30 Dec 2015 YAYmicro Migrating to YAYimages – Contributors to Opt-in
YAYmicro has informed contributors via email that starting January 1st, 2016 they will be closing the old yaymicro.com website to customers, redirecting them to the existent yayimages.com site which hosts opted-in content for their image streaming product announced in August this year. Contributors are asked to opt-in their portfolios to the YAYimages streaming product in order to continue selling with the company.
YAYimages streaming subscriptions currently represent the vast majority of the company’s revenue. This, combined with the new site’s superior search functionality and user interface made them decide to move their entire operations over and discontinue the dated and low-performing YAYmicro site, which will remain the sole contributor interface of the company.
Seeking a Strategy that Works
YAY says the unlimited streaming subscriptions product is currently bringing in the majority of the company’s revenue, and that the search, editing options and interface all provide a greater customer experience. The YAYmicro website, in comparison, is dated and in need of an update, but doesn’t have the buyer traffic to justify that investment.
Not all contributors were opted in to YAYimages, unhappy with the low average royalty for the rights afforded and the loopholes in the ‘streaming’ concept. Royalties are 50% and the company has stated that the average royalty amount is $0.27 per image, which doesn’t compare well to rates at the old website nor elsewhere in the industry.
The company acknowledges being small compared to the top earners in the industry, but assures contributors that they’re “not giving up”, asking for patience as this new strategy develops. That’s no small ask for a company that’s still small after nearly 8 years in business, but a few clicks to opt-in will likely be enough for most contributors to continue being patient for a few more years.