Word: hyp
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Dates: during 2000-2009
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...HYP President Matthew A. Steinert ‘06 tried to justify the fee in an e-mail by blaming McGrath Studios. “In order to eliminate the $10 fee we would need to be willing to find a photographer to take pictures for FREE,” he wrote. In fact, owner Bob McGrath has said he would be happy to provide free photo sittings, as he does at Boston College and Harvard Law School...
...kickback for being the exclusive senior portrait provider to Harvard undergraduates. McGrath Studios charges students $10 and then pays the yearbook $25. (They call it a “rebate.”) In effect, the yearbook charges each student $10 just to be included. McGrath pays HYP a net $15 per student for the exclusive rights to the 1400 senior portraits...
McGrath Studios’ yearly payment of $21,000 (1400 students at $15 each) to HYP is well worth it, because Harvard students buy roughly $70,000 worth of prints each year. The cheapest package is $39.95 and some students spend up to $400. Bob McGrath said 50 percent of students place an order, which is very high compared to other colleges, where he said 25 percent of students typically place orders. At Harvard, the average order is worth roughly $100. This means that McGrath can expect an average return of $50 in sales per photo shoot (since he gets...
...HYP got a few studios to bid their rebate up to $20 per student, there would be no need to raise the book price. McGrath said his payments to HYP are top-level, but he did not indicate that they are the highest of any college he works with. Raising the rebate to $20 per student would net an additional $7,000—or $7,500 if the number of photo sittings rose...
...yearbook could also sharply increase its revenues through advertising. HYP only earns $18,000 per year ($11.25 per book) in advertising because it contracts an outside agency to do the work. Like The Crimson and the Lampoon, HYP should take advantage of its free student labor—expanding its business department if necessary—and aggressively sell advertisements. National companies such as Merrill Lynch and Ralph Lauren would probably jump at the opportunity to have their logo on a publication that Harvard alums will read for the rest of their lives...