Companies such as YouTube, MySpace and Facebook have led the change and eMarketer estimates that U.S. user- generated content sites will earn $1 billion in 2007 and hit $4.3 billion in ad revenues in 2011.

On a global basis, user- generated content ad revenues will increase from $1.6 billion in 2007 to $8.2 billion in 2011.

"Gone forever are the days in which giant media conglomerates control the creation, distribution and monetization of content," says Paul Verna, eMarketer Senior Analyst and the author of the new report, User-Generated Content: Will Web 2.0 Pay Its Way?

"The media companies are still around and still wield considerable clout as a result of their content and their distribution networks, but today much of the power is shifting to the consumer."

Consumes can both choose when to consume most any media as well as create it for social networking sites.

"Of course, user-generated content in itself is not a new phenomenon," says Mr. Verna. "For as long as 'content' has existed, common folks have used all manner of public forums to make their voices heard. Witness America 's Funniest Home Videos, subway graffiti, folk songs, Speaker's Corner and cave paintings."

Currently the U.S. leads in user- generated content but other countries are expected to contribute more over the next several years.

Source: www.webpronews.com