In media you roughly have 3 segments: 1) High end (HBO, Disney, ...) 2) Medium end (TV, Netlix, ...) 3) Low end (Youtube, Facebook, Instagram) The supply of

In media you roughly have 3 segments: 1) High end (HBO, Disney, ...) 2) Medium end (TV, Netlix, ...) 3) Low end (Youtube, Facebook, Instagram) The supply of (1) and (2) are limited. There's only so many shows that can be produced at the quality of Sopranos, and only so many sports people are willing to sit though commercials to watch (in the US it's NFL, NBA, MLB, NHL, UFC). The supply of (3) (mostly user generated content) is nearly infinite because the curation is low touch and automated with software. Ultimately the big constraint for media is the amount of time people are willing to spend watching either high end content with no ads, or low end content with ads. Time is precious. In the long term there will probably be a backlash against tech addiction and people will spend less time on low end user generated content. But even that is hard to predict.