We live in a world of overused hyperbole. Still it is hard to overstate the phenomenon that is YouTube. In just over a decade, it has risen from nothing to 7 billion hours of video watched every month. It is the third most visited site on the internet, with 80 percent of viewers coming from outside the United States. It has more than 1.5 billion monthly users, who are entertained by 400 hours worth of video uploaded every 60 seconds. And it has made a lot of people a whole lot of money…