Last october Bear Stearns published a very good report on the dynamics of entertainement. They've just updated it and its mostly focus on monetizing the Video UGC. You can download the new report from Chris Anderson's blog (and should read his sum up of it). There incumbent analysis is very good.
Here is an extract from the cover:
“PARADOX OF CHOICE” SHIFTS VALUE TO MIDDLE OF SUPPLY CHAIN.
Increased video content supply could lead to lower user satisfaction, given
cognitive dissonance due to regret, confusion, etc. Therefore, we submit that new
aggregation vehicles will emerge to solve this conundrum, as search engines did
in the text-based Web, which is where the vast majority of value accrued.
CONTENT ISN’T KING, GREAT CONTENT IS. The problem with the “content is
king” axiom is that no one company has proven capable of consistently creating
only great content, as evidenced by fluctuations in TV ratings, box office per film,
etc. In addition, while entertainment firms are focused on “digital,” this revenue
stream will likely remain small relative to overall sales for the foreseeable future.
The risk is that, as with newspaper companies, strong digital revenues do not
offset decelerating growth in core revenue streams.