The British Journal of Photography has announced that it’s attempting to raise capital by letting readers purchase small portions of equity in the company via a crowdfunding campaign.
Founded 162 years ago in 1854, the British Journal of Photography is one of the oldest photography magazines in the world.
Back in 2013, the British Journal of Photography went through a management buyout led by CEO Marc Hartog. Since then, the company has redesigned its print publication and expanded its online offerings, leading to 1 million pounds in revenue and increases in both readership and online following.
Why then does this growing and historic publication need to rely on crowdfunding for capital? In its own words, the British Journal of Photograph says it’s “[seeking] investment to monetize its global digital audience, expand its growing competition and events business, and sell access to its unique 160-plus-year archive.”
The method of choice for this behemoth undertaking is Crowdcube, an investor-based crowdfunding tool (Kickstarter and many other crowdfunding services prohibit equity-based campaigns).
Already, 170 investors have paid more than 240,000 pounds ($350,000 U.S.) to the campaign, a figure that corresponds to roughly nine percent of the company. This surpasses Hartog’s original desire to raise 150,000 pounds for approximately 5.5 percent of the company.
Future growth is expected across multiple areas in the company, according to Hartog, who specifically mentioned increased revenue in event sponsorships and participation. Not surprisingly, Hartog is expecting print subscriptions and sales to decrease over the coming years as the company continues to focus on creating a digital-oriented brand.
Not just anyone can invest in the campaign, though. Part of what sets Crowdcube apart from other crowdfunding services is its list of requirements that must be met by potential investors.
If you happen to meet the criteria and are willing to take the dive, head on over and claim your stake in one of the oldest photography publications out there. Keep in mind though that all investments involve risk.
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