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Nothing new here, but when the likes of 3i are saying it, you know it must be true as there's so much money riding on it. They've released a series of articles on what the rise of Social Networking & User-Generated Content means for Traditional Media Giants and their Advertisers:

In a world where content is king and attention is scarce, no media company - and no advertiser - can afford to ignore the millions who are embracing social media by avidly consuming text, pictures and films created not by media professionals but by 'people like me'.

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