[H8crilA]

It's still at most n^m different images.

[chunkyks]

True, but the posed question was "how much information can a small image contain", not "how many unique images are there"

[H8crilA]

Those are the same things ...

https://en.m.wikipedia.org/wiki/Information_theory

[jstanley]

What's the distinction?

Specifying an element from a set of 2^n members seems equivalent to encoding n bits of information.