At the time of that coronation, Internet "content" consisted mainly of homemade web pages with flashing words and the text forums where geeks discussed the pluses and minuses of object-oriented programming languages. Nevertheless, Gates prophesied an explosion of new creativity that would dominate the Internet's future. "Content is where I expect much of the real money will be made on the Internet, just as it was in broadcasting," he wrote, adding, "The television revolution that began half a century ago spawned a number of industries…but the long-term winners were those who used the medium to deliver information and entertainment."

Tim Wu, The Attention Merchants, loc. 862