Royalty Free & Rights Managed Images (getty Images)

What is the difference between Royalty Free and Rights Managed?
I had asked the same with Getty Images (an Indian representative company in India) answered me as
Royalty Free Images
are the ones have a fixed price and can be used as many times you want irrespective of the media (web, Print, TV etc)
Rights Managed
are the ones which they offer for a price and there is constrained period, you may have to renew the rights if you wish to have them used on a media. some times the media can just be one (web or print or TV or others)

My only question is Why are the cost so high when compared with

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