The Economics of Everyday Things 79. School Photos
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Feb 3, 2025 
Ken Murphy, CEO of Lifetouch, leads the largest school photography firm in America, capturing images of 30 million students annually. He shares intriguing insights into the billion-dollar school photography industry and the delicate balance between customer service and logistics. Murphy discusses the seasonal challenges of managing 6,000 photographers and reflects on the cultural significance of school picture day. He emphasizes creativity in engaging young minds and the critical role of financial literacy in education.
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Lifetouch's Origins
- Lifetouch, founded in 1936, wasn't the first school photography company.
- Two traveling salesmen, seeing an opportunity in a smaller Midwest business, started their own.
Technological Innovation
- Lifetouch's rise was partly due to technological innovation.
- A camera automatically printing data on negatives, linking them to students, allowed for faster processing.
Market Dominance
- Lifetouch, while a market leader, doesn't consider itself a monopoly.
- Its next largest competitor serves significantly fewer schools.