Time used that iStockphoto micro-stock agency stock photo back in 2009 (
April 27, 2009 issue).
Getty (and Corbis) started buying up independent stock photography houses in the late 1990's.
In 2008 Getty Images was bought by Hellman & Friedman, a private equity firm.
Flickr announced a partnership with Getty Images in 2009.
By 2009 the consolidation of the Stock Photography industry was pretty much complete.
Time paid more than $30 to use the photo. Time had a
weekly print run of about 3.5 million magazines around then.
The amateur photographer, Robert Lam, got a check for $31.50 from iStockphoto.com. Apparently $30 for the Time cover image, and $1.50 for something else of his that got licensed that month.
At that time, creation of a Time Magazine cover photo by a professional photographer cost Time about $3,000.
You can buy a copy of that April 27, 2009 cover from Time. An
11 x 14 print matted in a 14 x 18 satin black metal frame only costs $99.95.
You know how much of that $99.95 the photographer gets? $00.00.