I guess the easiest way to leverage content owned by others is to have a partnership to syndicate their content with ads:

As a example, Warner Music has defined multiple video channels along themes like "rock music" or featuring the "Divas of Pop Music." A Web site owner can select a video channel and embed it on a section of the site dedicated to running Google AdSense ads. Visitors then can click to watch ad-supported videos within the video channel on sites running the ads.
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The Google advertising system splits the resulting revenue three ways to the video content owner, the Web site publisher and Google. The exact revenue splits were not disclosed.

Google continues to profit from blurring the line between ads and content. The future of AdSense will look much more like a mesh of Google Related links, Google interesting items for you, and YouTube recently popular videos (with ads) than its current form today. And don't be surprised to see those ads offline, in video games, or on your cell phone (Eric Schmidt is on the Apple board).

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