One in three teens claim they could make money by creating YouTube videos. The success of social media stars like Bethany Mota shows that celebrity endorsements aren't influential as they used to be. Today's teens want inspiration from cool kids who could easily be their mates.

In an average month, people watch 6 billion hours of footage on YouTube. Research from Variety has indicated that "the five most influential figures among Americans aged 13-18 are all YouTube sensations, thoroughly eclipsing mainstream celebrities."

PewDiePie is the most subscribed channel on YouTube, and its creator makes more than £2 million a year on ad sales. He's one of YouTube's elite – a new generation of hyper-influential media moguls. But why are 30 million teens watching a stranger play video games?

Under pressure from digitisation, music labels are seeking alternative sources of revenue. One Direction has transformed merchandising into a multi-channel branding operation that covers everything from phone covers to fake nails.