The estimated value of the photography industry was placed at almost $80 billion in 2017 and is expected to hit $150 billion by 2026 at a CAGR of 7.4%. Although photography has gained massive grounds in all parts of the world, the Asia Pacific has the highest photography market, with countries such as China, Japan, South Korea and India contributing the most in the region. Photography was once exclusive to professional photographers. It is no longer the case today, as it is common to see people doing photography for fun with cameras and smartphones that were previously exclusive to only professionals. From around 1950 to 2010, camera sales enjoyed a steady year-to-year increase with over 121 million cameras sold. However, the sales of digital cameras suffered from 2010 onwards, because of two things – rapid improvements in the camera quality of smartphones and an increasing obsession over social media and digital photos sharing. Although smartphone cameras created in the early 2010s were not of the same quality as digital cameras, they had the advantage of convenience and portability. With the expansion and growth of technology, the gap is much smaller.
Similarly in Nigeria, there has been an evolution from analogue photography to digital photography. The face of the industry has changed radically as more creative photographers have arrived on the scene. The presence of smartphones does affect the photography industry but it is not enough competition because still prefer the professional services of photographers for their special events. Going into the photography business, especially in Nigeria, is more lucrative than it was two decades ago. Photography rakes in lots of income from different services and occasions taking a snapshot and editing to making alterations. Photography is in demand for special occasions such as child dedications, wedding, ceremonies, modelling, cosmetics, etc.
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What Is Photography?
Photography is the art or process of capturing and producing images by recording light either electronically (using a device) or via light-sensitive chemical materials such as photographic film by capturing all the light rays bouncing around and redirecting them using glass to a single point, thereby creating a sharp image.
What Is A Photography Business?
Starting a photography business means taking up photography on a professional level and rendering photography services on special occasions and photoshoot sessions.
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Business Opportunities Associated With Photography Business In Nigeria And Across The World
1). Photojournalism:
Photojournalism is often confused with documentary photography. The clear difference between documentary photography and photojournalism is; photojournalists cover recent news-worthy events, whether in the middle of a war, political rallies, natural disasters, or community celebrations or insurgencies. The most crucial goal of a photojournalist is to capture the events as they unfold. Photojournalist work with media houses such as magazines, online publishers, and news agencies.
2). Stock Photography:
Stock photographs are not limited to a specific type of photography. Stock photography is the licensed supplying of photographs for individual use or to photo agencies and companies that offer images that paid for and then downloaded directly from their websites. As a stock photographer, you sell the rights for others to use your images.
3). Fashion Photography:
One of the more glamorous and challenging spheres of photography is fashion photography. Fashion photographers either shoot for top fashion magazines or document the latest styles and runway trends. Sometimes it may require an element of documentary photography, especially when working for runway shows.
4). Wedding Photography:
Wedding photography is an interesting and delicate type of photography because of the importance of the event, and because it cannot be captured twice. Wedding photography is an exciting mix of portrait photography and event photography.
5). Photo Studio Rental Services:
Most photography sessions are done in studios. A photo studio allows photographers to work in a controlled environment with equipment and props that suit their needs. A photo studio can be advanced with specific fake and manufactured outdoor features and scene inside. Renting photo studios to burging photographers is a business investment on its own.
6). Fine Arts Photography:
Of all of the types of photography, fine arts photography has no rules. Fine art photographers love to create art about their vision on a particular subject, using any style of photography. They can either display their work in galleries and at art shows or sell their finished, framed print products at an auction or to their customers.
Facts And Benefits Of Photography
- Photographs ensure immortality of memories
- Studies show that taking photographs helps people fight stress. It is easy to lose sight of every worry when someone points a camera in your direction or when you see a beautiful scene and want to capture.
- It aids social interactions and relations, online and offline.
- Photography helps as a brain strengthener.
- Photography, as a hobby enhances the memory of older people.
- Pictures, in recent times, have been included in therapy sessions.
- Creating art makes people feel fulfilled. Photography is an excellent method of creating art, and it does not matter the quality of your camera or the level of your skills.
- Photos make people happy.
- Photography helps people dealing with anxiety to overcome their anxiety by slowly going out to new places to take pictures and capture moments.
- Asides immortalizing people in pictures, photographs are an excellent way to document and keep track of one’s life and accomplishments.
- Photography inspires creativity and imagination.
- Photography gives you a kind of love and appreciation for the world.
- Photography boosts self-confidence.
- A photograph is an excellent store for memories.
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Types Of Photography
1). Portrait Photography:
One of the most popular styles of photography is portrait photography. Portrait photography captures the personality and mood of an individual or group. The pictures can either be candid or staged full-bodied or close-ups. Either way, the person’s or peoples’ face(s) and eyes are in focus.
2). Landscape Photography:
Landscape photography captures the scenic view of magical and beautiful landscapes.
3). Lifestyle Photography:
Lifestyle photography involves telling a story of the clients’ everyday life through pictures.
4). Abstract Photography:
This is a creative form of expression that allows the photographer to communicate his/her ideas with no particular style or technique. Abstract photographs are often taken at a deconstructed scene where an object is shown in a different concept or context.
5). Astrophotography:
Astrophotography is the shooting of astronomical, celestial objects, or objects in the night sky. It covers stars, the moon, the galaxies and lots more.
6). Black And White Photography:
A black and white photographer creates compelling images by using different shades of grey, black and white to remove all distractions of colour and help the viewer focus on other aspects of the photo, such as the subject, textures, shapes, and others.
7). Boudoir Photography:
Boudoir photography is a style that features an intimate, sensual, romantic form of professional photography. This style of photography is slowly gaining recognition in the world, as it borders on the line of both fashion and glamour photography. Boudoir photography is mostly taken for the client as either a gift to their partners or kept as a self-confidence boost.
8). Macro Photography:
Macro photography refers to taking close-up photographs by zooming on objects such as raindrops, insects, and flowers.
How To Start A Photography Business In Nigeria: A Step-By-Step Guide
1). Select A Niche:
The photography industry is wide, so it is important to stick to a particular niche and develop the business in it. This will also determine what equipment to buy.
2). Site Your Photo Studio:
Irrespective of your selected niche, it is necessary to get a photo studio, especially if you intend to go large-scale. Site your studio in a busy area where you can be easily accessed and can get new clients from time to time.
3). Purchase The Necessary Equipment:
For quality output, you should invest in good photo equipment such as a camera, tripod, lenses, studio props, studio lights, light modifiers, wallpapers, reflectors and diffusers, background and support systems, printer, a memory card, external hard drives and a generator, among others.
4). Employ Staff:
This stage depends on the size of your business. If you have a large business site and a large clientele, you could employ the services of other photographers or interns.
5). Advertize Your Brand:
Having a social media presence goes a long way to publicize a brand. Engaging in social media space consistently and rightly would also bring traffic to your business. When getting into the photography business for the first time, it is essential to work under an established brand to work on building your portfolio and clientele. You should also create a portfolio that showcases your past works and expertise. It helps in putting things in perspective, and to convince your future clientele of your expertise.
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Challenges Of Starting A Photography Business In Nigeria
- High market competition
- Finding a balance between making art and making a living
- Difficulty in finding clients.
- High cost of equipment
- Competition with smartphones
- Piracy and copyright issues.
- Erratic power supply
- Photography could be stressful.
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To Sum It Up
Like every other business, photography has its challenges but with the right factors in place, it is a highly rewarding enterprise. The photography business in Nigeria can be a lucrative and profitable venture to start-up, due to its vast market demand and on your ability to build a wide network. If you’re looking for a lucrative business to venture into, the photography business in Nigeria is a great option to explore.
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