Not a Growth Business

Terry Heaton (via Scott Rafer): "The problem is that the distribution of content isn’t the real problem for media companies; it’s the growing ability of advertisers to reach people without media companies. Advertising is the disruption that should trouble media companies, not what’s happening to their content. Ad-supported content is simply not a growth business anymore; it cannot provide sustainable growth, because the disruption isn’t about content."

And Noah Brier: "Put another way, it's the ability of brands to be their own media companies."