As we are living in a new era of media economics, I'm struck by fundamental changes in the overall media economy. From pricing structures for advertising on the local radio station to participating in one of the auctions available through Google, new media is totally changing the structure of the "media economy." Obviously, others much smarter than I have been writing, researching and talking about this for some time now. For example, Bob Garfield unleashed his "Chaos Scenario" all the way back in the old days of 2005 (http://adage.com/article?article_id=45561). Chaos 2.0 was released in 2007. Around the same time, Chris Anderson was researching and writing "The Long Tail" (http://www.wired.com/wired/archive/12.10/tail.html). These essays and opinions cemented the industry's recognition that new forms of media were and had been eating away at traditional media consumption patterns and, more importantly, shifting available advertising revenue into different avenues.
Media life has changed. The audience isn't just sitting in front of a television waiting for the next program to appear. The entire advertising industry has changed. None of this is new or novel, but it is time to re-think how we approach the economy of media.
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