Social Networking has become more popular than ever with millions of people using social networks everyday such as Facebook, YouTube, MySpace and LinkedIn. These social networks do not produce any original content and what really drives traffic to them is the content created by their users. So who owns this content anyway? The user? No.
In most cases, the content you upload on a social network is owned by the network and not by the user. Not only do they own this content, but also have the right to monetize it. A quick look at this Social Media Infograph will give you an idea of how much social networks are earning from user generated content that is uploaded on their site.
Imagine instead of uploading your content on these social networks, you actually owned your own content and tried to monetize it. Now that would be a lot of money to be made there, innit?