This document provides an overview of user generated content, social media, and advertising in 2008. It discusses the rise of user generated content through early forms like reviews sites, blogs, and wikis. It describes how social media platforms like social networks and content sharing sites are transforming the media landscape and advertising industry. The document outlines trends in user generated content advertising, challenges and opportunities for marketers, and concludes by listing the member companies of the IAB UGC & Social Media Committee.