The New Frugality, Indeed

This Time Magazine cover from last April is ironic in more ways than one.

The stock photo of a jar of coins was licensed from iStockphoto to illustrate the headline, “The New Frugality.” Apparently, Time’s interpretation of “New Frugality” started with the budget for the cover art.

Normally, a stock photo used on a cover of a magazine with Time’s large circulation would garner about $3000.

Robert Lam, the contributor to iStockphoto who shot the image, received $30.

That’s THIRTY dollars. 1% of the normal rate. And he’s happy about it. So happy, in fact, he wants to buy a back issue and have it framed.

So in the end, he lost money. Great business model, schmuck.

By the way, he wasn’t even given a cutline. iStockphoto received it.

Oooh, the irony!

July 30, 2009 | Categories: Bad business model, Commentary, iStockphoto, Photo Feature, Robert Lam, The New Frugality, Time Magazine | Leave a comment