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Microstock photography allows amateurs, professional photographers and designers to upload their work and sell it to a large diverse market whereas the stock photo market was limited to the professional photographer with a large portfolio of images.
Of course, there is still a market for full priced stock photos, for those who want the exclusivity of knowing that an image is only licensed to them or has a higher price attached and hence is used less frequently.
There is an argument that microstock photography sites (photobanks / agencies if you like) source these ‘cheap images‘ from an army of ‘citizen photographers‘, unprofessional/non photographers who do not know the value of their work.
Microstock Photography is the latest business trend of selling of stock photos for a low price (just a dollar to a few dollars), instead of the high price to pay previously for stock photos.