Youtube was supposed to be one of Web 2.0's shining examples of user-generated original content. In a world (in 2005) when everything worthwhile was already online and fully consumed, Youtube was supposed to provide us with a new outlet to both create and consume. I know it is hard to recall Youtube's original intent as a creative landscape, but keep in mind that the site's slogan was and is "Broadcast Yourself".
Most of us don't broadcast ourselves, or watch broadcasts of other selves. The last time I fired up Youtube, I was looking for a free way to stream James and the Giant Peach. Any cute skits or beautiful shorts I discovered thereafter were barely bonuses; they were just tasty little incidentals to be quickly forgotten. Most people go to Youtube to view unoriginal creations- movie, TV and music clips or mashups thereof.
Youtube's most viewed videos of all time are music videos like "7 Things" by Miley Cyrus and Rihanna's "Don't Stop the Music". My little sister uses Youtube as a combination DVR-Itunes-Pandora player. Nothing original seeps in unless I send it to her myself- and then it's usually just a video of a cute animal, not a creative work.
Ah, but Youtube does have some high-caliber producers of original goodies! People who put on elaborate comedy skits with costumes, professional lighting and substantial editing. People who pull in millions of views. People with whom Youtube has formed profitable, advertising-driven partnerships. These people are broadcasting themselves. But they aren't like "us". They are all from Hollywood.