Since then, there have been no stable periods, no eras. In 1994 the WEB was a library, in 1995 it became a community, in 1998 a marketplace. Within a few years, it will dominate distribution of media and entertainment. The simple driver is audience. Media has the audience, but it lacks a networked community.
Broadcasters are valued by linear audience count, Internet values are exponential.
That is the challenge. It's also why AOL wants Time-Warner.