Recent studies say the long-term outlook for media is robust. There will be more media, more people in the media business and fewer industries that will not characterize themselves as in the media business. At the same time, it's going to become a hard living. It is becoming increasingly less clear how you make a substantial amount of money in the media business. There's significantly more competition.
Every day there are new forms of media, which are all competing with the older forms.
And there is enormous technological uncertainty. So it becomes less and less clear how to make advertising work in an efficient way. And it has always been hard to find and retain subscribers. I think it's dead. There is no long-term prognosis.