Thanks for continuing the conversation. Always learn a lot from you and from your opinions and you raise a great point that consumer behavior changes quickly.
For the successes you cite, Bleacher and Huffpo are two of 20,000 and we never know what they could have built with a different funding model. And my understanding is that, based on the numbers, Huffpo hasn’t lived up to its acquisition price.
Demand Media is exactly the cautionary tale I have in mind. Some investors got very rich but there was no long-term value there whatsoever. No unique content or unique value. We need media companies that are going to be around for decades and the Demand approach and the glorification of that approach by investors and entrepreneurs is killing the media industry.
Totally agree that channel disruption is going to create huge business value. But deeply believe the tech platforms that control those platforms will disproportionately capture that value — leaving behind all media cos dependent on them, new and old.