CELEBRITY MEDIA BUBBLE JOINS THE RECESSION
Nicole LaPorte, Daily Beast - It's hard to believe that it was a little more than a year ago that People magazine made headlines by forking over $14 million-in partnership with the fabloid Hello!-for the first, exclusive photos of Brad Pitt and Angelina's newborn twins, Vivienne and Knox. The sale was more than three times what People paid for the couple's firstborn, Shiloh. . .
More recently, however, the celebrity media bubble has burst-destroyed by the recession, among other factors-leaving hordes of paparazzi, the agencies that employ them, and the magazines and Web sites that showcase their wares, facing a new, very bleak reality.
The Daily Beast recently quantified just how far the paparazzi market has fallen. Taking a basket of photos sold by the paparazzi agency x17 Inc. during the golden years, 2005 to 2007, we created an index that compared the prices those snapshots fetched then with estimates of what they would garner now. All told, a typical celebrity shot sells for 31 percent less than it did in 2007. The drop off has been more dramatic at the high end of the market. Six-figure photographs are down more than 50 percent.
More recently, however, the celebrity media bubble has burst-destroyed by the recession, among other factors-leaving hordes of paparazzi, the agencies that employ them, and the magazines and Web sites that showcase their wares, facing a new, very bleak reality.
The Daily Beast recently quantified just how far the paparazzi market has fallen. Taking a basket of photos sold by the paparazzi agency x17 Inc. during the golden years, 2005 to 2007, we created an index that compared the prices those snapshots fetched then with estimates of what they would garner now. All told, a typical celebrity shot sells for 31 percent less than it did in 2007. The drop off has been more dramatic at the high end of the market. Six-figure photographs are down more than 50 percent.
posted by TPR | 12:59 PM
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