16 Apr 2008 LuckyOliver Shutting Down
LuckyOliver have announced that they’ll be closing down on May 15. Before this date all unused credits must be used and contributors above the threshold must request payout. Contributors below the threshold can have their balance converted to credits.
LuckyOliver chief Bryan Zmijewski provided details in a blog post and a site-wide alert. He explained that LuckyOliver investors chose to close the business rather than invest the extra capital required for further growth.
The Lesson for the Market
LuckyOliver’s strategy was near faultless. They focussed on the fundamentals and long-term growth, they did everything as simply as possible, and they communicated with the market acting upon feedback when it was appropriate. They also innovated, creating the Sideshow which introduced the midstock pricing and concept to the stock photography market.
This closure proves that not even an ideal strategy is enough to successfully sustain a microstock agency. Financial resources are required at every stage of the development process, not just when creating the technology. This is the lesson for new and aspiring microstock agencies.
I met Bryan last year and we spoke at length about the market, LuckyOliver and the future of stock photography. There really is truth to the rumor that when he talks strategy it makes your brain hurt. He was exceedingly generous with information and tips for me as a new microstock market blogger, and he took the time to understand where I was going.
I’m disappointed that LuckyOliver is closing primarily because I was looking forward to seeing what else Bryan was going to bring to the market with LuckyOliver. I can’t wait to find out what’s next for him.
Thankyou, Bryan, for your generosity and communication over the past year. …and for the LuckyOliver t-shirt which I now consider a collector’s item.