While I welcome the emergence of social media, I believe in the long run it'll co-exist with traditional media, as opposed to sidelining/obliterating it. The challenge of monetizing today's user-generated content, the essence of this new breed, would not be the only reason for the survival of traditional media.
Traditional media firms were slow in adopting Internet as a distribution platform, but they're catching up and increasing their share of the online ad market.
To reach Internet's true potential as a mass distribution platform for entertainment, we'll need to make the process of watching Internet-delivered long-form content in user's living room at least as easy as it is for them to consume this content today thru satellite/terrestrial platforms.
While big hitters like Microsoft and HP have had limited success in removing pain points for an average consumer to download long-form content on their PC and seamlessly watch it on their big screen TV, Apple's recent public announcement of their living room strategy should be a big boost. We hope Apple can do an "iPOD" with its iTV set top box scheduled for early 2007.
More new entrants like WYPLAY to fulfill this promise of a simple-form, all-in-one device that can replace today's living room stack of cable/satellite box, DVD player and music system, the better. I can't wait to come home in the evening to dozens of automatically downloaded "24" style dramas (predicted based on my past downloads) that I can choose from to enjoy on my 50 inch plasma.