Watching the media industry grapple with market changes is a useful reminder that no industry is immune to change. In 1900, 44% of the world’s stock market capitalisation was accounted for by railroads...then the automobile hit them. Railroad companies should have dominated the new automobile industry, but didn't - because they did not consider it a strategic threat. Media companies have long ignored digital distribution models, and now they are, quite literally, in a fight for their lives.