Image Market Status
Last updated
Last updated
As the user base for social media is growing at a breakneck pace with Facebook now having over 2 billion users, profits generated through social media worldwide is also increasing rapidly. According to ‘Grand View Research’, a global market research organization, social media such as Facebook, Twitter and LinkedIn aggregated global advertisement revenues of approximately USD 186 billion on 2021 and expected to reach USD 350 billion by 2027, CAGR of 10.9%.
In the case of Instagram, currently in 2021, has expected revenue of USD 47.6 billion and 90% more revenue come from mobile advertising business.
Also, Facebook’s 4Q 2017 revenue was USD 12.97 billion, which is a 47% increase from same quarter in the preceding year, of which 99% had been attributed to advertisement revenue.
Through various instances, it can be seen that the number of users and the social media platform provider’s revenues are directly proportional. However, it is not structured to distribute rewards to participating users, but rather most of profits are taken by platform providers.
According to ‘Coherent’, a marketing research facility, the global stock image market is estimated to reach $ 3.6 billion by 2022. The most significant portion of transactions thereto was micro-stock images and flat rate sales, which recorded sales of approximately $ 900 million. Video image (footage) related sales, which are very likely to grow in the future, totaled $550 million, and the relatively high- priced RM (royalty managed)/ RF (royalty fee) market was $ 100 million.
Experts predict that the stock image market will continue to grow. Coherent expects the stock image market to grow at an average annual rate of 5.2% by 2027, reaching $ 4.7 billion. With the development of communication-based technologies such as the internet, more images will be created and the still images market as well as the video image market will expand. The growing need for visual effects in the media field, such as marketing, is also one of the factors that forecasts the growth of the market. Appropriate use of images can enhance the purchasing power of the products and public relations effect.
The PIBBLE project is based on a global stock image market which is worth $ 3.6 billion. However, the PIBBLE project will break the frame of the existing stock image industry and introduce a new industrial structure that enables not only professionals but also ordinary people to buy and sell their images in the PIBBLE Ecosystem
