In this project, I examine the structural evolution of stock photography business from the early twentieth century to the present. I give a thorough historical analysis of stock photography’s evolution and reference specific significant historical picture libraries, agencies, and today’s leading corporations in an attempt to more clearly tell the story of the expansion of this dynamic and fascinating industry. I am particularly interested in examining the transformation of the business with the advancements in digital technologies. This fundamental shift had caused a radical reorganization stock photography industry. All the aspects of stock photography moved online. Digital technologies disrupted and accelerated the business. Therefore, I refer to Clayton M. Christensen’s “Disruptive Innovation Theory” to better explain this fundamental change in the business.