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Billions for User-Generated Content

From today's NY Times comes a good article on the worth of user-generated content titled 2006, Brought to You by You

All that material is “user-generated content,” the paramount cultural buzz phrase of 2006. It’s a term that must appeal to the technocratic instincts of investors. I prefer something a little more old-fashioned: self-expression. Terminology aside, this will be remembered as the year that the old-line media mogul, the online media titan and millions of individual Web users agreed: It demands attention.

It’s on Web sites like YouTube, MySpace, Dailymotion, PureVolume, GarageBand and Metacafe. It’s homemade art independently distributed and inventively promoted. It’s borrowed art that has been warped, wrecked, mocked and sometimes improved. It’s blogs and open-source software and collaborative wikis and personal Web pages. It’s word of mouth that can reach the entire world.

...The promise of all the self-expression online is that genius will reach the public with fewer obstacles, bypassing the entrenched media. The reality is that genius has a bigger junk pile to climb out of than ever, one that requires just as much hustle and ingenuity as the old distribution system.

Full article link.