There is plenty of opportunity for new ideas and businesses to be successful in the digital media marketplace, but it would be a mistake to underestimate the incumbent media giants or to overestimate the change of pace of viewer behavior. Innovators and investors need to balance vision with reality and learn from the existing world of television rather than mock it. The Olympics show the huge power of the current media ecosystem, and expecting it to fall over anytime soon is a miscalculation. Real innovation and new products that appeal to the mass audience are needed, not subtle variations that can be adopted by the current players.
As difficult as it may be to admit, Mike is mostly right on here.
My one hesitation is that it’s a little like those disclaimers on financial products: past performance is no indication of future returns. This ecosystem will work right up until the point it doesn’t.