In one embodiment, the invention is a method and apparatus for annotating media streams. One embodiment of a method for facilitating creation of an annotated media stream by a user includes receiving the media stream from the user, mapping at least one item of supplemental content to at least a portion of the media stream to produce the annotated media stream, and storing the annotated media stream. In another embodiment, a method for distributing an annotated media stream provided by a user includes receiving the annotated media stream from the user, where the annotated media stream includes at least one item of supplemental content mapped to at least a portion of a media stream to produce the annotated media stream, storing the annotated media stream, receiving a request from a viewer to view the annotated media stream, and distributing the annotated media stream to the viewer. In another embodiment, a method for distributing an annotated media stream provided by a user includes distributing the annotated media stream to a viewer, where the annotated media stream includes at least one item of supplemental content mapped to at least a portion of a media stream to produce the annotated media stream, and collecting a commission when the annotated media stream is viewed by the viewer. In one embodiment, the collecting requires further action on a part of the viewer (such as selection of a hyperlink contained in the at least one item of supplemental content or consummation of a commercial transaction).