Gameface Media Race Photographs - Has anyone used them? How much did it cost? Did they get $7.5 million in VC?

I think this is a case where your average poster around here simply doesn't realize how many people buy these photos. I'm not saying that if I had $7.5MM I'd put it into any one of these photo companies. But strangely, people buy them. A lot of them.

Total Equity Funding

$6.5M in 2 Rounds from 2 Investors

Most Recent Funding

$4M Series C on July 21, 2015 (Copley Equity Partners is listed at the link)

Article:

Their equity is in enabling brands to make deep connections?

Gameface enables brands to make a deep connection with event participants by providing free photos of them participating in obstacle races, triathlons, running races, golf, skiing and youth

“We have a first-hand understanding of how American consumers engage with sports and Gameface Media provides one of the simplest, but most effective digital experiences in this sector,” said Peter Trovato, Co-Founder and Partner at Copley Equity. “Gameface captures athletes at their most memorable moments and allows brands to leverage these moments in an authentic and tasteful way.”

I think every race I've run this year has used them. Granted I think they were all NYRR with the exception of JP Morgan Corporate Challenge. But if they have an in with NYRR that's a pretty good evidence of demand. And hobby joggers will spend stupid amounts of money on stuff because they're proud of their ability to finish a 5k(even if you were done with your post race workout and cool down before they finished).

I don't know how much they charge for these pictures either. I don't know if the business model really merits that much VC but at the same time, I know that I am not the target customer for this or most other running products because I've been running since I was 13, I've worn the same model of running shoe since I was 16 and I never pay MSRP, I rarely buy new running clothes because I've accumulated so much of it between high school/college team gear, randomly winning/receiving free stuff, and at one point in my life needing enough running clothes for 16 workouts a week. I don't buy gimmicky stuff like fuel belts and I don't think I've ever spent more than $40 on a race.

The hobby jogger target customer who took up running at some point later in life would probably pay for this.

To give you all a sense of just how many images people buy, I have worked for multiple running photo companies (not gameface) for 3-4 years. The following links show screenshots of my stats from a few events I did on 2014 and 2015.

http://tinypic.com/r/axsic/9

http://tinypic.com/r/ev49rd/9

It shows only how many of MY shots were sold. Multiple it by the amount of photographers who were there obviously... For example the boston marathon typically has about 100-130 photographers working for Marathonfoto. But smaller events like the BAA 5k only have about 8-10. I am paid hourly ($35-$45) plus all expenses covered including hotels, rentals, per diam for overnights, etc. They provide the equipment and cards and I just hand it in at the end of the day.

So you can see an event like the NYC marathon (which marathonfoto still shoots even though gameface has ALL the other NYRR events) my photos alone from just the ONE race probably brought in maybe $80,000-100,000 in revenue since 2700 of my photos were sold with an average cost of about $25-35 or so. However at a BAA 5k only about 30 of my shots were sold for a total of maybe $1,000.

I just can't imagine gameface being able to generate the amount of revenue from the event organizers and sponsors that could have come from the runners buying them instead....

What's your net income from all of this activity?

running photographer wrote:

So you can see an event like the NYC marathon (which marathonfoto still shoots even though gameface has ALL the other NYRR events) my photos alone from just the ONE race probably brought in maybe $80,000-100,000 in revenue since 2700 of my photos were sold with an average cost of about $25-35 or so. However at a BAA 5k only about 30 of my shots were sold for a total of maybe $1,000.

I just can't imagine gameface being able to generate the amount of revenue from the event organizers and sponsors that could have come from the runners buying them instead....

what do you think of the idiots who buy your photos?

running photographer wrote:

So you can see an event like the NYC marathon (which marathonfoto still shoots even though gameface has ALL the other NYRR events) my photos alone from just the ONE race probably brought in maybe $80,000-100,000 in revenue since 2700 of my photos were sold with an average cost of about $25-35 or so. However at a BAA 5k only about 30 of my shots were sold for a total of maybe $1,000.

I just can't imagine gameface being able to generate the amount of revenue from the event organizers and sponsors that could have come from the runners buying them instead....

Very interesting.

How much do they pay per hour, $15?

ROJO-

I've worked with some brands and events over the years and will tell you it makes sense looking at it as a marketing perspective. The road race scene is becoming more and more competitive. If GameFace can lock up some contracts, it's another marketing avenue for the race and adds value to the "participant experience".

I will tell you shooting some small sized 5k's I charge an average of $1,000 for a mornings worth of work for a similar setup. Thats just me shooting every single person at two to three locations and posting them online free gallery with the watermark.

I also used to shoot the State track and field championships for several years. In prints we would make $3-5k in two days, along with online sales that were open for 6 months after.

Just thinking of that on a larger scale. I also think investors are so gung ho in the next big thing that they are throwing money at anything they think will stick. It's never been like this, but the bubble will pop soon.

VCs are often nasty SOBs. They give you a few mill for 95% equity stake. You have 9 months to show something, 15 months to make a big splash, otherwise you're fired. You still get to keep your Founder's stock. But getting fired is never fun.

Money is funny wrote:

What's your net income from all of this activity?

A full marathon typically nets me $400-$500. A 5k or 10k would net me $130-$200. + all expenses would be covered; hotel, rental car, gas, food.

letsracer wrote:

what do you think of the idiots who buy your photos?

I'm not sure I ever thought about those who buy the images, lol. I'm not really part of that process. I just show up and take the photos.

$15? wrote:

How much do they pay per hour, $15?

I reached out to a couple of peers who do wok for gameface and they make between $40-60 per hour however gameface does NOT cover any expenses.

So If the photographer needed to drive an hour to the event, they pay their own gas and their own time. Also the hourly time that they are compensated for is from first shot to last shot whereas many other companies pay from arrival time to departure time (which is typically an extra 1-2 hours extra in the morning and about 1 hour extra after the event.

running photographer wrote:

Money is funny wrote:

What's your net income from all of this activity?

A full marathon typically nets me $400-$500. A 5k or 10k would net me $130-$200. + all expenses would be covered; hotel, rental car, gas, food.

Wow. That's more than elite/professional runners make.

running photographer wrote:

$15? wrote:

How much do they pay per hour, $15?

I reached out to a couple of peers who do wok for gameface and they make between $40-60 per hour however gameface does NOT cover any expenses.

So If the photographer needed to drive an hour to the event, they pay their own gas and their own time. Also the hourly time that they are compensated for is from first shot to last shot whereas many other companies pay from arrival time to departure time (which is typically an extra 1-2 hours extra in the morning and about 1 hour extra after the event.

What about Medical Insurance, Dental Insurance, 401K, Incentive Stock Options?

FDNY Retired wrote:

running photographer wrote:

I reached out to a couple of peers who do wok for gameface and they make between $40-60 per hour however gameface does NOT cover any expenses.

So If the photographer needed to drive an hour to the event, they pay their own gas and their own time. Also the hourly time that they are compensated for is from first shot to last shot whereas many other companies pay from arrival time to departure time (which is typically an extra 1-2 hours extra in the morning and about 1 hour extra after the event.

What about Medical Insurance, Dental Insurance, 401K, Incentive Stock Options?

haha, not for photographers. These are not full time jobs... These are piecemeal events on weekends. Some guys are asked to work every weekend while some are asked just once or twice a year. Me personally, I do about 15 running events per year usually bringing about $5k total. I have a regular m-f job obviously. Some of the companies pay me as a w2 and some as a 1099.

Those who work in the offices of the photography companies probably receive benefits since those are full time jobs.

Amazed that the quality of the Gameface Media photographs shows that they have art school trained staff, and not just retired high school coaches who buy gear at B&H Photo ;-)

minong wrote:

I think this is a case where your average poster around here simply doesn't realize how many people buy these photos. I'm not saying that if I had $7.5MM I'd put it into any one of these photo companies. But strangely, people buy them. A lot of them.

Interesting perspective, but not really correct. Most races have a "buy rate" in the low single digits. 1-3% of athletes typically buy photos, even though 80% LOOK at their photos. (Rates are higher at signature races like the NYC Marathon.) It's a tough business when only 1% of your customers buy and the rest are looky-loos.