But brands will have to factor in the reality that peer-to-peer communications come in three varieties: good, bad, and bland.

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Last year, over half of brand communications was peer-to-peer, through earned media rather than paid media.

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Do we get enough peer review in a world of open communications?

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Conservative peer Lord Fowler, former chair of the Communications Select Committee, said he wanted to see the BBC explore more commercial initiatives, suggesting that "there is an overwhelming case for a public-private partnership".

BBC: Peers call on government to support creative industries