When I compare the social networking strategy of Newscorp with the apparent strategy of every other very large media company, I really start to wonder if the entire media executive collective has yet fully grasped that “social networking” is now synonymous with “media distribution.” I mean really – where do we think the audience is these days? Watching TV? Not.
On an unrelated related note... Online social networks are beginning to disrupt the media business. They have mind-share and hour-share over other media in young and internet-geek demographics. They don't have revenue-share yet that makes them much of a threat. But, they will.
And then... online social networks will disrupt industries. Do you really think that social networks are only good for gabbing and listening to music? No. They'll enable collaboration that typically occurs behind corporate walls or industry supply chains.
Either way, Shawn's point is very valid. Media is only the first industry to be disrupted, though.