In a wide-ranging speech Rupert Murdoch has commented on the threats and opportunities to the media sector by digital technologies.
Different commentators have picked up on various aspects of the speech, but it seems me that his most important remark was this:
"Great content always has been, and I think always will be, king of the media castle."
Content will come from many sources, but the value of brands will go up not down. While there will be millions - at some point maybe billions - of competitors to Murdoch's media empire, people will decide for themselves which brands they trust. Many media outlets will be put together by twelve year old geeks. How many will trust these outlets more than the Wall Street Journal or the South China Morning Post ?
Certainly new brands - some of them exclusive to new media channels - will develop. But the value of trusted brands will be ever more important in the more competitive world.