So what are the challenges for new media and old?

Seems there is some consensus forming around the new paradigm for traditional media as being a 'brand' that carries some level of trust for its audience. Regardless of the fragmentation of information, consumers will still go to trusted brands as their first port of call.

Where things get interesting tho is in the formation of new brands. Sites such as Digg are creating a new models for content selection and presentation, leaving that 'editing' process up to the public.

So what are people going to pay for? In an earlier session someone questioned whether leaving choice of news selection to the consumer would lead to sensationalisation or dumbing down of information, as information sources seek the widest possible audience. While that is to some degree too, the audience is both wide and fragmented - those who seek broad, general interest news will also have a call for specialised knowledge about areas of interest.

So when Phil Sim said that content was being commoditised, he was right. In fact it pretty much always has been. The higher value still lurks in niches, and that is where smaller, interested groups of people are willing to hand over their cash to the brands they trust.