Daniel Henninger explores what we should know about YouTube. An excerpt:
YouTube.com is a Web site. It entered the World Wide Web in February 2005 with a homepage that said: "YouTube: Broadcast Yourself." The site's technology lets people create a personal channel and then upload video to it for everyone to see. That's pretty much it. Why is this worth $1.65 billion and your idea isn't? Because every day 65,000 new videos are uploaded to YouTube's site, and every day the world's people tune into 100 million of these videos. One consultant with time on his hands has calculated that during YouTube's short life, people have spent 9,305 years watching it.
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