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Full Details of the Business Week Deal

1 January 2000 - EPUK

The business model of editorial photography has changed dramatically over the years for both the photographer and the magazine. Unfortunately the model has placed more money and more rights in the hands of the magazines and less in the hands of photographers. I am happy to announce today a change with the business model of a major publication that acknowledges the needs for all parties to benefit, writes Seth Resnick – President of EP (USA)

By now everyone is aware of the foundation of EP and what was a tumultuous relationship with Business Week. What many of you don’t know is how quickly a tumultuous start took a turn for positive change and win for all. Change does not happen over night especially in a corporation as large as McGraw Hill. First there were changes in the day rate. I was quick to point out that is was the start of a process of change. Many of you were critical that it was too little too late. The communication channels remained open and friendly. Soon came a change in the space rate and eventually came a change in reprint rates. While many of you appreciated the efforts and the change that followed some were still critical of Business Week. I have always maintained that deals take a long time to make a win win for both sides and have always said that change was not finished.

Personally I have spoken to Larry Lippmann about issues for nearly a year on an extremely friendly note with a positive outlook. There have been focus groups, meetings and continued talk all of which were necessary in the corporate world.

In particular we discussed for nearly a year a change in the actual model of editorial photography. Business Week has now taken the initiative to change the model and as President of EP they have my full support and I fully endorse this new model which I will outline below.

This model may have some minor changes but this is the basic premise for the new model which should start on or about May 1, 2000. The legal department at McGraw Hill needs to get all of this in writing and it may very well happen before May 1 but it also may happen after May 1. The critical part is that it will happen!

1. Business Week will have an actual contract which will be for four years. The contract will need to be signed if you want to work with Business Week.

2. The day rate will increase dramatically to $850.00 plus expenses against space and will increase each year. The contract raises the day rate to $1000.00 per day within the time period. The exact amount of the change each year between $850.00 and $1000.00 has to be finalized but the increase will go from $850.00 to $1000.00

3. The rate to shoot a cover will be $2500.00 plus expenses up from $1500.00

4. The space rate will double across the board and will apply to stock images as well. The new space rates will be as follows:
1/4 page $450.00 up from $225.00

1/3 page $550.00 up from $275.00

1/2 page $650.00 up from $325.00

2/3 page $800.00 up from $400.00

3/4 page $ 1000.00 up from $500.00

Full page $1200.00 up from $600.00

Cover Rate $3000.00 up from $1500.00
5. The rights that Business Week seeks will in essence be paid for in advance whether they exercise the rights or not. This is a complete change in the model of photography. They will gain the right to use the images in the International Edition, Foreign Language Edition, Joint Ventures and online and the rate will include reprints but not reprints of the cover which will have additional compensation as outlined below.

I believe this to be fair compensation because it will be applied to every assignment. Most of the images in Business Week run 1/4 page or less and are not reprinted so the payment in advance for every assignment will balance in the end.

The rights apply to concurrent use only so that if you shoot an assignment and something is re-used in two months you will get additional compensation in the amount of twice the current space rate.

6. The reprint fees for the cover will be the same as the current rate.
1000-5000 $2400.00

5001-20,000 $2950.00

20,001-50,000 $3700.00

50,001 – 100,000 $4750.00

Greater than 100,000 to be negotiated.
7. Considering that a cover typically will always be reprinted and that there will probably be additional space rate, one could expect to generate a minimum of almost $5000.00 for a Business Week Cover story.

There are small details to work out and I have already suggested a cap to reprints. The minor details will get worked out but this is a great deal and one that finally changes the model compensating photographers for the extra rights in a fair fashion.

I ask all of you to embrace this new model. We have always been quick as a group to criticize and now we can be just as quick to applaud.

© Seth Resnick – President EP (USA)

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