Britney's One-Woman Economy

The business model for Hollywood.tv is unique. Sheeraz says that he spends about $50,000 a month on Britney coverage but gives away the content for free. It's all about building the brand. The ultimate plan: Take the company public.

"Obviously you make money on revenue from advertising. I have partnerships with Google and YouTube," Hasan said. "But for us, what's more important is building the billion-dollar brand online. We're already in negotiations with a couple of major studios to buy us out. And we've only been doing this for nearly six months. We have a brand that's recognized to the entire world. In order for them to beat our brand, they would have to go to the Hollywood sign and take those letters off the Hollywood sign and put their brand on, because that's who they're competing with."

Britney Frenzy Reaches Fever Pitch

The more outlandish Britney got, the crazier were the prices paid for photos of her exploits.

"I think the first time the public really knew that there was something wrong with Britney Spears was when she shaved her head," Shuter said.

X17, a paparazzi photo agency sold their collection of head shaving photos for $500,000 worldwide. According to CEO Brandy Navarre, at one time Britney accounted for 35 percent of their business.

Gary Morgan, CEO of rival photo agency Splash News, made an estimated $250,000 for their exclusive photos of Britney topless in a hotel pool this past summer.

"When she came out at the MTV awards, everybody wanted old Britney. We all wanted a comeback," Shuter said. "Nobody was rooting harder for Britney Spears than the American public and it didn't happen and I think when it didn't happen we all knew there was something very wrong."

Since the night of her disastrous MTV performance, Britney has lost custody of her two children and was twice admitted to a hospital for psychiatric evaluation. Video of her being taken to the hospital remains the most viewed clip on Hollywood.tv.

'Britney Covers are Gold'

The entertainment shows, magazines and blogs drive the Britney industry.

Ok! magazine has had Britney on the cover 58 out of the last 114 issues. Angelina Jolie comes in close second place to Britney with 55 covers.

"Britney covers are gold. Britney covers sell incredibly well," Shuter said.

Ok! Magazine landed an exclusive interview with Britney last summer, which turned into an unplanned meltdown for the singer. The behind-the-scenes story sold 1.2 million copies of OK!

The market for Britney is changing as more and more paparazzi follow her, making exclusives harder to come by, which makes tips for other stars worth more.

"If it's a big star, it could be $100 or $200. If it's a small star, it could be $30 to $40, but I've got hundreds of people that call us all the time," said Shuter. "I've pretty much got L.A. on lockdown in regards to where all the stars are going to go and where they are staying."

Anything Spears Does "Is News"

"[Since] Britney is the most expensive one, it's cheaper for me to have a team of people on it day and night … Anything that she does is news," Hasan said.

But not to everyone. The Enterprise Record newspaper in Chico, Calif., spoke for many when it recently banned all coverage of Britney.

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