The microstock site Lucky Oliver founded in 2005 is closing its doors and will cease to exist on May 15th 2008 according to a recent announcement on the site by boss Bryan Zmijewski. LO prided itself on its fresh and innovative approach to selling images using a carnival theme as the design of the site but lack of funds has forced the site owners to remove the tent pegs, fold up the big top and leave the entourage to peddle their wares elsewhere.
“We spent the last year looking for the funds to grow Lucky Oliver because, without the addition of significant capital, the return on investment for LuckyOliver and its contributors would not be satisfactory. After reviewing the options, the investment team decided that it was in the best interest of all stakeholders to shut the company down.” said Bryan Zmijewski in a statement that broke the news to buyers and contributors alike.
Lucky Oliver was considered one of the stronger contenders of new sites trying to break into the cut throat business of microstock. In a video interview as recent as October 2007, Bryan Zmijewski gave no clues that the company was in trouble however, his responses seem less than enthusiastic and lack the vivacity that are the trademark of the company.
For buyers of images, the user terms and agreement remain valid but where does this leave contributors that have supplied hundreds of thousands of images over the past 3 years? Those that have reached the minimum payout level of $25 can request payment of earnings before May 15th and for those that haven’t can convert their earnings to tokens which they can use to download images from the site.
This latest announcement is bound to make photographers and image makers think twice before contributing to other start up microstock sites which seem to be appearing at an ever increasing rate. It has been predicted that the microstock bubble is about to burst leaving the established big players such as Shutterstock, Fotolia, iStockPhoto and Dreamstime to dominate the market.