Time magazine has named YouTube its "Invention of the Year" for 2006, while emphasizing that old-line content and media companies should see it as a revenue opportunity, not a threat:
...YouTube has to start conducting itself with a little more legal and financial gravitas. That means making money — mostly through advertising — and convincing the TV, movie and music executives who find copyrighted material on YouTube that it's a revenue opportunity and not grounds for litigation. The learning curve is still steep. "The people marketing content see it as a great new platform, but the legal side of the business doesn't know how to react," Hurley says. "We have instances where someone within the company uploaded something, and the other side's asking you to take it down."That's right, media companies: YouTube users will voluntarily watch your ads — if they're compelling enough. It's a point I've made before. But the Time piece is also a great review of how significantly, and how quickly, YouTube has transformed media and Internet culture. Read the whole thing.
But YouTube isn't Napster. It already has partnerships with NBC, CBS, Universal Music, Sony BMG and Warner Music. And come on — it's the one place on the Net where people willingly, knowingly click on ads, like Nike's legendary clip of sharpshooting soccer star Ronaldinho. If you can't find money on YouTube, you're in the wrong economy, buddy.
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