Remember AOL, Compuserve, and Prodigy? Those services dominated the internet back in the early 90's. You paid a monthly subscription fee, and they provided internet access along with their own content feeds: news, stocks, weather, forums, etc. You could reach the early Web, but only after passing their portals.
Two things changed that: the spread of local ISP's, and the Netscape browser. ISP competition lowered subscription prices and increased innovation. Having a cheap browser meant people could break away from the big ISP's portals. They could go anywhere on the Web (even AOL's and Compuserve's sites).
That's about the time that content creation took off as well.
I agree with Derakshan that Facebook is a bad deal, for many of the same reasons those early service providers were a bad deal. But Facebook has something they didn't: networking.