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.

WpN, which previously employed 49 photojournalists from around the world, currently has just seven people left on staff, according to its website. The loss of assignment photography, which was the company's largest source of revenue, will leave archive sales as the company's sole revenue source.

WpN terminated its newswire service last year to focus on assignment photography, which at the time comprised 40 percent of the company's revenue.Miller could not be reached for further comment.