Alamy says the reduction in commission rate from 60 percent to 50 percent will help fund expansion plans. "We're investing in our future," says CEO James West in a prepared statement. "When we last made a change to commission rates it was to fund our expansion into the US, and today that area of the business accounts for over 40 percent of our sales.

He adds: "We are going to invest the extra revenue from this change in research and development, new products and services, and new marketing initiatives. We have ambitious plans to gain market share from our competitors and grow the business."

Under the new terms, photographers will receive 50 percent on all direct sales, while revenue generated from images sold as part of the Alamy Blue model will be split 50/50 between the stock agency and the contributor. For images sold as part of Alamy's Distribution model, photographers will receive 30 percent on all sales, down from 40 percent.

In a video statement, West explains that, despite the changes, Alamy will remain competitive. "When we look at what the competition is doing, if you supply images to Getty or iStock, Corbis or Shutterstock, you're going to earn 15 to 40 percent for your content. Alamy will still be paying more than our rivals, so I don't feel there's a huge pressure to explain what we're doing now. It's really a long-term question."

Alamy now plans to unveil a new website with "increased functionality, clearer and simplified navigation, and a generally enhanced user experience".

For more about the changes, visit the Alamy website.