What failed when trying to build the package? Did you make sure to install all the dependencies the package needs?
An alternative to ImageMagick could be Vips, it is also a free image processing system. Or you can find other alternatives like those found in ImageMagick Alternatives for Linux - AlternativeTo.net.
Eventually I manage to get both ImageMagick and VIPS installed on a newly flashed version of my Edsion. I found both VIPS and ImageMagick to be slow. However if all you need is thumbnails, which is all I needed, then I would suggest the use of EPEG. I was using a test file from a Cannon EOS40D at 3888 × 2592.
VIPS = 1.792s
EPEG = 0.721s
However it was not all plain sailing installing VIPS, and that is because to "make" it requires two perl modules that are not available in the YOCTO image or indeed in the base-feeds from Alex_T. Installed is Perl 5.20, and the base feeds from Alex are Perl 5.15 so DONT opkg upgrade or you will install version 5.15 modules and the "make" will not find them and fail. But, there is a fix. Use the YOCTO repos instead, and place this in your base_feeds.conf. src/gz core2-32 http://adtrepo.yoctoproject.org/1.8/adt-ipk/core2-32
Now you can install both "perl-module-safe" and "perl-module-unicore" as these will be Perl 5.20 versions. Now you can rebuild.
For installing VIPS, follow this.
1) Install PCRE
./configure --prefix=/usr --docdir=/usr/share/doc/pcre-8.37 --enable-unicode-properties --enable-pcre16 --enable-pcre32 --enable-pcregrep-libz --enable-pcregrep-libbz2 --enable-pcretest-libreadline --disable-static
2) Install GLIB2
./configure --prefix=/usr --with-pcre=system
make make install
opkg install perl-module-safe
opkg install perl-module-unicore3) Install VIPS
./configure --enable-debug=no --without-python --without-orc --without-fftw --without-gsf
Hope this helps anyone. I have the ImageMagick routine if anyone needs it.