Time Inc.‘s Life magazine has gone through several lives; its last incarnation as a newspaper supplement ended last year. Now the company is bringing it back as a website in a partnership with Getty Images (NYSE: GYI). Executives from the two companies made their announcement at the Interactive Advertising Bureau’s Mixx conference.

The two will form a new company to oversee the forthcoming Life—Andrew Blau, SVP/GM Time Inc. Interactive, says it’s a 50-50 JV—called See Your World. When it launches in Q109, Life.com will start with 6 million photos and get up to 15 million. Plans call for it to constantly grow with 3,000 new photos a day. Users will also be able to create a Life-branded coffee table book of their own photos. And, of course, an iPhone app is in the works.

—Jim Kelly, managing editor, Time Inc.: Life never really died. It had a healthy book business. Even though it wasn’t coming out on a regular basis over the past two decades, it still had resonance. It makes sense as a website. Everyone likes looking at photos and everyone is now a photographer. And the website allows for tremendous breadth and depth. We can do so much. For example, only 3 percent of all the photos taken for and owned by Life photographs have ever appeared in the magazine. So with all that history, we have a goldmine here.

—Catherine Gluckstein, VP, iStockphoto, Getty: We have a huge library and realized it was a tall order for any one company to bring to a website.

—Blau: The site will be primarily supported with ad revenue. “And there’s an enormous opportunity for e-commerce. First and foremost, this is not Flickr, but we will have users’ photographs. But they will be separated from the main site. And there will not be family vacation photos. That’s not what Life is about.”