In a drastic move to cut costs, the World Picture Network (WpN), an eight-year-old stock photo agency, dropped its entire freelancing staff on April 17.

Faced with a dramatic decline in image purchases by magazines and newspapers nationwide, WpN CEO Brian Miller said that he does not believe it, makes financial sense to continue supporting losses with no improvement in sight...

World Picture Network discontinued its daily photo feed as of Feb. 1 in an effort to modify its strategy in the crowded photo distribution industry. The company will, instead, focus its resources on its growing photo assignment business.

While layoffs at WpN are imminent, the network will also add editors to manage the market demand for assignments to its freelance photographers.

WpN's photo feed featured daily coverage of the world's events. CEO Brian Miller said that the service was "not economically viable" given the state of the industry. Miller also noted that assignments are the company's most rapidly growing...