After a few years of struggles, stock photo website EyeEm has reportedly filed for bankruptcy. We could have guessed things were going downhill for the company when it stopped paying photographers last year. But now EyeEm is reportedly insolvent, so you might not even receive your payments at all.
Business Insider in Germany reported on EyeEm’s bankruptcy but also reminded us of how great the company was when it started. Founded in 2011, it was one of the most successful German startups. Its popularity blew up in 2012 after Instagram changed its Terms and Conditions so it could sell your photos. At that time, EyeEm even overtook Instagram in the App Store charts, according to Business Insider.
But things started going downhill in 2020. At the end of the year, Eyeem restructured its team, which led to the founders leaving their own startup. Six months later, the shareholders sold the company to the listed Swiss investment company New Value (trading as Talenthouse AG since late 2021). New Value reportedly paid 40 million US dollars for Eyeem. However, only a few months later, the photo platform was only worth a single-digit million amount.
Since the takeover, EyeEm has changed several CEOs and Managing Directors. Last year, photographers started reporting that they were missing payments for the photos they sold. The company blamed it on the “company restructuring” and “global events.” According to our readers, they also missed some payments for the photos they sold on the platform.
So what happens now? It’s not clear. EyeEm hasn’t commented on the situation, and pretty much anything can happen. EyeEm is a part of the Talenthouse family of brands, and it’s not clear what the company will do with it. As PetaPixel notes, it may happen that you wait for your payments some more – if you even get them.
Speaking of EyeEm payments, let me know how you’re standing. If you’re still on the site, were you paid out for your work, or still waiting?