Not necessarily, according to the American University's Centre for Social Media which has published a report called Recut, Reframe, Recycle (PDF).
This might be some small grain of hope for those of us planning user-generated video projects.
The study points to a wide variety of practices—satire, parody, negative and positive commentary, discussion-triggers, illustration, diaries, archiving and of course, pastiche or collage (remixes and mashups)—all of which could be legal in some circumstances.
The announcement post gives examples of mash-up videos which could arguably lie under the "fair use" harbour - satire, parody, negative and positive commentary, discussion-triggers, illustration, diaries, archiving and pastiche or collage.
These all refer to US interpretation of fair use, of course, but it's an interesting take.
This one, apparently, might come under the heading of "illustration or example":
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