It seems that it's not just internet TV channels that are struggling to make money.
If you were running the 119th most popular website and the 6th most popular independent video site you'd be onto a good thing. Wrong. Video codec company DivX last Friday shut down Stage6.com.
It seems that the monetisation of user generated content is simply taking too long as they explain.
I still think that there is great scope for long tail user generated sites associated with specific vertical portals, but the great vacuum cleaner that is YouTube seems to have a critical mass (and a potential ad engine) that will be difficult to compete with