So it has reached the cover of The Economist: big media’s struggles with the digital world, but the stories warn against writing off Hollywood and the big media groups just yet.

“True, the internet and digital devices will eventually break those companies’ grip on distribution. But they gain something else: a digital world in which what you supply matters far more than how you supply it.”

And then, this rather controversial assumption: “Any media business has two products to sell: its content (to readers and viewers); and its audience (to advertisers). The task for old media is first to protect its advertising revenues by amassing audiences online and, second, to offset their viewers’ intolerance of mass-advertising by making them pay more for content--which they are increasingly willing to do. It will not be easy, but then saving the heroine never was.”