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These early adopters will almost certainly apply their habits to discussions of brands, organizations and even towns and cities as they graduate from high school and college.
Consumer-to-consumer discussions will continue; exactly how entities interact and engage consumers will indeed affect credibility and reputation both. Companies too afraid to engage consumers in discussion will, I think, get left in the virtual dust.
That's the problem: people are lazy. Besides YouTube, UGC is hard to come by because people don't want to take the time to do it.
Take Microsoft's XNA platform for example. They were touting it to be a YouTube for games, yet there haven't been any Xbox Live Arcade releases from the platform yet.
Another way to look at it is that UGC is all about getting attention. The problem: people are prideful and selfish. There are many great minds out there, but think if just a few of them collaborated for a single project.
A great example of this is the beginning stages of the iPhone's unlocking for 3rd-party apps and for other mobile service providers. For a long time (internet-wise), the iPhone couldn't be cracked because individuals competed with each other to be the first one to do it. Now, we see the "iPhone Dev Team" and their works.
I hope this has been some helpful insight.
I think that there is already a lot of high quality content created by users. People now watch user created video on YouTube over regular TV.
Still I don't know if you can monetize it so well. Content is cheaper than ever before.
That said, I'm producing ultra-high quality (hhh) UGC for you right now, so there's apparently some mileage in it when the topics and my interests happen to align.
The more traditional publications are going to have an increasingly hard time integrating UGC. To do it properly, which is a euphemism for "keeping their advertisers' brands polished and tarnish-free," they are going to have to put a strong editorial staff on duty. Case in point:
http://www.miamiherald.com/news/miami_dade/stor...
But UGC can work out bad when the userbase is lets say like with Digg, where there are too many apple and ubuntu fanboys.
A really nice chap! Hope he does well!