highest end of DSLR speed demons in the past, and we’re seeing this familiar feature back again with the Nikon Z9 and Canon R3’s release just around the corner.
Canon and Sony Hold 70% of Global Camera Sales
Recent data from Nikkei revealed Canon and Sony owning the big fat lion’s share of the global camera sales in 2020, with 47.9% and 22.1% shares respectively. Past the global silicon shortage, shipment issues and the general public’s lack of interest in buying new electronics amidst a pandemic, it’s still a pretty good showing from the two camera giants.
Canon Projects Healthier Sales in 2021
Canon updated its forecast for the 2021 financial year by a 2.9% bump in its full-year net sales and 42.9% in operating profit to the tune of $32.7 billion and $2.5 billion respectively. For context, net sales last 2020 was $28.2 billion and operating profit was at $1B. Canon cites the increased demand for inkjet printers and renewed demand for cameras, especially for full-frame mirrorless bodies among other products in the medical and manufacturing segments.
We’ll Take 1.4 Trillion Photos by the end of 2021
The COVID-19 pandemic has put a minor speedbump for shutterbugs the world over in 2020, where we only took an estimated 1.12 trillion, a 21% decline from 2019’s 1.44 trillion. However, Rise Above Research now predicts we’ll be pumping those numbers back to 1.4 trillion in 2021 as we ease back to normalcy.
More Than 90% of those Photos Will be Shot on a Smartphone
Research firms estimate that the Android or iPhone’s share of the world’s total photo count will balloon up to 93% by 2023 from 2020’s 89%. That’s 1.246 trillion photos in everybody’s collective camera rolls!
Smartphone Cameras Are Getting Scary Good
Who’d have thought the three-eyed shooter at the back of your phone was good enough to topple a camera giant like Olympus? Last year’s iPhone 12 Pro was even more than good enough to make our list of the top filmmaking cameras for under $1,000. Smartphone cameras have indeed come a long way, and it’s no longer a question why we’re seeing so many photos from mobile phones.
There’s No Stopping Computational Photography
It started with artificial bokeh with our favorite selfie devices. Then there were software that’ll swap out the sky in your landscapes, or perfect the skin, or even go as far as changing a subject’s facial expression. Now we have computational photography seeping into the more serious photography crowd.
Canon’s reportedly applying for a patent that would use the camera’s IBIS along with in-camera processing to correct unwanted blurry images. Olympus also says they’ll start tapping into computational photography to improve upcoming units’ image quality.
Olympus No More… Sort of
We talked about Olympus’ downfall before and how its imaging department was acquired by Japan Industrial Partners (JIP). Now, JIP’s making its first major steps since acquiring Olympus’ assets and has rebranded all future cameras as OM System, leaving behind the historic name’s 80+ years of legacy in the industry.
The Future of Film Photography is Looking Sad
Fujifilm, one of the few remaining companies that still manufacture film, has discontinued Velvia 50 sheet film and the Fujicolor 160NS Professional 120 film right after the 35mm version ceased production in early 2021.
The Photography Used Market is Hurting Sales
How much would you pay for a used Nikon D750 with relatively low actuations and very minimal cosmetic marks? How about a brand-new entry-level camera like the D5600, a now 5-year old camera, in 2021? You’d actually be paying $50 less for the used D750.
Canon’s not as different because you could also get a used 5D MK III and a brand new T8i for around $750. This is making people not want to buy entry level cameras, and it makes total sense why the last update to the D5000-series we’ve seen was in 2016.
And since mirrorless hit the scene, legacy lenses are back in high demand, everything from Canon FD, Leica Lenses and everything in between. Professionals know that a lens a decade old is perfectly usable, and often preferred for that film look.
We’re also starting to see markets like ShareGrid and KitSplit – the AirBnB for Camera Rentals per se, where you can lend, or rent camera gear from peers. Providing an alternative to purchasing, or renting from a local store or online company like BorrowLenses or LensRentals.com.
Nikon is Closing Down More Factories
Speaking of Nikon, they’re reportedly consolidating their remaining lens manufacturing facilities in Japan into the remaining factory in Otawara City. Nikon had previously announced they’d be ceasing all camera manufacturing operations in Japan and moving everything to Thailand in an attempt to cut costs and improve efficiency.
Photo Conventions are Coming Back in 2022
Major camera conventions had taken their time off the past couple of years for obvious reasons. Though PHOTOPLUS and NAB were sadly cancelled this year, there are a lot of conferences to look forward to early next year. ImagingUSA for one is scheduled to be held in DC, from January 16th to 18th. This is quickly followed up by WPPI, scheduled in February next year. Conventions aren’t going anywhere!
There are Two Colors of the Year for 2021
Pantone’s done something a little different this year. For 2021, we officially have Ultimate Gray and Illuminating as our colors of the year. Apparently, the gray is meant to represent steadiness and resilience, while the yellow evokes optimism and hope. That’s certainly a nice message, especially during these strange times. It might be a good idea to incorporate these colors more in your projects for the remainder of the year!
Two-Thirds of the Top 120 Photographers Don’t Use Brand Names
Alex Vita went ahead and analyzed 120 of the top photographers’ websites and came back with super interesting stuff. I recommend checking out her full report here. One of the many major standouts however was how two-thirds of the top pros use their first and last names as their domain names. The key takeaways here are: using your name makes your business more human and more relatable, while also making you easier to find should you ever change niches in the future.
Mads Nissen Wins World Press Photo of the Year for the 2nd Time Around with “The First Embrace”
The 2021 World Press Photo of the Year Award went to Danish photographer Mads Nissen for capturing a beautiful photo showcasing an elderly patient sharing a warm hug with a nurse through a “hug curtain” after five months of isolation.
Compact Interchangeable Lens Cameras (ILCs) Are on the Rise
With the release of the Sigma fp, which by the way is the smallest full frame camera in the world, Panasonic S5, Fuji X-E4, and the success of the Sony a7C, one thing has been made very clear: the people want compact cameras that’ll let them use whatever glass they want. This is contrasted heavily by the 3.5 million compact cameras shipped last 2020 (non-ILCs), from 2019’s 6.6 million.
We’re Still Suckers for Nostalgia
Polaroid successfully came back from the dead, bringing with its revival a handful of modern classics like the Polaroid Now+ and the 21st century version of the Polaroid 600 film. Our love affair with anything retro and vintage also bleeds into the post-production side of things. Adobe says our love for artificial grain, light leaks, and warm tones is “another form of escapism” even in 2021, where we tend to retreat to the past where everything is certain and known.
Inclusivity and Activism Photography are Among the Top Photography Trends in 2024
The events of the past year had been an extremely bizarre one, with the pandemic putting everything on hold just as possibly the largest movement in US history swept the states. This would inevitably spark a trend in our craft, one where we represent all genders and sexualities, ages, religions and ethnicities, says Adobe. Being represented in such an omnipresent medium as photography creates a feeling of togetherness and empowerment, which should be a growing trend in the stock, fashion, and commercial photography areas specifically.