Time information plays a crucial role on social media popularity. Existing research on popularity prediction, effective though, ignores temporal information which is highly related to user-item associations and thus often results in limited success. An essential way is to consider all these factors (user, item, and time), which capture the dynamic nature of photo popularity. In this paper, we present a novel approach to factorize the popularity into user-item context and time-sensitive context for exploring the mechanism of dynamic popularity. The user-item context provides a holistic view of popularity, while the time-sensitive context captures the temporal dynamics nature of popularity. Accordingly, we develop two kinds of time-sensitive features, including user activeness variability and photo prevalence variability. To predict photo popularity, we propose a novel framework named Multi-scale Temporal Decomposition (MTD), which decomposes the popularity matrix in latent spaces based on contextual associations. Specifically, the proposed MTD models time-sensitive context on different time scales, which is beneficial to automatically learn temporal patterns. Based on the experiments conducted on a real-world dataset with 1.29M photos from Flickr, our proposed MTD can achieve the prediction accuracy of 79.8% and outperform the best three state-of-the-art methods with a relative improvement of 9.6% on average.