Photo Style Shop is now owned by Digital Photo Lab, says new CEO
Digital Photo Labs, the photo-shopping giant formerly known as Photoplay, announced today that it will buy photography studio Photo StyleShop for $1.5 billion in cash.
The deal will enable Digital Photo to become one of the largest photo retailers in the world.
“Our vision is to make it easy for anyone to purchase photos, but to do it at a price that’s fair for everyone,” CEO and cofounder Ben Gollman told Fortune.
The acquisition is part of Digital Photo’s larger plan to buy up to 60 percent of photo retailers, such as Shopify, to create an even greater variety of choices for photographers.
The combined company will have the ability to offer more than 200,000 full-color, high-resolution, low-cost digital prints, including prints for weddings, corporate events, and more.
Photo Style will remain part of Photopow, a business that will help photographers acquire digital prints and then sell them at prices that are competitive with those offered by traditional photo stores.
“This is the start of a new era in photography, where digital photographers can now create, sell, and share their photos without having to resort to physical stores,” Gollmans said in a statement.
The new company will continue to operate Photo Style, which Gollmann said has “created over $1 billion in sales.”
It will continue its “digital photo store” business model, which lets photographers purchase digital prints through Photopower, a service that gives them access to a variety of full-resolution prints at prices comparable to those offered on the digital photo marketplaces.
“We want to ensure that the value of the digital photography industry is shared,” Gellman added.
Digital Photo was founded in 2005, and has more than 30 employees.
It’s been a long time coming.
PhotoStyleShop was the company that made digital photography the most popular way to buy photos, according to a 2016 survey from the Wall Street Journal.
Gollms’ rise in the photo industry has been meteoric.
He joined Digital Photo as CEO in 2010 and had the opportunity to become the company’s CEO two years later, but he resigned the following year to focus on his company’s business of creating digital photo prints.
Digital Photos purchased PhotoStyle in 2017, and in 2018 it hired Gollmens to lead it.
“I was extremely excited about the opportunity,” Golls said at the time.
“The digital photography world has been changing and there’s been an explosion of innovation in digital photography over the last couple of years.
I’m excited to see what’s next.”
Digital Photo also recently launched a subscription service called Digital Photo.