How much is new media changing things? A lot, according to this article.
…With the exception of magazine publishers, publishers or broadcasters back then (the ’60s) would have said entry barriers were too high for new competition. Assembling a staff and purchasing typesetting equipment, a press, and delivery trucks, or a transmitter and broadcast license, were too expensive. Only wealthy new competitors had a chance to succeed.
That’s held true for almost 50 years. Not anymore.
Most traditional publishers and broadcasters still believe these entry barriers prevent new competition. They don’t realize a steady flow of new media technologies over the past 10 years eroded many of those barriers.