From Jay Rosen’s talk at South By Southwest.

One: A collapsing economic model, as print and broadcast dollars are exchanged for digital dimes.

Two: New competition (the loss of monopoly) as a disruptive technology, the Internet, does its thing.

Three. A shift in power. The tools of the modern media have been distributed to the people formerly known as the audience.

Four: A new pattern of information flow, in which “stuff” moves horizontally, peer to peer, as effectively as it moves vertically, from producer to consumer. ‘Audience atomization overcome’, I call it.

Five. The erosion of trust (which started a long time ago but accelerated after 2002) and the loss of authority.