A good opportunity or a cash cow? You will hear responses all over the spectrum but I think the overall consensus is that people just want an audience for their work. Understandable but is photography contests the way to go? What is the the overhead costs of having one?
Not much. You have to truly consider what you will receive if you are selected - an exhibition? A shout out on the website? A congratulatory email? A cash prize? I hate to be so technical but if you break down the cost then here is what happens -
National Geographic just closed their photographer of the year contest on May 31st. The prizes range from a trip abroad to cash prizes (this year is $10,000 for first place). All taxable mind you! The magazine will print your entry in an upcoming publication and will post it via web and social media.
Sounds wonderful. How many entries are you competing with? With $15 entry fee per photo I would say at least 100,000 photos are submitted. Do the math - 100,000 x 15 = 1.5 million dollars gross profit for Nat Geo. They not only have a 'Photographer of the Year' they also have 'Travel Photographer, Nature Photographer' and on and on it goes. Millions upon millions in entry fees. With those figures 10,000 sounds like a tiny prize. I can say with confidence I have not heard of anyone making it big with winning - only obtaining bragging rights.
If your aim is to get published there are other avenues to explore. Be selective. These contests provide very little in return and can burn a deep hole in your pocket. Whatever you end goal is make sure that the contest fits in it. Do not play into the hype. In the end, if you do not win, the publication is getting the attention and clicks - not you.