what is the importance of margin in photography?

Answer 1

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Graphically pleasing framing; and in the other sense, making a viable profit is vital to any business.

Answer 2

They are impotant for separating things, to create a visual frame. If you can do it with a different composition technique can do that as well.

Answer 3

To frame your subject, but like anything there are no hard and fast rules - many successful photographs ignore margins entirely.