YouTube Honored by 'Time' Magazine

Time magazine has named the video-sharing Web site YouTube as its "Invention of the Year for 2006." The magazine says YouTube's scale and sudden popularity have changed how information is distributed.

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STEVE INSKEEP, host:

The business news starts with the invention of the year.

(Soundbite of music)

INSKEEP: And just to be clear, that's invention of the year, not invention of the year - which has already been invented. Time Magazine has named the video-sharing Web site YouTube as its invention of the year for 2006.

Time says YouTube's scale and sudden popularity have changed how information gets distributed. And the magazine says YouTube came along just as the right time as social networking Web sites were hot and camcorders were cheap and do-it-yourself media were expanding.

RENEE MONTAGNE, host:

If you want to go YouTubing, you'll at least need a video camera and a computer. Conveniently, Paypal is offering some cash rebates and free shipping if you need YouTube accouterments for holiday gifts. The online payment service company is offering $20 to customers who register online for the deal and buy items from participating merchants using the online payment company. Paypal is owned by online auction site eBay.

INSKEEP: Now you can't enough new technology, we are delighted to tell you that Microsoft says it's going to start selling TV shows and movies that can be downloaded through it's Xbox Live online videogame service and watched on TV sets. So if the game is boring, you can watch the other thing.

Microsoft will be offering content from a number of providers including CBS and MTV. Some analysts say Microsoft's library of movies and TV shows is small, but they say the new service will help Microsoft remain competitive.

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