16 Dec 2010 Steve Pigeon on the Crestock Acquisition [video]
On July 1, 2010 microstock agency Crestock was acquired by Masterfile Corporation, one of the largest traditional stock photo agencies. Masterfile immediately endeared themselves to Crestock contributors by paying out all backlogged royalties and bringing the review queue back under control. But there’s still a lot left to do for Crestock to compete in the microstock market.
A few weeks ago I caught up with Masterfile’s President, Steve Pigeon, to talk about the acquisition and his plans for the future of the fledgling microstock agency.
The interview was recorded back on October 10, so many of the things Steve announced are not news anymore. I apologize for the distraction of me checking my phone – I was referring to questions and watching the timer for the 5 minute limit of HD filming on the 5DM2.
Ellen Boughn Recruited to Blog for Crestock
The Future of Crestock
So Crestock is back to a solid financial position, with pricing better aligned to the market and a substantial marketing campaign to help increase the buyer base. Steve has also hired a new President for Crestock in Joan Fischer.
There are still doubts about the ability of traditional agencies to achieve success with microstock, and with the slow performance of Crestock to date, Masterfile are clearly starting from well behind. However, the fate of the company is looking particularly more promising now than it was prior to the acquisition. Subsequently, there’s a lot of good will among microstock contributors for Masterfile at this moment.