Abstract
Few would argue that digital technology has impacted nearly every industry, especially media and related firms. Media's initial reaction to digital technology was reactive in nature: How can we convert traditional processes to fit digital technologies, mostly in the form of distribution (e.g., traditional newspapers making content available online)? In this chapter the authors argue that digital technologies have now permeated virtually every aspect of the value chain and are forcing traditional firms to rethink long held business models. The authors identify five areas of potential inquiry: (1) What is a resource in the digital age and why does this matter? (2) Where does value creation fit in today's horizontal business models? (3) What is the demarcation between consuming content and creating content (e.g., user-generated content)? (4) What mechanisms can be used to assess quality in a world where anyone can publish? (5) What is the role of regulation and changing business models in the world of digital technology? They do not claim to have the answers, but they hope to at least create dialogue that encourages future research.