Time Inc. and Getty Images announced today a joint plan to launch Life.com. Life, the iconic magazine which last appeared in 2007 as a thin newspaper insert, will be launching as a photography Web site targeted at consumers with images from the Life photo archive and Getty’s extensive library.

The Web site, set to launch in early 2009, will contain historic photos from the Life archive in addition to never-before-seen images of Hollywood stars, sports heroes, and events from the ‘30’s though the ‘90’s. There will be no charge for searching and viewing images, the companies said.

Only three percent of the Life archive has been seen by the public, according Life.com editor Bill Shapiro.

Life.com will allow users to share photos, create collections of photos around special interests, and purchase user-made photo collections. Organized by topic, geographic location and date, the site’s revenue model is based on advertising and e-commerce—most notably through selling on-demand custom photo books.

The site will launch with six million images from the Life archive, the companies said. Getty Images will also add roughly 3,000 new photographs to the site daily.

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