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The real successful sites in this space (AgoraVox, OhmyNews.com) are completely independent of any large media network, and are successful for that very reason.
It will be really interesting to see whether self-vetting, or self-promotion ends up becoming the motivating force behind iReport.
The only thing that I can see an a personal downside is that I prefer to see User Generated Content equal and alongside traditional journalism, to give me the best of both worlds, rather than forcing me to choose one or the other.
DH, where I really see iReport making inroads is primarily in the US where sites like AgoraVox and OhmyNews are not yet well-established. It will be interesting to note whether iReport will simply attract current CNN readers or whether this will open up to a broader audience. My hunch is that iReport will build critical mass with current CNN readers, who will not be weary of the formal news organization association, and may in fact embrace it. This group will just be looking to get involved and iReport can become "their" platform.
Badger, I think this will serve as a blend of traditional and user generated news, where CNN is going to try and capture both markets and the "best" of both worlds. I am very keen to see how critical and contentious issues will be treated on iReport, particularly if/when challenging the official stance of CNN. From CNN's viewpoint, it seems they may be afraid to miss out on the user-generated market, but they are also afraid of what opening the floodgates on their own site may bring.
Of interest as well is wikimedia's wikinews.org, through which users can request to be interviewed as well as contact the wikinews hotline via telephone for breaking news stories.
This makes the site appear more as a vehicle for trying out and competing for a television spot than a news site.
iReport really seems to be something that will be viewed with CNN.com, and by established CNN.com readers, rather than by a new audience, which makes me question whether this will be a worthwhile investment for CNN, or a misguided attempt in to news 2.0.
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