What's next for world's most prestigious photo agency?
One of the world’s most famous, prestigious, and longest running photo agencies, Magnum Photos, celebrates its 70th anniversary this year. The world of professional photography has changed considerably over the last decade and a half, and Magnum has not been immune to being impacted by financial instability with the traditional markets of newspapers and magazines in decline and the rise of a variety of other challenges including grasping the overall impact of the digital world on the business model. But that’s all about to change.
Formed in 1947, Magnum Photos will continue to be owned and run by its members as a cooperative, and those members will continue to own the brand, choose new members, and have the same creative control they have had since the beginning, including full ownership of their copyright. But for the first time in the Magnum’s history, they will create a new company, with external financing, to support new initiatives.
The new company, Magnum Global Ventures, will control all the agencies assets and seek new opportunities for Magnum, but members will own the vast majority of equity in the new subsidiary. Two new investors, Nicole Junkermann and Jörg Mohaupt, have been welcomed into the Magnum family, both having had considerable experience and expertise from the worlds of media, music intellectual property, and technology.
“We want Magnum to be around for its 100th anniversary. This is a big step towards that goal,” said David Kogan, Magnum Photos Chief Executive Officer.
