$1,000 video contest on Mylot?

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I gotta say this one took me by surprise. I just got the alert and I've already got millions of ideas. I actually just started writing a little mylot jingle. Is anyone else going to try? I'ts $1,000 and I'm sure it only takes a little time to do. Do you think I'ts a good idea. On top of that i also heard that youtube was going to start paying for views which seems like a good combination. Let me know what you guys think about this.