Content is King was the mantra with the qualification that distribution was also perhaps a Prince. As Iolo points out things are changing and new factors are in play.
1. Premium content is now heavily diluted by pirate activity - exclusivity has left the building. Driving new subscription models will be challenging.
2. Control over distribution has gone with search engines providing the new EPG across a worldwide broadband network.
That said - consumers still want entertainment and information and now want it 24/7 worldwide.
Perhaps now the barriers between online / TV / publishing have gone and companies who were not competitors before are now in the same business - namely entertainment and information. Google, Sky, Facebook, Reuters, Sony, Disney etc etc will no doubt start to consolidate.
So where is the value and how is it calculated - unique users, free subscribers or paying subscribers ? My bet would be on the latter but then again I think Imperial Commander might do it at Cheltenham.