This document discusses opportunities for innovation in metadata to increase the value of digital content. It notes the growth of consumer internet traffic and online ad spending as opportunities. A £5 million competition on metadata will open in September 2010 and close submissions in October, aiming to maximize the value of digital content through better identification, provenance, searchability, and machine readability of metadata. The document outlines the scope of the competition and various UK government programs and funding opportunities related to digital industries and metadata innovation.