Jay Rosen posted this on his blog recently:
The people formerly known as the audience are those who were on the receiving end of a media system that ran one way, in a broadcasting pattern, with high entry fees and a few firms competing to speak very loudly while the rest of the population listened in isolation from one another and who today are not in a situation like that at all.
Once it was your radio station, broadcasting on your frequency. Now that brilliant invention, podcasting, gives radio to us. And we have found more uses for it than you did.
Shooting, editing and distributing video once belonged to you, Big Media. Only you could afford to reach a TV audience built in your own image. Now video is coming into the users hands, and audience-building by former members of the audience is alive and well on the Web.