Welcome to my review of 2025, with a look ahead to 2026.

The financial results you’ll read below aren’t spectacular, but that isn’t the point of this report. What matters more is the work ethic, patience, and discipline required to survive and, eventually, succeed in this business. Without putting those first, meaningful income rarely follows. Let’s get started!

Check out my earlier yearly-earnings reports

Welcome to my full review of 2025, with a look ahead to 2026 and beyond.

I’ve been publishing these year-end reports since 2018, and they’ve become one of the most important tools I use to stay honest with myself. Looking back isn’t about nostalgia. It’s about understanding what worked, what didn’t.

See my respective 2024, 2023, 2022, 2021, 2020, 2019, and 2018 year-end reviews.

You might remember the past few milestones:

• 2019 was the Year of Great Expectations – when I reached my all-time best earning month and moved to Madrid in October of that year. It was also the first year that I started reporting on my earnings
• 2020 was the Year of being a Corporate Drone – when I was stuck trading my time/freedom for money and not shooting much
• 2021 was the Year of Frustration – when travel was grounded and patience ran thin not shooting much and still working in the corporate world
• 2022 was the Year of the Drone – full of motion, discovery, and learning curves with my new toy
• 2023 was the Year of Friendship – built on collaboration and shared adventures
• 2024 was the Year of Reckoning – a time to face uncomfortable truths about the industry

Then, I let AI make some predictions.

2025 was the Year of Finally Leveling up

I spent some time thinking about how to describe 2025. I initially started writing this report in a fairly pessimistic tone, very similar to 2024, which sucked. But something shifted in early December, and I realised that this year deserves a different label.

2025 felt like the Year of Finally Leveling Up. Not because of explosive growth or record earnings, but because of clarity, accumulated experience, and a stronger sense of direction. The numbers may not be spectacular, but the foundation feels more solid than it has in a long time.

I’m finally “complete” when it comes to gear

I believe my improved mood was that I finally realised that for the first in a long time I have all the necessary gear I need to do what I need to do. This may change in a few months or year, who knows as new stuff comes out but for now I’m happy.

You may ask what is my gear, well:

• Laptop with powerful graphics card
• New full-frame Nikon Z8 mirrorless and an adapter to use my existing lenses
• DJI Air 3
• DJI Osmo gimbal to use with the iPhone

Of course, I could add Z-mount lenses or upgrade to a Mavic. But at this point, I’m no longer convinced that additional gear would materially improve my results. Removing that constant sense of “missing something” has freed up mental space to focus on execution rather than upgrades.

Great gear doesn’t make for a great photographer but it does help

Gear matters, but experience matters far more. After more than twelve years of shooting almost daily, particularly stills, I’m starting to appreciate how much that accumulated experience actually counts.

I also feel fortunate to still have the health and energy to travel, explore, and shoot intensively. That may not always be the case in twenty or thirty years (or even tomorrow, who knows), which adds a quiet sense of urgency. This is a window and I intend to make the most of it to make a dent in the world while living without regrets.

Hugo has given me hope

Another source of optimism has been watching others succeed, particularly Hugo. Seeing someone reach record earnings, including a strong November (see video below), is a useful reminder that meaningful success is still possible in this industry. His wise decision to join Amazing Aerial also reinforces the idea that premium pathways remain viable.

In contrast, my own November and December results were modest. That comparison isn’t discouraging, though. If anything, it serves as motivation and proof that the ceiling hasn’t disappeared, even if reaching it takes longer than expected.

Recap on paying off trips

Despite this renewed optimism, it remains frustrating that several larger trips are struggling to pay for themselves, even 1/4. This is partly a function of portfolio size and partly experience. Rather than glossing over it, I’ve laid out the numbers clearly, including the failures.

This isn’t all bad news. Many of these trips would have happened regardless, and the experience gained still has value. But understanding why certain trips underperform financially is something I need to analyse properly, and I’ll dedicate a future post to that.

Trip	Goal after two years	Amount earned so far (December 2025)	Percentage so far earned to reach goal	Estimated Chance of reaching goal
Spanish Adventure (April 2023)	$870	$142	FAIL	FAIL
Transatlantic Cruise (Nov 2023)	$1,700	$71	FAIL	FAIL
South Africa (April 2024)	$860	$357	14%	40%
Dmitry’s Trip to Madeira (June 2024)	$1,600	$1,000	60%	90%
Transatlantic Cruise (Nov 2025)	$1,000	Too early	Too early	Probably max 25%
Mediterranean cruise (December 2025)	$800	Too early	Too early	Too early

Recap on Goals for 2025

Around this time one year ago I brainstormed 10 quite achievable goals for 2025. I’ll take this opportunity to recap on them. I will give a summary on whether I achieved them or not.

Additionally, I’ll think about what I could done better. I encourage you to read towards the end of the report where I’ll also make 10 fresh goals for 2026.

How did I do on my ten 2025 goals?

Why realistic goal-setting is fundamental

Before diving into the goals themselves, it’s worth addressing how I think about goal setting. The stock marketplace is unpredictable by nature, and pretending otherwise is a fast way to frustration. Goals need to reflect that reality if they are going to be useful rather than demoralising.

Setting an ambitious target like uploading 50,000 images to microstock agencies and 10,000 clips, is a fast track to burnout, mediocrity at best, and inevitable disappointment. Just because agencies accept all sorts of crap these days doesn’t mean it will sell.

Instead, your goals should be something genuinely meaningful to you, something that motivates you to put in consistent effort. Without that personal drive, it’s unlikely you’ll stay committed or achieve the results you desire.

1. Publish at least 10 YouTube videos on any given photography/videography related topic

This one never really got off the ground. I’ve come to accept that if I were serious about YouTube, I would have started a decade ago. This year, I simply wasn’t in the right mindset to commit to filming and editing on a consistent basis. That may change in the future, but I’m no longer forcing myself to pursue channels that don’t align with where my energy is right now.

2. Shoot more with my iPhone 15 + gimbal stabilizer

Yes, used my DJI Osmo gimbal extensively on the cruise earlier in the year. Useful tool especially to do hyperlapses and super smooth captures.

3. Upgrade to the Nikon Z-mirrorless series

Yes, finally upgraded to the Z8! Was looking to purchase in Florida but a better deal in Europe via the E-infin online Camera Store.

4. Work more with clients

This year I had the chance to shoot a few poker tournaments…those are always fun although not hugely profitable. Hope to do more of those next year and I’m starting to make a name for myself in that niche especially as I’m the only one crazy enough to fly a drone indoors during play.

Otherwise, commissioned jobs have been sporadic although I’ve not been pushing so much on that front and busy on the travel front. Since taking the drone mapping course I feel confident that that’s the direction I want to go down, although need to focus on finding clients.

5. 60% acceptance rate for Arcangel batches

I started the year tracking Arcangel acceptance rates carefully, but stopped after a few months. Not because it was difficult, but because I began questioning the value of the metric itself. Given the speculative nature of much of my work, and the fact that similar images are often partially accepted, the number alone wasn’t telling me much.

For what it’s worth, my average acceptance rate during that period was 39 percent. Useful as a reference point, but not something I plan to optimise around. In any case I’m trying my best to keep my batches small to around maximum 20 focused images.

6. Learn to fly First-Person-View Drone (FPV)

I didn’t pursue FPV this year. Not because it isn’t interesting, but because it would have been another distraction. At this stage, FPV feels more like a fun side skill than something likely to generate meaningful returns. I may revisit it later, but for now it remains low priority.

7a. Start planning a trip to East Asia & Japan (perhaps this trip will only be in 2026 though)

I do really want to go to the far-east and will try to make it happen in 2027 as I have other trips planned for 2026.

Nevertheless, 2025 was a year where I visited 9 countries and went on 3 cruises. Can’t complain!

8b. Island hopping – visit either Madeira (Inspired by Dmitry) or the Azores

Visited Madeira in October for a second time in one year! Azores next, likely in November!

9. Shame more agencies and scammers

Exposed: How TikTok Influencers Are Preying on New Stock Photographers, Featuring Jade & Charlotte

Shutterstock’s Unlimited Download Subscription Model: Opportunity or Concern?

Adobe Stock’s “Unlimited” Plan: What It Really Means for Contributors

Switched Off: My September Stock Sales Have Collapsed at Shutterstock & Pond5

10. Learn some survival skills to be prepared

Yeah, soon I’ll be a Brazilian Jiu-Jitsu purple belt (as long as I keep training)! But seriously, it’s not something I’ve really been thinking about as of late even if it feels like we’re on the edge of a global war or at very least numerous mini-wars spread out.

2025 v 2024 Earnings Detailed Breakdown (US$)

Starting off with images

Agency	2025 net earnings	2024 net earnings	$Delta	Port size Dec 2025	Port size Dec 2024	Growth in assets	Growth %
Arcangel	2,250*	2,250*	Same	6,038	4,952	1,086	22%
Alamy	708	1,040	-332	17,153	16,464	689	4%
Adobe Stock	1,012	1,061	-49	4,909	4,775	134	3%
Shutterstock	1,194	1,141	+53	12,809	12,561	248	2%
iStock (up to Nov)	1,008	785	+223	9,379	9,158	221	2%
Total	6,172	6,272	-100	50,238	47,910	2,379	5%

Clips

Agency	2025 net earnings	2024 net earnings	$Delta	Port size Dec 2024	Port size Dec 2023	Growth in assets	Growth %
Adobe Stock	533	224	+309	1,570	1,351	219	16%
Shutterstock	227	322	-95	2,695	2,363	332	14%
Pond5	275	596	-221	3,363	3,006	357	12%
IstockPhoto (up to Nov)	218	249	-31	1,220	1,029	191	19%
Total	1,265	1,391	-126	8,848	7,749	1,099	14%

Let’s compare Average Return per Download

Starting again with stills

Agency	2025 Avg RPD (US$)	2024 Avg RPD (US$)	Variation
Alamy	5.70	6.35	-10%
Adobe Stock	0.74	1.07	-32%
Shutterstock	0.51	0.44	+16%
iStock	0.50	0.39	+28%
Total Avg.	1.86	2.06	-10%

Overall, it’s not looking great with a drop of an average of 10% per sale for the major agencies.

Now let’s take a look at clips

Agency	2025 Avg RPD (US$)	2024 Avg RPD (US$)	Variation
Adobe Stock	6.40	5.90	+8%
Shutterstock	6.13	4.81	+9%
Pond5	22.91	27.30	-16%
IstockPhoto	1.54	2.00	-23%
Total Avg.	9.25	10.0	-8%

Year-on-year, a considerable drop in average clip earnings at iStockphoto and Pond5.

Grand Total Results 2025

Category	2025 result	2024 result
Images sold (all image agencies, excluding Arcangel)	4,492	4,232
Arcangel (average of $250 net/download)	2,250	2,250
Clips (all agencies)	1,280	1,391
Adobe Stock upfront payments for free usage for one year ($5 for images and $8 for clips)	96	248
AI Training Payments for all microstock agencies	933	669
Alamy Novel Use Payments + DACS	148	199
Grand Total	9,199	9,324

Best month: June at $1,602

Worst month: July at $432

Best-selling microstock image in 2025

Best-selling clip in 2025

Best-selling book cover in 2025

Historical data since 2019

Thoughts on my yearly earnings

What it really comes down to is this: despite modest portfolio growth, earnings were almost identical year on year. That raises legitimate questions, but it also highlights something important. I barely uploaded to micros, yet income held steady.

That suggests a degree of resilience in the portfolio. In an industry that often feels chaotic with all those “exciting news”, predictability may actually be an advantage. It allows for some planning, even if the upside remains limited.

Perhaps I’m just trying to find a silver lining – what do you think?

AI payments still going strong

AI training and dataset payments remained strong this year, increasing from $669 to $933. While these payments are unlikely to be permanent, they currently represent a meaningful supplemental income stream.

I’m realistic about the long-term direction of the industry. Much commercial work will eventually be prompted rather than photographed. That said, editorial content and premium use cases remain defensible for now, and I’m positioning accordingly.

Adobe Stock giveaway is nearing its end

However, Adobe Stock seems to have squeezed the most out of my portfolio when it comes to the free images for upfront giveaway. I don’t expect to earn anything significant going forward with those. Not a significant earner anyway.

A note on Arcangel

I had exactly the same number of Arcangel sales this year as last year, nine, despite growing my portfolio by more than twenty percent. On the surface, that’s disappointing. But rather than dismissing it, I’ve chosen to use it as a benchmarking exercise.

This isn’t about blaming the platform or bad luck. It’s about recognising that there is a clear gap between where I am and where the top performers in my niche operate.

Competition is healthy

In every field I’ve worked in, the pattern is the same. A small group of top performers capture a disproportionate share of the rewards. I see it clearly in poker, where the same names repeatedly reach the final tables of major tournaments. The same dynamic exists in stock photography, where the bulk of the revenue flows to a tiny fraction of elite contributors.

At the moment, I sit firmly in the middle tier. Close enough to see how the top operates, but not yet close enough to benefit from it consistently. It’s like finishing fourth, just outside the podium. That’s an honest assessment, not a complaint.

But it’s also not where I intend to stay.

Cream rises to the top

Part of being the Year of Finally Leveling Up means that I must also benchmark my images against the top-performers at Arcangel within my niche of fiction/thriller/mystery. It means also leveling up when it comes to producing outstanding commercial imagery.

I’m often reminded of how far I still have to go to reach a truly top-tier level within Arcangel. Many contributors in my niche have portfolios similar in size to mine, yet generate multiple book covers per year. That gap is worth studying carefully, because it contains the answers I’m looking for.

Some names that come to mind within my niche that have been interviewed on here include:

• Ruben Ramos
• Stephen Mulcahey / JS Collaboration
• Dave Wall
• Jelena Petrovic

Leonardo Baldini is also a superb photographer but he’s not within my niche, still worth mentioning.

And others that come to mind that produce superb work within this niche:

• Richard Nixon
• Hayden Verry

I’m on the right direction, it’s just taking a little longer

I’m really working hard to upload tier-1 premium content and even though most don’t qualify, they keep accepting so I must be doing something right.

Breaking one of my rules

I generally avoid setting results-based goals, preferring to focus on controllable inputs. This year, I’m making one deliberate exception. With a portfolio of over six thousand images, I believe it’s reasonable to aim for at least eighteen book covers next year. Achieving that will require sharper concepts, better execution, and less tolerance for mediocrity.

Recap on the year that was!

2025 wasn’t an exciting year from an earnings perspective, but in many other respects it was strong. I’m better equipped, more focused, and clearer about where I need to improve. If next year produces similar financial results, so be it. At least they will be the outcome of deliberate choices rather than drifting.

Let’s now discuss another one of my side-hustles, poker, which certainly has a greater potential for upside (as well as downside!).

Alex’s Poker Corner (2025 earnings update)

Welcome to my second yearly Poker Corner segment.

I often remind myself that relying solely on stock income is no longer sustainable given the declining payouts. To make a viable living, we need to diversify, exploring opportunities like working directly with clients on shoots or branching into other income streams. There are many types of work that only require a laptop and good internet connection.

One of the reasons I no longer rely solely on stock income is simple diversification. Poker has become a serious side income, not a fantasy. I track hours, results, and variance with the same discipline I apply to my photography business. I don’t play high stakes and focus on cash games of €1/3. As well as low-buy in tournaments, up to €400, on some occasions (as well as shooting them, of course).

Like my work in photography and videography, I’ve been carefully tracking my results since 2023. This way I keep myself both honest and try to find clues/patterns where I can improve.

Cash results

In 2024, I played 416 hours of live cash games for a net profit of €7,560. In 2025, I increased that to 727 hours across 142 sessions, earning €10,650. While my hourly rate dropped slightly, results improved significantly in the second half of the year as I addressed leaks in my game.

Now let’s look at the results on a monthly basis, as you can see June and September were great months.

Check out my guest-post, Alexandre Rotenberg’s Journey as a Cash Game Grinder at Casino Estoril

Tournament results

As for tournaments, in 2024 I played a total of 23 tournament entries for a net profit of €3,490. In 2025, I played 27 tournament entries for a net profit of €3,035. Don’t ask how I did in Bulgaria!

Overall thoughts

In total, poker generated €13,385 in net profit in 2025. Like stock photography, it carries risk and variance, but unlike stock, it offers clearer feedback loops and much more immediate opportunities for improvement.

If you would like to know more details about this other side-gig, recommend yoyu check out my poker guest-post – Cash Games and Tournament Poker in Portugal with Alexandre Rotenberg in 2025 for more details.

Yearly Recap – The Good

Despite a relatively flat year financially, several long-term positives stood out. Let’s break them one by one.

Publishing a Drone Rules for Europe eBook

By far my biggest achievement of the year was publishing a comprehensive European Drone Handbook, which you may grab a copy.

Become an Amazing Aerial Contributor and Ambassador

Another achievement was being invited to be part of the Amazing Aerial community, both as a contributor and Ambassador.

You know me by now…I’m super skeptical about new agencies and the whole industry in total. But Amazing Aerial appear to be leading the way by only accepting high-quality assets that can be licensed for considerably more than on micros. They don’t only take aerial assets.

It’s early days and I’ve only uploaded some 70 or so files to them. I’ll be reporting soon on how those get on as they distribute within their premium network for partners and clients. As always I’ll be reporting on all my earnings as they come.

Let me know whether you’d be interested in joining Amazing Aerial, who represent 500+ creators in 87 countries, and I’ll both help you get set up and assist you with curation, editing and strategies to maximise sales.

Interview series is going strong

In 2025 I published six interviews with the following Stock Wizards:

Exclusive Interview: How Drone Footage Transformed Hugo Kurk into a Top-Earning Microstock Creator

Interview with Annie from Milleflore Images, Food Photographer & Author

Exclusive Interview: Paul Prescott, Founder of Amazing Aerial – The Premium Drone Stock Platform

Interview with Stephen Mulcahey, Arcangel & Trevillion Book Cover Contributor

Interview with CEO of ImageBROKER, Moritz Wolf

9 Book Covers via Arcangel

Was hoping for a few more this year but always hopeful that next year will be the year I have a major breakthrough at Arcangel. Here they are with two pending cover reveals:

Yearly Recap – The Bad

Footage sales at Shutterstock and its poodle, Pond5 are almost non-existent to me

Footage sales at Shutterstock and Pond5 have become almost negligible for me. Both volume and average return per download continue to trend downward. At this point, expectations are minimal, and any upside would be a surprise rather than an assumption.

This illustration comes to mind…

Meanwhile, at Adobe Stock, there are signs of life.

Yearly Recap – The Ugly

DJI’s inclusion on the FCC’s covered list is bad news for consumers. While this primarily affects the US market, it has broader implications for pricing, availability, and regulatory pressure elsewhere. It’s another reminder that external risk is an unavoidable part of operating in this space.

Nothing really ugly this year, fortunately. Except maybe for all the geopolitical uncertainty and being on the brink of a global war but it’s beyond the scope of this report!

Six Goals for 2026

I’ve reduced my goals for 2026 from ten to six. Not because ambition is lacking, but because focus matters more than volume at this stage.

1. Publish a Brutally Honest Guide to the rules of Street Photography in Europe

On the back of my original Brutally Honest Guide to Microstock and more recent Brutally Honest EU Drone Guide, I’m continuing on my Brutally Honest series.

The next eBook has been on the back of my mind for at least five years and will continue to be practical and brutally honest discussing street photography in Europe, including rules and case-studies. I’ve started putting it together and still have a long ways to go but will publish it before the end of the year!

2. Shoot more like Hugo!

Part of the Year of Finally Leveling Up is to shoot thinking of what will actually sell than what is just out of there on any given day. I do plan some shoots ahead of time but I will be thinking much more about current and future trends that I may capture, both on my travels and when at home.

I’ll also be uploading all my aerial photos and videos to Amazing Aerial.

3. Look into gigs related to topography, infrastructure inspections

Diversification away from stock is important.

Further to taking the topography course, would be great to actually work in that field. This means pitching clients for work. I’ll also expand to other scopes of work including inspections of infrastructure such as power lines, wind turbines, etc.

4. Travel at least five months of the year

2025 was pretty intense in terms of travel with visiting 9 countries and going on 3 cruises. Next year will be equally as busy. Here’s a tentative calendar that I’m planning.

Month	Place
January	Malta (confirmed)
February	Seville (still planning)
March	Dublin (still planning) and/or Greece (Theo?)
April	No plans yet
May	Brazil (cousin’s wedding)
June	Brazil
July	No plans yet
August	No plans yet
September	No plans yet
October	Brazil (grandfather turning 100)
November	Cruise to USA (confirmed) then Vegas and Vancouver maybe Toronto to visit the Gentle Giant (still planning)
December	North America (still planning)

5. Stop checking results on a regular basis

This is a habit I’m sure many of you will recognise. It’s fun, it’s addictive, and it’s almost entirely a waste of time. Worse, it was often the first thing I did in the morning, immediately putting me into an expectation mindset before the day had even started.

I’m talking about the constant checking and refreshing for new sales. Sure, every now and then a large sale pops up and feels great. But most of the time, nothing happens, or it’s yet another forgettable subscription download. That might seem insignificant, but thoughts have weight. Repeated exposure to low numbers makes it far too easy to drift into unnecessary negativity.

I’ve already started addressing this by uninstalling the Shutterstock app from my iPhone. I’ll still leave Microstockr running in the background on my laptop, but I’m actively policing myself to check results only once a day, at the end of the day. The goal is simple: reclaim mental bandwidth and redirect that energy toward work that actually moves the needle.

The same goes for doom-scrolling on social media. Generally a waste of time and induces negative thoughts.

6. Try to finally make it work at POD

I’m having a horrible time with selling my images as prints. Almost no sales at FAA or Photo4me and I gave up after one year at Etsy (got super annoyed with all the spam I received).

Fortunately, Steve Heap is helping me out and has published an eBook on the subject. It’s on my to-do list to read it in detail and put the advice in practice.

Happy New Year!

That’s it for 2025. Enough analysis, enough reflection. The next twelve months are about execution.

Wish you success and you know where to reach me but I’ll probably be traveling so be patient if it takes a bit longer for me to respond 😀

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About Alex

I’m Alex, eccentric, based in Lisbon, and on a mission to explore every corner of the globe while capturing stock images and footage along the way.

For the past 12 years, I’ve been grinding as a travel photographer/videographer and freelance writer. Along the way I’ve also written The Brutally Honest Guide to Microstock Photography, a book packed with war stories and practical tips for anyone crazy enough to enter this business and more recently, The Brutally Honest Guide to Drone Laws in Europe.