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The second wave came with the "failure" of the advertising model, now content providers are expected to pay for inclusion.
The third wave is real simple. I have great content, the SE's need great content to satisfy their users, ad sales are in the crapper so how can I make it pay?
The third wave involves the SE's paying to access our content. Who will be the first "major" site to follow this model, when will the first exclusive deal be struck, will the current SE's be able to adapt to the changing marketplace?