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The aggregation of data can be considered content, such as the yellow pages or delicious, which, I think can also be copyrighted. So if your intent is to collect links to content, I would say technically, you are creating content. Look at this site, at least at the top level.

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I don't consider the Yellow Pages to be content, just hard-to-gather data. For this site, the top level is data which points to content. The comments are the content, for me.

Aggregating data is content if the data in aggregate has more value than the pieces do independently. Isn't that essentially what all content is: a new organization of pre-existing data that has more value than the pieces separately? A song is a particular ordered collection of sounds that has more value than its individual pieces.

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