Exactly. Saying there's no bubble is a far cry from saying that valuations are high and will go down/correct/whatever. The digital media industry is a bit more

Exactly. Saying there's no bubble is a far cry from saying that valuations are high and will go down/correct/whatever. The digital media industry is a bit more mature now and the likelihood of a bubble is much less now. I imagine it will have it's ups and downs (as you said) just like any other industry. Also, a big difference between now and the late 90s is that companies are actually making money! The promise is starting to pay off.