My code changes a single RGB value by a set amount, then does the same changes over the other channels
Some style advice and much simpler/shorter/faster solutions.
Style
Your comments break the structure, making the code harder to read. As PEP 8 says:

Block comments [...] are indented to the same level as that code. Each line of a block comment starts with a # and a single space

So
while count &lt;9:
#Creat Pic at the start of each loop
    pic = Image.open(file)
#Convert the image to RGB, so we dont have to deal with the alpha channel
    pic = pic.convert('RGB')

becomes
while count &lt;9:
    # Create pic at the start of each loop
    pic = Image.open(file)
    # Convert the image to RGB, so we dont have to deal with the alpha channel
    pic = pic.convert('RGB')

and I might remove the first comment, as it, unlike the second comment, doesn't contain any insight that's not easily seen in the code anyway.
NumPy
Taking tsh's solution further, to NumPy:
from PIL import Image
import numpy as np

file = &quot;Final/charlie.png&quot;

im = Image.open(file).convert('RGB')
images = []
for channel in range(3):
    for factor in 0.1, 0.5, 0.9:
        data = np.copy(im)
        ch = data[:, :, channel]
        np.multiply(ch, factor, ch, casting='unsafe')
        images.append(Image.fromarray(data))

Image.convert with matrix
Or using convert's matrix parameter:
from PIL import Image

file = &quot;Final/charlie.png&quot;

im = Image.open(file)
images = []
for channel in range(3):
    for factor in 0.1, 0.5, 0.9:
        matrix = [1, 0, 0, 0,
                  0, 1, 0, 0,
                  0, 0, 1, 0]
        matrix[channel * 5] = factor
        images.append(im.convert('RGB', matrix))

Speeds
Using some 575 x 575 sample image, I got roughly these times per new image:

Yours: 2.9 seconds
tsh's: 0.8 seconds
My NumPy one: 0.003 seconds
My convert one: 0.005 seconds