  For over 100 years, scientists have investigated the properties of the
proton, which is one of the most abundant components of visible matter in the
universe. Nevertheless, researchers do not fully understand many details about
its internal structure and dynamics. Time-like electromagnetic form factors are
one of the observable quantities that can help us achieve a deeper
understanding. In this review article, we present an overview of the current
experimental status in this field, consisting of measurements of the time-like
reactions $e^{+}e^{-}\to p\bar{p}$, $p\bar{p}\to e^{+}e^{-}$, and future
measurements of $p\bar{p}\to \mu^{+}\mu^{-}$. A focus is put on recent high
precision results of the reaction $e^{+}e^{-}\to p\bar{p}$ that have been
obtained after analyzing 688.5~pb$^{-1}$ of data taken at the BESIII
experiment. They are compared and put into perspective to results from previous
measurements in this channel. We discuss the channels $p\bar{p}\to e^{+}e^{-}$
and $p\bar{p}\to\mu^{+}\mu^{-}$ in terms of the few existing as well as future
measurements, which the PANDA experiment will perform. Finally, we review
several new theoretical models and phenomenological approaches inspired by the
BESIII high precision results and then discuss their implications for a deeper
understanding of the proton's structure and inner dynamics.
