The market cap of some porn brands is likely to be rather larger than quite a few brands in other sectors. As for the rest of it, there's a bit of a barrier to it - critical mass.

Critical mass isn't a barrier. If you want a network defined by the absence of activity and content (no copyright infringement, no porn, no spam), you can succeed in as much time as it takes to set up a private network. I could have it ready for you by next week (except that I'm already booked up, sorry). It will want strong guarantees of identity, so I guess some kind of VPN is in order, but I don't see any serious difficulties from the technological perspective. Getting people to actually use it might be difficult, especially considering the need to apply for a verified network ID, and also considering the complete and utter lack of incentive to join. Look on the bright side, though: if you achieved a critical mass, it would be almost impossible to maintain the no-spam, no-infringement, no-nonsense environment, even if you terminated access at the slightest whiff of trouble. Crowd control is just plain hard. So having large numbers of actual users isn't really in the interests of the network, unless you can make them passive, read-only entities, and leave the content generation to the network overlords. (It's hard to see why you'd need a "new" Internet to achieve that, though: you can already make your own websites as read-only as you like.) My suggestion: let this neutral (read: "corporate-friendly") organisation go ahead and build the "second" Internet. I'm sure it will be a lovely walled garden of brands, unspoiled by the unwashed masses. I, for one, promise not to foul it up with my thinly-veiled sarcasm.