Ian Rogers of Yahoo and elsewhere writes that that scale of the web creates media opportunity through the creation of:
" . . . a loosely-coupled value chain including users as value creators. The value chain is not owned by a single entity (LimeWire, Apple, or Universal). There are many participants in a healthy ecosystem. Furthermore, users are no longer just consumers, they’re active participants adding value and any successful solution will leverage this user-contributed value."Totally right (and we're betting a whole investment thesis - so-called outside in services - against this proposition). Moreover, its why the music business in particular reminds me of the online ad business years ago. Value - and creativity - come from different places now -- from the outside of where they traditionally have in media. Makes for interesting opportunities and challenges (and investments and things being built).