TIME used Robert Lam’s photo of a jar of coins on the cover of the magazine, with the headline “The New Frugality.” The copy read: “The recession has changed more than just how we live. It’s changed what we value and what we expect—even after the economy recovers.” Lam received $30 for use of the image, which suggests we should expect a lot less.
TIME found the image on iStockphoto and paid $150 for an extended license, as was required for printing more than 500,000 copies of the magazine. Its worldwide circulation is almost 3.4 million, but this cover was used only on the U.S. edition. If TIME had intended to print fewer than 500,000 copies, the same photo could have been licensed for $12.00.
On the iStock blog, Lam indicated that he was very happy that his picture was used. When some bloggers commented on the low price, Lam said: “There’s value in the tear sheet. I’m speaking specifically to the $30.”
A microstock photographer with the handle MinisterC said: “WOW! Congratulations. That’s worth a shout. It’s a bit unfortunate they don’t pay a bit more, but such is the life of stock photography. Very cool. That means that thousands, if not millions of people will now view your work! Nice.”
A fashion photographer from San Francisco pointed out that “an editorial photo on the cover of TIME is easily [worth] $10,000.” That might be true for exclusive rights to a breaking news image. Getty Images’ price for a non-exclusive use of a rights-managed stock photo is listed on its site at $1,465—less than $10,000 but a lot more than $150.
Lam works in Los Angeles and has been posting images on iStock since April 2008. He currently has 223 images and somewhere between 400 and 500 downloads. Given what is believed to be the average return per download for a non-exclusive contributor, Lam’s iStock earnings to date are probably under $650.