The Economist writes:
Dozens of advertisers are shifting budgets from television to such places as the internet and billboards. Brand-owners hate it that people are using digital video recorders to avoid their pitches. And if media firms move on to the internet themselves, they risk losing their films and television programmes to pirates.
No wonder that on media island they are downcast. Yet, if Hollywood teaches one thing, it is that stories can be re-made and dreams can come true. Rather as big retailers, including Wal-Mart and Tesco, have discovered advantages online, so too will big media companies.
True, the internet and digital devices will eventually break those companies’ grip on distribution. But they gain something else: a digital world in which what you supply matters far more than how you supply it.