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I subscribe to the former.
JKR has had to put her foot down before. For example (and this is just one), she asked Mugglenet to not publish their version of a Potter encyclopedia. The difference? Mugglenet understood, and they actually "ceased and desisted". That's why we didn't hear this big uproar, or anything similar. Most fans feel as though this is the FIRST time that fandom has had a huge obstacle like this. But the thing is, we never had a totally and completely free reign before. It's just that we knew our limits and understood them.
This whole ordeal may never have become public, and there never would have been this huge rift in random, if Steve and/or RDR Books had communicated politely with JKR/WB, and respected JKR's wishes. If RDR Books hadn't tried to surreptiously publish the book, things would not have reached this level.
So, my point is, it's not like JKR or WB have changed what they accept in fandom. They aren't any "bigger". Steve/Lexicon just tried to get too big with this.
Which means that wizard rock, fanfiction, sites like Leaky, and even your good ol' Hogwarts-type sites are all still safe. They're not trying to make a profit off of work that is purely JKR's.
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