2024 State of the Photography Industry: Key Insights and Positive Trends
The 2024 State of the Photography Industry report by Zenfolio provides a comprehensive look into the photography landscape, focusing on income trends, product sales, and specialties. Here’s a breakdown of key takeaways, especially for photographers in the fields of sports and event photography, both of which have shown growth and potential for high earnings.
Steady Growth for Full-Time Photographers
The report highlights a notable 3.7% increase in the number of full-time, self-employed photographers earning more than $100,000 annually. This upward trend, combined with a 237% increase in survey participation, suggests a broader representation of high-earning photographers. Full-time professionals are seeing sustained growth in their businesses, making the photography industry a lucrative field for those who dedicate themselves to their craft and build expertise in sought-after niches.
To include our own supporting statistics, the top 15% of TSS Photography franchisees have seen their own success this year, with each reporting double-digit growth in year-over-year (YOY) sales. This impressive upward trend is a testament to the innovative tools, strong support, and proven strategies that TSS provides to its franchise network, empowering owners to thrive.
Sports Photography: Physical Product Sales Surge
Sports photography has seen impressive growth in the demand for physical products. According to the 2024 report, 45% of sports photographers noted an increase in their physical product sales in 2023. Whether it’s team photos, action shots, or memorabilia, clients are seeking tangible, printed images to commemorate their sports events. The shift towards offering physical products not only diversifies income streams but also highlights a growing consumer preference for keepsakes that go beyond digital images.
With the growing popularity of sports leagues and organized events at all levels—youth, amateur, and professional—sports photographers are in a prime position to capitalize on these opportunities. Offering packages that include both digital and print options can enhance client satisfaction and increase sales.
Event Photography: Building Consistent Revenue
Event photography continues to stand out as a reliable source of income for both full-time and part-time photographers. From corporate events and private parties to school functions and large-scale public gatherings, the demand for skilled event photographers remains strong. One key factor that sets event photography apart is its versatility—whether clients want candid shots, formal portraits, or interactive photo booths, the opportunities to customize services are endless.
The 2024 report indicates that event photographers are increasingly offering a mix of digital files and print products, catering to a wide range of client preferences. As a result, photographers in this field can benefit from consistent bookings and repeat business. Additionally, with the rise of social media, clients are eager to share high-quality event photos instantly, making digital delivery an essential service that complements traditional print offerings.
The Rise of Physical Products
In 2023, 36% of all respondents reported selling more physical products compared to the previous year. This trend was particularly evident among sports, automotive, and wildlife photographers, who saw a significant rise in demand for tangible goods. Print products like albums, unframed prints, and photo books are becoming popular options for clients who want to preserve their memories in a more meaningful way.
As digital content continues to dominate, the resurgence of physical products highlights an opportunity for photographers to expand their offerings and provide clients with keepsakes that go beyond the digital realm.
The Trade Show Buzz
Networking remains one of the most valuable strategies for photographers looking to grow their business and stay up-to-date with industry trends. TSS offers a comprehensive franchise network of like-mind, growth focused individuals. Additionally, Trade Shows provide an excellent platform to connect with peers and learn about new technologies. If you haven’t already, consider attending one of the many photography trade shows happening throughout the year to boost your knowledge and expand your network, find a list here.
The 2024 State of the Photography Industry report paints an optimistic picture for photographers, especially those specializing in high-demand fields like sports and event photography. By adapting to evolving client preferences and incorporating a mix of digital and physical products, photographers can capitalize on the growing opportunities within the industry.