There are provided an image generating apparatus, an image generating method, and a program for generating an image that allows each of the users sharing a virtual space to see what the ether users are looking at. A virtual space managing section (126) arranges a fixation point object indicative of a fixation point at a position away from a first viewpoint in a first visual line direction passing through the first viewpoint arranged in a virtual space, the first visual line direction corresponding to the attitude of a first head-mounted display. A frame image generating section (128) generates an image indicating how things look from a second viewpoint in a second visual line direction corresponding to the attitude of a second head-mounted display, the second viewpoint being arranged in the virtual space in which the fixation point object is arranged.