When investors say that $40bn per annum photography industry is too small, I say – they are limiting themselves in their thinking.
Because people all over the world make assumptions about the high cost of the service, the availability of professional photographers, the convenience of hiring them, the speed of getting the edited photos and videos back.
And as a result many resort to using their own phones, even though they clearly understand that they don’t have the skills or the time to take great photos and a great camera in their pocket plays a small role in the making of amazing visuals (editing, positioning, angle, light and many other aspects are just as important).
If, however, you closed your eyes for a moment and imagined a world in which everyone was walking around with a fully networked super computer connected to the internet, with GPS and the most amazing camera in their pocket (which people already do), then you’ll see how photography on-demand could be much, much larger.
After-all, aspiring talented photographers who can not afford to purchase £20k worth of Canon or Sony equipment, can get the latest Huawei phone for £300 and with their skills take photos which are just as great as those taken by a photographer using professional kit. Yes, they need to have the skills, but they no longer need to have the kit.
This increases the supply of available photographers, which dramatically increases the convenience of utilising the service for consumers. Increased supply drives increased demand, which in turn drives more supply into the market.
Who wouldn’t want to have an option of hiring a professional photographer instantly to come in and take amazing photos of their birthday party, hen do, travels to the Big Apple or kid’s baptism for 15 minutes, for, say, £9 instead of £90?
Who in their right mind would pay £99 for headshots, when this can be done for £9.99?
Which restaurant would say no to £19 for a mouth-watering finger-licking good food photoshoot, instead of £190?
This is the future and it’s much closer than you can imagine.