An image processing system, an image processing method, a program, and an information storage medium for saving more time and effort than ever in excluding an unwanted image from an image to be delivered, the latter image being one in which is disposed an image captured of a user during play of a game, the captured image being disposed in a region occupying a portion of an image indicating the content of the game being played. A play image acquiring section acquires a play image indicative of game play content. A captured image acquiring section acquires a captured image captured by a camera during play of the game. A user image generating section generates a user image occupying in the captured image a region in which is disposed an image of the user as a delivery target. A delivery image to be delivered is generated on the basis of the play image and the user image.