From the New York Times:
Imagine paying $580 million for an ever-expanding heap of personal ads, random photos, private blathering, demo recordings and camcorder video clips. Thatâ€™s what Rupert Murdoch did when his News Corporation bought MySpace in July. Then imagine paying $1.65 billion for a flood of grainy TV excerpts, snarkily edited film clips, homemade video diaries, amateur music videos and shots of people singing along with their stereos. Thatâ€™s what Google got when it bought YouTube in October.
What these two highly strategic companies spent more than $2 billion on is a couple of empty vessels: brand-named, centralized repositories for whatever their members decide to contribute.
All that material is â€œuser-generated content,â€ the paramount cultural buzz phrase of 2006.