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From the Sacramento Bee (link)-

Small, independent local school photographer Richard Givens is now living out of his studio as market changes force him and other photographers to adapt.

"Business is down everywhere," Givens said. "People are taking their own photographs. Everyone can be a photographer in today's world."

The high school market in particular is in flux, said Marty Brown, vice president of the California School Photographers Association and owner of Excel Photographers in Sacramento.

Once a contract for a school dance meant big profits for a photographer. No more. Recently, Givens was hired to shoot the Dixon senior prom. Only about 30 couples out of 90 opted to take photos. In past years that number would have been more like 80, he said. Many of the kids opted to shoot their own photos.

"We are an instant society, and if you don't believe it, look at the drive-thru at McDonald's," said Don Benson, a Carmichael-based school photographer.

"We have lost our shoe-box memories."

I bet we have probably about 10% of the family photos currently being taken appearing in print form and making it to shoe boxes versus 90% before.  A lot more photos are being taken but I bet not as many being printed for albums or keepsakes.