Editor’s Note: (Tuesday, January 05, 2021 at 10:29 AM): We have added additional details about the transition, provided to us by an Olympus spokesperson.
Olympus has confirmed in an announcement on its website that it’s completed the transfer of its imaging division to OM Digital Solutions, the subsidiary of Japan Industrial Partners Inc. (JIP) that now controls the Zuiko and OM brands.
Olympus first agreed to sell its imaging business back in June 2020, when it announced JIP would be the new stewards of its camera brands. Further details were unveiled in September 2020, when Olympus laid out the framework for how the transfer would take place.
This new announcement, embedded above, confirms the transition has been completed as expected, effective January 1, 2021. In it, Olympus says Shigemi Sugimoto has been named President and CEO of OM Digital Solutions under JIP. It’s business will be ‘digital cameras, interchangeable lenses, IC recorders, etc. centered on mirrorless interchangeable-lens cameras.’ The company starts out with 37 billion yen ($ 360.9 million) and has 2,000 global employees at inception.
The announcement says sales and research and development will take place at the OM Digital Solutions Co. building in Takakuramachi, Hachioji-shi, Tokyo, while production of equipment will take place at factories in Dong Nai Province, Vietnam.
We’ve also learned OM Digital Solutions has licensed the use of the Olympus brand name. So, in addition to the OM and Zuiko branding, the cameras will continue to be released under the Olympus brand ‘for the foreseeable future.’ This won’t always be the case, but an Olympus spokesperson told us they are ‘unable to provide the exact duration of its use, at this time.’
The Olympus spokesperson also clarified details of the transition, saying OM Digital Solutions ‘will retain Olympus leadership and capabilities in Research and Development, Production, Sales and Marketing.’ The roadmap will also remain unchanged under the new owners, according to the spokesperson. ‘Services, repairs and warranties will continue, and customers will receive full support for future purchases,’ as well.
OM Digital Solutions CEO and President, Shigemi Sugimoto, is quoted in the announcement saying (via machine-translated text) ‘[OM Digital Solutions] will continue to supply high-quality and highly reliable products [and] will continue to develop unique products for the creation of new value.’
What exactly this new endeavor entails remains to be seen, but we’ll get our first preview of Olympus’ brands under JIP in the form of a new website that will go live tomorrow.
In a press release shared today, Olympus has confirmed it’s come to a finalized agreement with Japan Industrial Partners Inc. [JIP] to transfer the Olympus Imaging business at the beginning of 2021.
In the announcement, Olympus says it’s transferring its Imaging business to a new wholly-owned subsidiary called the ‘New Imaging Company.’ On January 2, 2021, 95% of this company will be transferred to OJ Holdings, Ltd., a company created by JIP specifically for this transfer.
The acquisition includes all of Olympus’ global Imaging business, including all research and development, as well as manufacturing facilities. Sales, marketing and R&D operations will be relocated to a new headquarters located in Hachioji, Tokyo, Japan, while production will continue at Olympus’ Vietnamese factories in the Dong Nai province.
Olympus says the ‘New Imaging Company will continue to provide high-quality, highly reliable products’ and notes the ‘Zuiko and OM brands, which are grounded in optics and digital imaging technologies cultivated by Olympus over many years […] will be appropriately positioned to further pursue new developments.’
Once the deal is complete, Olympus will focus on its Medical and Scientific Solutions with a mission to ‘making people’s lives healthier, safer and more fulfilling.’
Press release:
Olympus Agreed on Transfer of Imaging Business with JIP
Tokyo, September 30, 2020 – Olympus Corporation (“Olympus”) today concluded a definitive agreement with Japan Industrial Partners Inc. (“JIP”) regarding the transfer of the Olympus Imaging business. Under the agreement, Olympus will transfer its Imaging business to a newly established wholly-owned subsidiary of Olympus (the “New Imaging Company”), through an absorption-type split. This is to be followed by transferring 95% of the shares of the New Imaging Company on January 1, 2021, to OJ Holdings, Ltd., a special purpose company established by JIP.
Olympus began the manufacture and sale of cameras using the Zuiko lens in 1936 and became one of the world’s leading camera makers. Olympus was among the first companies to make small, lightweight compact cameras with professional quality, such as the award-winning Olympus ‘OM’ and ‘Pen’ series. Driven by the desire to make people’s lives more fulfilling around the world, the company applied innovative technology and unique product development to distinguish itself in a highly competitive industry.
In recent years, however, the market has shrunk rapidly due to the evolution of smartphones, leading to a significant downturn for the digital camera market globally. Despite taking various steps to improve its cost structure and efficiency, Olympus’ Imaging business recorded operating losses for three consecutive fiscal years up to March 2020.
Under such circumstances, Olympus concluded that, by carving-out the Imaging business and operating the business under JIP, its business structure would become more compact, efficient, and agile, and it is the most appropriate way to realize self-sustainable and continuous growth. With a loyal following and long history of innovative products, the New Imaging Company would be committed to building on Olympus’ accumulated expertise and to continue providing customers with innovative, high quality cameras under the new business structure.
“I would like to express my heartfelt gratitude to all our customers for their patronage and support of Olympus products, and for their passion devoted to photography. I have the utmost confidence that this transfer is the correct step forward in sustaining the value of our products and services,” said Yasuo Takeuchi, President and CEO of Olympus Corporation.
“At the same time, I am certain that this opportunity is the best choice for our long-time patrons, new customers and photography enthusiasts. Under the new company, the development, manufacturing, sales and service functions will continue tight collaboration to introduce new products that will satisfy customers,” Takeuchi added.
The agreement applies to Olympus’ global Imaging business, which includes all R&D and manufacturing facilities currently dedicated to its Imaging business. The New Imaging Company will continue to provide high-quality, highly reliable products. Built on a solid foundation, including the Zuiko and OM brands, which are grounded in optics and digital imaging technologies cultivated by Olympus over many years, the New Imaging Company will be appropriately positioned to further pursue new developments.
Head of sales and marketing, R&D and designing departments for imaging products will be relocated to the headquarters of the New Imaging Company in Hachioji, Tokyo. Production will continue at the location in Dong Nai province, Vietnam, where imaging products are currently manufactured. The New Imaging Company will continue to provide customer support for the imaging products which have been manufactured and sold by Olympus.
Following the transfer of the Imaging business, Olympus will concentrate on Medical and Scientific Solutions, in our ongoing efforts toward making people’s lives healthier, safer and more fulfilling.
Information on the New Imaging Company is as follows. Company name: OM Digital Solutions Corporation Location: Hachioji, Tokyo Representative Director: Shigemi Sugimoto Business operations: Operations involving the manufacture and sale of digital cameras (primarily mirrorless interchangeable lens cameras), interchangeable lenses, IC recorders, and other audio products Capital: Not fixed
For the details about the company split and the transfer of shares, please refer our corporate disclosure “Signing of Definitive Agreement for Divestiture of Imaging Business.” (https://www.olympus-global.com/news/ir/2020/)
The post 5 Ways to Diversify Your Photography Business appeared first on Digital Photography School. It was authored by Karthika Gupta.
Photography is an incredible art form that really gets your creative juices flowing. There are so many elements to making a great image, and the beauty of it is that so much of photography is really subjective.
Sure, there are some technical requirements that you might need to pay attention to. But these days, even those are somewhat relaxed in the name of art.
That said, there are a lot of things that you need to consider and pay attention to if you want to make photography your full-time career, or even make a living out of creating images. It is hard to start out and get consistent work in a sea of photographers. The fact that there is really a low barrier to entry in terms of starter gear results in a lot of competition. Plus, much of photography education online is free (or almost free), so there is nothing you cannot learn about photography on your own, right?
Being able to call yourself a full-time photographer and being able to make a living out of photography is not that easy. Markets are constantly changing; customer tastes are evolving and prices for good photography are also shifting. Unfortunately, you will always find someone who is willing to do a job for less money. That is a reality, not only for photography, but for almost any business out there.
Luckily, it is not all doom and gloom when it comes to making a living from your photography. The smart thing to do is to diversify your photography business and create multiple streams of income; that way, when one area is slow, the others more than compensate in terms of monetary benefits you can derive from this art form.
Here are five ways you can diversify your photography business:
1. Shoot different genres
I know that many photographers promote picking one genre and sticking to it. There definitely is an advantage in honing your skills and perfecting them. But I have never been one to follow that rule. I tend to get bored easily and, when I was just starting out, I did not know what I wanted to specialize in.
I tried to photograph everything I could as a way to practice using my camera as well as a way of figuring out what I wanted to do long term. When I first started my photography business, I photographed children and families. Then I moved into photographing weddings. That quickly changed to more travel and lifestyle photography and, somewhere along the way, small business branding came into play.
Now I focus on travel, lifestyle, and business editorial visual content creation. While you might think this is a crazy trajectory, I try to focus on all the soft skills I picked up during each of these phases: dealing with different types of clients, working with different kinds of lighting, and even creating different types of visual content. And I found that this really helped when it came time to diversify my photography business.
Family photos for this client led to a small business branding shoot and many more family shoots along the years.
2. Teach or mentor other photographers
Once you have been around the block a few times, you realize that you have learned a lot from all your experiences. This holds true for life as well as photography, doesn’t it? If you find yourself constantly in the position of talking to other photographers who are asking for advice on how to do certain things or how to manage a photography business, perhaps it is time to officially start teaching and mentoring newer photographers.
But I have to warn you: This has to come from a place of genuinely wanting to help and teach others. Don’t just use this privilege as a way to make money. We photographers know when we are being taken for a ride, right? Being someone’s mentor or teacher is a huge responsibility, and you need to be willing to give more than you take.
I teach photography workshops at conferences as well as small group mentoring. It’s a way to share my love of this art form with other photography enthusiasts.
3. Write photography-related articles
This is, by far, one of my favorite ways to diversify my photography business. I started writing articles for Digital Photography School in 2013, and I’ve really enjoyed the opportunity this community has given me to connect, share, and be a part of an awesome group of people who all have a common love for this art form. This has also led to more writing work, as well as more clients, so I see this as a win-win from all sides.
Writing articles and reviewing gear for DPS.
Now, just to set the record straight:
When you first exploring writing photography articles, be prepared to maybe do some pro-bono work. As more and more photographers are getting into writing and teaching, there is a lot of supply. Consider this exercise very similar to your initial portfolio-building experience.
4. Shoot and sell stock
I admit that this was not on my mind at first. But the more I started speaking to my friends about how they are maintaining their photography business, the more intrigued I became by stock photography.
I started shooting images for stock and found that it was a lot of work. So instead, I started adding stock imagery as one of the line items in each of my shoots (client and personal). I was creating work for my clients, anyway; why not spend some time after the shoot creating some images that can be added to my stock portfolio?
I also shoot scenarios specifically for some of my stock clients if and when I am assigned that job.
I prefer creating custom stock for clients rather than shooting generic stock.
5. Sell physical products
I started doing this when I was actively photographing weddings and families. I resisted the temptation to simply copy all images onto a disk or add to an online gallery and give my clients all the images. I found that most of the clients I served were overwhelmed with 50+ images from a session.
Instead, I started an in-person-sales process, where clients would get to see their images and choose images/prints and products. This increased my average sales per shoot and added more revenue to my bottom line.
Never underestimate the power of diversification of your business; this was taken on a content creation trip to Sri Lanka.
Conclusion
I have been a professional photographer for the past 10 years and, if I have learned anything this last decade, it is that we have to be nimble and flexible in how we navigate the small business entrepreneur path. What worked five years ago is definitely not going to work today.
For that matter, what worked last year may not work this year. So take it in your stride and actively work on diversifying your photography business.
Not all of these options might be appropriate for you. But if you can even take one of these suggestions and make it your own, you might be less stressed when the slow season comes along and your bills keep piling up.
The post 5 Ways to Diversify Your Photography Business appeared first on Digital Photography School. It was authored by Karthika Gupta.
The post Olympus to Quit the Camera Business, Sell Brands to Investment Fund appeared first on Digital Photography School. It was authored by Jaymes Dempsey.
Olympus is leaving the camera business.
After three years of financial struggle, the company has decided to sell its camera division to Japanese Industrial Partners (JIP), a firm known for its ability to successfully restructure unprofitable businesses.
In recent years, Olympus has become more heavily invested in other aspects of its business, and while the company attempted to keep its camera division moving forward, it has struggled to compete with players on either end of the spectrum. Smartphones have eaten into profits generated by hobbyist cameras, while APS-C and full-frame cameras have maintained an edge against Olympus’s semi-professional and professional models.
Then, last fall, rumors of an Olympus camera division shutdown were denied by the CEO, though it’s clear that the company was on a firm downward trajectory; as indicated in the official announcement, Olympus was hit hard by an “extremely severe digital camera market, due to, amongst others, rapid market shrink caused by the evolution of smartphones.”
And while Olympus’s mirrorless lineups were praised for their compactness and sharp lenses, the company struggled to find a habitable niche, especially as “small-but-powerful” became a common refrain of Google Pixels, iPhones, and more. And the release of higher-end bodies such as the OM-D E-M1 Mark III and the OM-D E-M1X wasn’t enough to pull more serious photographers away from leading brands such as Nikon, Canon, and Sony.
So what comes next?
JIP plans to take over the Olympus camera brands by the end of 2020. The announcement indicates that a “definitive agreement” will be signed by September 30th, with the two companies aiming to “close the transaction by December 31, 2020.”
JIP will then “succeed and maintain the research and development functions and manufacturing functions globally…to continue to offer high-quality, highly reliable products.”
This is technically good news for Olympus photographers. JIP will at least attempt to rebuild Olympus’s camera division in the interests of its current consumers. But if the camera market continues to bleed, it may be impossible for JIP to turn things around, leading to a more permanent end for the brand.
And here’s another important question:
What does this mean for the camera industry as a whole? Is Olympus an anomaly? Or is the first of many? At present, even leading camera companies are struggling to find footing, which makes me wonder whether we might witness the fall of at least a few more camera brands before the market stabilizes.
Now over to you:
What do you think about Olympus’s decision? Will it impact Olympus consumers? And will we see the decline of other major camera brands? Share your thoughts in the comments!
The post Olympus to Quit the Camera Business, Sell Brands to Investment Fund appeared first on Digital Photography School. It was authored by Jaymes Dempsey.
Olympus has announced it’s agreed in principle to divest itself of its imaging business by transferring it to a new company that will continue to run it. The company that will run the new business is Japan Industrial Partners, and Olympus hopes that the final agreement will be made in September and the deal closed by the end of the calendar year.
In a statement, Olympus says the new company will carry on making and selling camera equipment and suggests it will maintain R&D and manufacturing facilities around the world. Crucially, the new company will also provide support to existing Olympus camera owners.
After three years of losses Olympus says it needs a more ‘compact, efficient and agile’ corporate structure and claims having a new company run the camera business is the only way to make it survive and grow. The company blames the rise in smartphones as a continuing factor in the decline of the camera market, and says it has done what it can to reduce costs. However, further cost-cutting is to come as the imaging business is prepared for its transfer so that it can be taken on in a more ‘profitable and sustainable’ condition.
Press release:
Signing of Memorandum of Understanding for Divestiture of Imaging Business
Olympus Corporation (“Olympus”) and Japan Industrial Partners, Inc. (“JIP”) hereby announce that, today, the parties signed a memorandum of understanding to carveout Olympus’s Imaging business to a new company (“NewCo”) and subsequently transfer its shares to a fund managed, operated or otherwise handled by JIP (the “Transaction”). After the due diligence and further discussions and negotiations, the parties are aiming to sign a legally- binding definitive agreement for the Transaction (the “Definitive Agreement”) by September 30, 2020. We will promptly make further announcement if any matters relating to the Transaction that needs further announcement occur.
1. Background and Purpose of the Transaction Olympus’s Imaging business began with the manufacture and sale of a camera using the photographic lens Zuiko in 1936. Through innovative technology and unique product development capabilities, Olympus has developed and launched various products, aiming to contribute to make people’s lives more fulfilling. Those products include: Olympus Pen, the innovative half-sized camera; Zuiko Pearlcorder, the world’s first micro-cassette tape recorder; and Olympus OM-D series, the mirrorless interchangeable lens camera. Olympus has implemented measures to cope with the extremely severe digital camera market, due to, amongst others, rapid market shrink caused by the evolution of smartphones; Olympus has improved the cost structure by restructuring the manufacturing bases and focusing on high-value-added interchangeable lenses, aiming to rectify the earning structure to those that may continue generating profit even as sales dwindles. Despite all such efforts, Olympus’s Imaging business recorded operating losses for 3 consecutive fiscal years up to the term ended in March 2020.
Under such circumstances, Olympus considers that, by carving-out the Imaging business and by operating the business with JIP, the Imaging business’s corporate structure may become more compact, efficient and agile and it is the most appropriate way to realize its self-sustainable and continuous growth and to bring values to the users of our products as well as our employees working in the Imaging business. Olympus therefore has decided to sign the memorandum of understanding for the Transaction.
JIP has strong track records in supporting strategic carve-outs that realize growth potential and encourage autonomous growth. By adding support from JIP, the NewCo, as the successor of reputable brands such as “OM-D” and “ZUIKO,” will utilize the innovative technology and unique product development capabilities which have been developed within Olympus, and will realize continuous growth of the business by bringing better products and services to the users and customers and by making itself a productive and rewarding work place for its employees.
2. Imaging Business after the Transaction NewCo will succeed and maintain the research and development functions and manufacturing functions globally as reformed under the contemplated structuring reforms to continue to offer high-quality, highly reliable products; and also continue to provide supports to the imaging solution products that have been distributed by Olympus.
3. Outline of the Transaction The specifics of the Transaction shall be decided in the Definitive Agreement after careful examination and consultation between the parties. The parties currently consider the outline of the Transaction shall be as follows. The parties will proceed with the actions and procedures for Transactions in full compliance with applicable laws including consultation obligations and other requirements under local employment laws.
Structure
Olympus’s Imaging business will be transferred to the NewCo by way of company split or otherwise, and then, shares in the NewCo will be transferred to a new company to be established by JIP.
Signing of Definitive Agreement: Scheduled to be signed by September 30, 2020
Closing: Olympus and JIP strive to close the Transaction by December 31, 2020.
Structuring Reform Prior to the closing of the Transaction, Olympus plans to implement structuring reforms to the Imaging business aiming to change the business structure of Imaging business to be more profitable and sustainable. We are currently investigating costs and other impacts of the structuring reform. If any future event which requires disclosure arises, Olympus will announce it promptly.
The post 7 Essential Tips for Photographing Business Events and Conferences appeared first on Digital Photography School. It was authored by James Maher.
Photographing business events is a lesson in extremes. One day you might be photographing a fascinating gala with incredible lighting and a lot of alcohol and energy. Then another day, you might be forcing yourself to pay attention while capturing an insurance industry conference in a dimly lit hotel ballroom, waiting for one person to make a single joke so people will laugh or smile during a talk on offshore tax havens.
In both cases, you have to do the best job you can to come back with the best possible photography from the day. You have to be prepared for the worst lighting, awkward people, and speeches that will cause even the most focused business professionals to nod off in their chair.
Here are some tips that have allowed me to always be prepared.
1. Before the job/being professional
1/200s at f/5.6, ISO 800.
The more prepared you are before a job starts, the smoother the day will go, and that starts with communication.
Provide your client with quick responses to make sure you don’t get beat out by competitors. Make sure you understand all the details of the event and what will be required of you and explain everything that you will provide the client. The better the communication when photographing business events, the fewer surprises will happen during the day.
Provide an official PDF quote on branded letterhead (it’s a nice touch) and always make sure to use a contract. I know this can be stressful for those just starting, but have a standard contract created that you can easily alter for each job, and it will quickly become a simple step in the process.
1/30s at f/2.8, ISO 3200.
Price yourself well. Do some research on event photographers in the area and value your services. Consider your expenses, travel time, shooting time, and editing time. On top of this, consider the time you spend marketing to get these jobs, your overall business expenses, and your personal expenses.
If you under-charge, you may make a little money, but you will quickly be out of business as well as hurting your competitors at the same time. Your work is valuable.
Always make sure to bring backup equipment for everything vital to the day. Bring an extra camera, lens, flash unit, batteries, and more CF cards than you need. The more prepared you are, the less will go wrong.
Finally, dress the part. This tip segways into the next topic about making people comfortable. As a photographer, people are watching you. Cameras stand out, and as much as you want to lay low to capture the best candid moments, you will be a focus of people’s attention.
Because of this, you need to make the best impression possible, While it may feel superficial, the better you dress, the more people will respect you and believe that you are doing a good job (because they often aren’t speaking to you, just seeing you working). It’s simple, but it works.
2. Make people feel comfortable
1/160s at f/3.5, ISO 800.
Your job as a photographer is to capture people looking happy and comfortable. The first step to doing this is making yourself look comfortable. The more comfortable and pleasant you look, the more relaxed people will feel around you, so remind yourself to keep a smile on your face.
Early on, I smile at people and give a quick hello or nod to some of the guests if the situation warrants it. If people look like they want to avoid me, I’m happy to let them. This makes me look non-threatening.
As the event goes on, people will begin to forget about you. However, the earlier you make people feel comfortable around you, the quicker this will occur.
3. Fast equipment
1/160s at f/4.5, ISO 6400.
In my experience, a majority of business events are in places with terrible lighting, so having the right equipment is necessary. You need to have a fast lens (that goes to f/2.8 or even faster), a flash unit, and a camera that can shoot well at high ISOs of at least ISO 3200 (which most new cameras can do these days).
My main event lenses are the Canon 24-70 f2.8 and the Canon 70-200 f2.8. This will cover everything from the overall room shots, the walk-around cocktail photographs, the group shots, to the detailed speaker photographs.
If you are on a budget, a 50mm f1.8 lens is a fantastic and affordable lens for event photography. However, the prime focal length will cause some significant constraints.
For photographing business events in darker environments, I will raise my ISO to 1600 and often 3200. My camera can handle this level of ISO (and 6400 if I really need) without clients noticing and it allows me to always be able to shoot with f2.8 lenses instead of needing faster ones.
1/125s at f/6.3, ISO 1600.
Now, even though you need to be able to shoot at f/2.8 when the lighting warrants, that doesn’t mean that I always do this. Often you will want more depth of field to show the full venue or multiple subjects sharp.
Particularly when photographing groups of people, I will always try to be around f/4 at least when it’s possible. Photographing a group at f/2.8 will often have the center person sharp while the edge subjects (or people standing too far forward) can be quite blurry.
Finally, you need a reliable flash unit. This will allow your subjects to stand out from the background and give them a pleasing light source much more flattering than your typical overhead ballroom lights. For presentations, I stay away from using a flash and instead stick to high ISOs as to not annoy a room full of people trying to concentrate.
For indoor cocktail event photography and similar, I almost always use flash.
4. Balance the room light with your flash
1/40s at F3.2, ISO 3200.
Whenever I need to use a flash, I will first set my camera to expose the room correctly without the flash. In my opinion, the best event photographs show the room and natural lighting of the environment while artificially lighting your subjects, so they look as good as possible.
I will raise my ISO and lower my aperture number until the room looks good, making sure that my shutter speed does not go too slow to cause too much handheld motion or motion in the subjects.
After this, I will turn my flash on and use the TTL (through the lens) setting to allow it to expose the scene correctly. TTL gives the camera the ability to read the light in the room and to give off what it believes to be the right amount of light.
While this screws up occasionally, it can be very accurate and will allow you to focus more of your attention on the event itself.
5. Bounce your flash with a diffuser
1/80s at f/2.8, ISO 2000.
Using a flash does not mean the light that comes off of it will be automatically pleasing on your subjects. Facing it directly at the subject can be pretty harsh.
Instead, I typically aim my flash up and sometimes slightly to the back. That way, the light will spread out and bounce off the ceiling back to them. The shorter the ceiling, the more this works. With a very tall ceiling (or dark ceiling), you will have no choice but to aim the flash directly at your subject.
I also use a small cap diffuser on the flash, which spreads out and diffuses the light. It will also send some of the light forward when the flash unit is pointed up, which helps out significantly.
I highly suggest the smaller cap diffusers over the larger ones, since the larger ones will light up like a bright bulb and blind anyone near you. This can be disruptive for an event.
6. Anticipate and wait for the right moment
1/125s at f/3.5, ISO 1600.
Anticipation is the key to good event photography. If you walk around constantly, it’s so hard to both pay attention and to be in the right position to capture those quick, amazing moments. Instead, find a location with a good vantage point on people having fun and wait for the right moment to occur. When it happens, you will be in position and ready with your camera to capture it.
When I do this, I try to be candid about it because there is nothing that will stop a great moment from happening more than a photographer staring at you and waiting with their camera. So instead, I try to make it seem like I’m looking around the room or looking at something else. I am scanning the room, of course, but I’m primarily watching them out of the corner of my eye.
Sometimes the moment happens and sometimes it doesn’t, so don’t be afraid to give up and move on when needed.
For conferences and long speeches, the key is to wait for someone to make a joke. That is usually the only way people will smile during these serious events. And while I try to be at attention for the entire time, this can be very difficult for a full eight-hour event of speeches and talks.
Instead, I usually pay the most attention early on in each speech and talk. Usually, the jokes come at the very beginning, so I will shoot a lot early on until I’m sure I have enough good photos. Then I will rest my attention for a bit, while still waiting for jokes or light moments to occur.
7. Edit the photos efficiently
1/200s at f/2.8, ISO 1600.
Coming back from an event with 600-1000 photos (or more) can be a daunting experience, particularly for those newer to photographing business events. Having an efficient workflow is necessary for these situations.
I try to stick to a week-at-most turnaround time. This can be difficult, but it is a big draw for businesses in this fast-moving social media world. Often, I’ll even send a small section of the best photographs the next day.
But how do you do this efficiently?
Before I do anything, I cull down the photos to the selects as fast as I can in Lightroom. I use the star system to go through my photos. I give the best photos 5-stars, 3-stars to the ones I am probably not going to use, but I’m not yet sure about, and the rest 0-stars. Then I go through the 5-star images again to turn some of the photos into 4-star images. This allows me to get down to my final set of 5-star photographs to send to the client as quickly as possible. It reduces the rest of the editing time significantly, which is a key step.
From there, I will edit and crop the photographs. Take significant advantage of Lightroom’s copy and paste functions for the changes you make. Since you will have groups of photographs taken under the same lighting conditions, copying and pasting your changes will save you so much time. Often, some of the photos will need small tweaks after that, but the core of the work can get finished so much quicker this way.
1/160s at F6.3, ISO 1600.
Conclusion
Photographing business events can be overwhelming at first as you never really know what you are getting into. Some events will be easy, inspiring, and delightful, while others will test your patience. Moreover, you often won’t know how this will go until you show up.
But over time, even the tough jobs with bad lighting and boring subjects will eventually become routine, as long as you take advantage of the tricks to get the best out of these situations.
Do you have any other tips for photographing business events that you would like to share? Please do so in the comments section.
The post 7 Essential Tips for Photographing Business Events and Conferences appeared first on Digital Photography School. It was authored by James Maher.
As it promised when it initially pushed back the release date, Nikon has released the financial results today for its 2020 fiscal year (FY2020), ending March 31, 2020, as well as its forecast for its 2021 fiscal year (FY2021).
Overall, Nikon Corporation recorded ¥591B in revenue and ¥6.7B in operating profit. These numbers align with what Nikon’s updated forecast suspected and are a decrease of ¥117.6B and ¥75.9B, respectively, year-over-year (YOY).
An overview of Nikon’s revenue, operating profit and more for FY2020.
Interestingly, Nikon attempts to quantify the impact of the COVID-19 pandemic, with its report saying it believes the pandemic has caused 10 billion yen in operating profit losses. Specifically, Nikon attributes ‘approximately 4 billion yen’ of that loss to its Imaging Products division ‘Due to product mix change by [the] suspension of distributors mainly selling mid- and high-end cameras, and delay of launch in main products including professional use products by stagnation of the supply chain.’
Diving specifically into its Imaging Products Business, Nikon recorded ¥225.8B in revenue and a loss of ¥17.1B in operating profit. These numbers are both worse than Nikon’s February 2020 forecast and are a decrease of ¥70.3B and ¥39.1B, respectively. The documents reveal Nikon sold 1.62 million interchangeable lens camera (ILC) units and 2.65 million interchangeable lens units, with just 840,000 compact digital cameras sold. These unit numbers are a decrease of 21.4%, 16.4% and 47.5%, respectively, YOY.
Nikon’s breakdown of the FY2020 results for its Imaging Products Business.
In notes on the revenue of its Imaging Products Business, Nikon says revenues were ‘progressing mostly in line with previous forecasts until the middle of February,’ when the COVID-19 started to wreak havoc on the supply chain and retailers. Nikon again reiterates that it’s had to delay new product launches ‘such as high-end DSLR cameras and [mirrorless lenses]’ due to the impact of the COVID-19 pandemic. This is referencing the delay of Nikon D6 shipments and suggests the Nikkor Z 70-200mm F2.8 VR S zoom delay back in January could’ve been due to COVID-19 complications as well, even though at the time Nikon said it was caused by ‘production reasons.’ Nikon also notes sales of its Z-series mirrorless cameras and Z-series lenses have increased, and that the volume/sales ratio of mid-range and high-end cameras ‘improved steadily’ YOY.
Additional comments under the ‘Operating Profit’ headline note Nikon incurred ¥2.7B in restructuring costs and posted ¥6.6B in fixed asset impairment losses, which were detailed in its statement earlier this month.
As for FY2021, Nikon doesn’t share too much information, saying performance forecast details will ‘be disclosed once reasonable estimation can be given as the impact of COVID-19 is uncertain.’ Numbers aside, Nikon notes sales for its imaging Products Business ‘decreased significantly YOY’ in April and May of this year and notes that ‘the business of luxury goods is expected to continue in a severe business environment for the time being, and the deficit for the second consecutive fiscal year is inevitable.’
The executive summary section of the report details how Nikon plans to approach its various divisions in the upcoming year.
Under the executive headline, Nikon says its strategy for the Imaging Products Business is to ‘rebuild business with an understanding of accelerating market shrinkige [and] aim to achieve early profitability.’ In other words, Nikon plans to optimize its Imaging Products Division to get ahead of the quickly-shrinking camera market by restricting and minimizing costs.
You can find all of the latest financial results and presentation materials referenced above on Nikon’s investor relations website.
Olympus will end its camera business in South Korea on June 30, according to a new report from The Korea Times. The decision is ‘mostly’ based on low camera sales volume, the report claims. Olympus will continue to sell medical and scientific equipment in the country.
In a statement to the publication, Olympus said that despite focusing on mirrorless cameras and interchangeable lenses, ‘it has become barely possible to sustain the business with profit,’ spurring the business decision.
Though the company will shut down its brand store and online shop for South Korean customers on June 30, it will continue to operate its servicing facility in the country until March 31, 2026, enabling existing customers to get their camera gear repaired.
Olympus says it had to make this decision despite ‘strenuous efforts to increase the profitability and efficiency of its imaging business’ in South Korea. Olympus told The Korea Times that its decision to end camera sales in the country doesn’t have anything to do with a social movement among residents to boycott products from Japanese companies.
The news isn’t terribly surprising as camera sales are indeed down worldwide. Back in November 2019, rumors surfaced that Olympus was planning to entirely exit the camera business, something the company denied, stating instead that it was working on improving the ‘profitability and efficiency’ of both its imaging and scientific equipment businesses.
According to the CIPA figures released last month, camera shipments to Asia in March reached only 39.8% of the volume of shipments reported in March 2019. Overall worldwide shipments only reached 47.8% of the volume compared to the same month in 2019, with mirrorless camera models proving more popular than SLR cameras.
It’s unclear how great of an impact the economic downturn caused by the COVID-19 pandemic had on this drop in sales volume, but it seems unlikely that camera companies can expect a spike in sales at any point in the near future. Given the fact that Olympus’ imaging business was already struggling to survive in South Korea, it makes sense that the company would choose this time to exit the camera business in that market entirely.
We have contacted Olympus for a comment and will update this article accordingly if we receive a response.
Amid ongoing social distancing efforts, both VSCO and GoPro have announced major business changes resulting from the economic downturn. In a post on his LinkedIn account, VSCO CEO Joel Flory revealed that his company had to lay off 45 employees this week. The announcement was followed by a similar message from GoPro, which revealed that it will be reducing its number of employees by 20%.
Many companies are struggling to stay above water as a number of states and countries implement lockdown measures. Many businesses have been forced to temporarily close down, and while others remain in business, a drop in consumer purchasing has left some companies struggling to keep their revenue up.
In a post on his LinkedIn account, Flory said that VSCO had expected 2020 to be ‘a year where we would continue to forward invest into our business.’ However, things didn’t go as planned and Flory said, ‘Overnight our environment changed. We realize that we would need to shift towards running a self-sustaining business.’
The company is giving its laid-off employees a minimum of two months of healthcare coverage and seven weeks of severance pay, according to Flory, who says that the company is also assisting them in other ways. VSCO plans to continue releasing new features this year, though details on what the company has planned weren’t revealed.
GoPro, meanwhile, published its preliminary Q1 financial requests on April 15 and withdrew its 2020 guidance in light of the pandemic. The company said that it is restructuring its business model to focus on direct-to-consumer sales and that as part of its global restructuring, it plans to lay off more than 20% of its workforce.
These layoffs will contribute to a $ 100 million reduction in operating expenses for the year, according to GoPro, which plans to shed another $ 250 million in operating expenses next year.
Company CEO Nicholas Woodman said that GoPro’s distribution network has been hit by the novel coronavirus pandemic and that as a result, the company must expedite its shift to a ‘more efficient and profitable direct-to-consumer-centric business’ model this year, something GoPro had already been pursuing. ‘We are crushed that this forces us to let go of many talented members of our team,’ Woodman said, ‘and we are forever grateful for their contributions.’
Though GoPro will primarily sell directly to consumers, the company says it will continue to make its products available through ‘select leading retailers’ in only ‘key regions’ for consumers who prefer to buy items indirectly and at physical stores. Other planned changes include reducing office space in five different locations, reducing its sales and marketing throughout this year ‘and beyond,’ as well as cutting spending in other unspecified ways.
Despite the changes, GoPro said that it still plans to move ahead with its 2020 product roadmap, which will include releasing new software, subscriptions and hardware targeted at action camera and smartphone owners. Woodman has voluntarily decided to skip the remainder of his 2020 salary, according to the company, which says its Board of Directors has also made the decision to avoid any additional cash compensation throughout the remainder of the year.
Things photographers can do for their business during isolation
The COVID-19 pandemic has wreaked havoc on a lot of creative industries, including professional photography. For the past 7 years, I’ve been a self-employed photographer shooting mainly corporate events and restaurants. Just a month ago, my business was starting to pick up, and I was excited for a packed year of photography gigs. But COVID-19 started to spread and in less than 2 weeks, all of my photoshoots for the year were canceled or postponed indefinitely. It was a blow that I genuinely did not see coming.
Today, I have been self-quarantining at home for nearly a month, looking for any excuse to flex my creative muscles. In doing so, I’ve come up with 9 things that professional photographers can do while in isolation at home.
Evaluate your camera gear
Use this time to take inventory of your camera gear and accessories. Thoroughly clean your camera sensor and lenses (if you don’t know how now’s a good time to learn). If you find any gear that needs to be repaired, make a note of it, but don’t send it in to the manufacturer as many servicing facilities have closed down recently.
Make a list of all of your gear with details such as serial numbers for your own records and for insurance purposes. There are mobile apps for this, such as MyGearVault or Zither (iOS only) but a Google Docs spreadsheet will also work just fine. Speaking of insurance, make sure all of your gear is properly insured to give you peace of mind if you happen to damage or lose your gear.
Finally, take note of your camera inventory and evaluate what you really need. If you’re low on funds and really need the money, selling camera gear is one way to help make ends meet.
Rework your photography contracts
Before you perform any photography service in exchange for money, it is wise to have your client sign a photography contract. There are a number of reasons why photography contracts are important, but there’s one reason in particular that stands out right now. A good photography contract will have a section detailing what happens if a photoshoot needs to be canceled. This is important during times of economic prosperity (ie. what happens if you, the photographer, gets sick and can’t shoot?). But it is more important than ever now that nearly every type of photoshoot has been put on hold or canceled.
I am not a legal professional and cannot provide specific guidance, but here are a few things to consider spelling out in your photography contracts:
If a deposit is paid to secure your services, under what terms (if any) is that deposit refundable?
What happens if the client needs to postpone or cancel the photoshoot?
When it comes to enforcing the contract terms, it depends on your relationship with the client, but it doesn’t hurt to have some flexibility, especially since everyone is suffering right now. I’ve had a number of relatively positive outcomes including clients who credit the deposit toward a future photoshoot, some who decided not to collect the deposit back even though they had every right to, and many who have promised to rehire me for the photoshoot when they are able to reschedule it.
Back up your photos
If you don’t already have a solid backup system for your photography content, now is a great time to start one. There are a lot of backup options out there including NAS and RAID systems, cloud storage, and simply using physical hard drives. According to the 3-21- backup strategy, you should have at least 3 copies of your data, 2 copies that are on different devices (think 2 different hard drives), and 1 copy offsite (think cloud storage).
The great news about backups is that the cost of physical hard drives has dropped dramatically. Western Digital 10TB hard drives are under $ 200 right now, and Costco likely has not sold out of hard drives yet. My backup strategy uses a combination of physical hard drives, and cloud backups to both Backblaze and SmugMug.
Update your portfolio
While you’re backing up your photo archives, take time to comb through your library of images for work that can be used to update your photography portfolio. Add new work to existing albums, and consider making new categories. A section for Personal Projects is always great for showcasing creativity.
If you don’t have a photography portfolio or are considering switching platforms, now is a great time to look into different website options. Today, photographers are using everything from WordPress, Squarespace, SmugMug, and Instagram to showcase their work. Some sites are free and others are paid; many paid sites are offering discounts or extended trials right now, so consider taking advantage of them.
Also, don’t forget to update your LinkedIn profile. Although photography resumes are rarely needed, LinkedIn is a great place to keep a digital resume and professional presence. It can also help you generate new photography leads if you use the platform regularly.
Experiment with different photography techniques
It takes about 10,000 hours to master a skill, and it’s still possible to keep taking photos even if you’re stuck inside. Play with different photography concepts such as natural lighting and artificial lighting, macro photography – you get the picture. Explore these concepts in-depth and consider participating in or setting up a daily photography challenge for motivation. You may end up new skills that you can use in the future, or a new section in your portfolio.
One particular photography genre worth exploring is product photography. Online sales everywhere are up even during this pandemic which means that product photography is more important than ever before. Product photography requires proficiency in lighting and composition, and many of these skills are transferable to other types of photography including headshots and stock photography. You can also make a makeshift product photography “studio” in your home without buying expensive gear.
Consider selling stock photos
Stock photography doesn’t always have a positive reputation because payouts can be small and you typically have to upload a large number of photos over a long period of time to see results. However, this is a good time to consider stock photography because 1) we have a lot of time on our hands, and 2) any long-term passive income payment is better than nothing.
If you’re curious about stock photography, there are a number of websites out there where you can sign up and start uploading almost immediately. Shutterstock is my favorite since it is relatively quick and easy to upload and keyword content, and I have consistently made sales there since I started uploading two years ago. Just sign up for an account, read the fine print that details what quality standards they require and start learning about how to keyword your images since keywording is ultimately what will help you sell more images.
But before you start uploading, make sure that the images you want to sell are not prohibited for re-sale if you shot them for a client (refer to your contract), or a unique image that you might want to sell for yourself at a higher value down the road.
Diversify your income
This point may be hard to act on right now as many industries are not hiring, but start thinking of ways to diversify your income outside of taking photos. The reality is that outside of a pandemic, there are many reasons why you may not be able to perform your job (ie. prolonged illness, personal situations). In times like this, it’s important to have other streams of income or jobs that you can do that don’t require you physically picking up a camera.
Think editing photos for other photographers, being an image quality reviewer for stock photography websites, teaching photography classes, etc.
Prioritize your spending
This is probably a no-brainer if your business has ground to a halt as mine has, but it bears repeating. Now is the time to save your money as much as possible. We don’t know how long this pandemic will be around or how long it will be before business is back up and running. Realistically, not all of our clients’ businesses may make it, and budgets for photography may shrink or dry up after all of this is over. So count your pennies now and do what you can to make your money stretch.
And if you don’t already have one, consider starting an emergency saving account that you chip in to on a regular basis. This may not be possible to start right now, but this pandemic is a good reminder of why it is essential to have emergency savings on hand in the future.
Take up a new hobby
Even though it’s important to keep practicing photography right now, it’s also worth taking a break from it. Taking some time away from photography is great for inspiring different types of creativity. We have so much time on our hands right now, that you can make the most out of it by learning a new skill or taking up new hobbies. Is there a language you always wanted to learn? Or a recipe you want to perfect? Think of a time when you’ve said, “If only I had more time, I would do ___” and start doing it.
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