Television didn't replace radio, and the Internet is not going to replace traditional media, even as they are transformed under its influence. In fact, partly because of the Internet, forecasters are seeing significant growth in traditional media consumption down the road, as the time saved by going online increases dramatically. More and more, consumers will use the Net to save time doing mundane activities like paying bills, getting directions, or calling retail stores for information. This saved time will belong to companies like Viacom. Anyone can have a Web site.
New technologies allow virtually anyone to film a movie, make a TV show, publish a book.
When content can go directly to the public, or so the argument goes, established media players are toast. Indeed, you are virtually invisible without brand strength, as new Web companies are discovering. Flush with cash, Internet start-ups are scrambling to distinguish themselves from their competitors. But if you want them to come back again and again, you must provide the experience they expect and demand. We are successful at creating content because we have an intimate knowledge of our audiences.