According to USA Today, amateur pornographers armed with little more than a webcam and a computer are giving the major players in the adult entertainment industry, like New Frontier Media (NASDAQ: NOOF) and Playboy (NYSE: PLA) a run for their money.

Sales and rentals of adult DVDs have plummeted in recent years, and now sites like PornoTube.com and YouPorn.com (such clever names ... not) are allowing consumers to download user-generated content to their computers, and even cell phones ... for free in most cases.

While the big porn companies have been pretty quick to move onto the internet, replacing DVD sales, you have to wonder how much user-generated content will hurt their sales. Is Playboy delivering a product that much better than some of the amateurs on PornoTube? I wouldn't know because I'm a good boy.

Shares of Playboy and New Frontier have performed poorly over the past few years, and you have to wonder: How much does branding really matter in an industry that is now flooded with free content?

The market doesn't appear to be giving Playboy a lot of credit for the brand it's been building for the past 54 years: The stocks trades with a market cap of $365 million, which is about 1 times sales. If the brand does still have value, it could be ripe for a buyout -- but only if that's what Hef wants.