UGC heading for the Trough of Disillusionment?

A colleague pointed out this recent article on Net Imperative about the lack of commercial opportunities for User Generated Content sites (specifically UGC video sites).

I don't think it's surprising to anyone in the industry that it's hard to get revenue from UGC video. There was certainly speculation around the wisdom of the YouTube price tag. Nevertheless, video sharing sites have taken off so much in terms of consumption that it's been relatively easy to ignore the fact that they're almost certainly still money-losing propositions.

My colleague point to the article as an indicator that UGC is entering what the Gartner Hype Cycle refers to as the 'trough of disillusionment'.