1) Participatory media refers to media that allows everyone to participate in content creation and conversation through things like comments, forums, and blogs. 2) The presenter discusses their experience with participatory media on the website IBNLive.com, which pushed user comments and introduced blogging and podcasts to allow more participation. 3) Challenges with participatory media include that it is difficult to scale due to resource needs, advertisers dislike unpredictable content, and legal issues can arise from user comments.