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What is the difference between rights-managed (RM) and royalty-free (RF) photos?

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What is the difference between rights-managed (RM) and royalty-free (RF) photos?

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Royalty-free photos allow you to pay one flat price for a photo and use it any way you like. Rights managed photos are priced according to a set of factors, intended use, size, duration of use, territory used and revenue generated. When you license a rights-managed photo, you are granted the rights to use the photo in a specific way and for a specific period of time.

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