Hal Varian writes in The New York Times:
As technology advances and costs go down, a lot more amateur video will be produced. Economic rent comes from scarcity. It is true that there is only one Tom Cruise, but it is equally true that there are only 24 hours in a day. The more time young people spend watching Lonelygirl15, the less time they will have to watch Mr. Cruise.
I don�t think that the age of the megastar is over. Quite the contrary, there will still be big-budget movies, and stars with drawing power will still command high salaries.
But, at the same time, I believe that there will be a flowering of creative, inexpensive and compelling semiprofessional content available via the Internet. This content will occupy more and more of people�s attention, particularly young people.