I think that the real problem is that YouTube is taking all the stuff that's good that they can monetize, and they've already monetized that stuff. If you look at the way in which content is growing on YouTube, the user-generated novelty content and the copyright-infringement stuff is growing much faster than the content they can monetize. So whereas, with most businesses you'd say, well, over time it gets better, I think YouTube has a business where over time it continues to get worse, because the proportion of content you can't monetize continues to outstrip the portion of content that you can.
ht-Adrian Monck
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