In the 15th century, the invention of movable type enabled rapid printing of written materials and sparked an information explosion in Renaissance Europe. Today a new revolution is taking place as the era of mass media gives way to an era of personal and participatory media. The shift, typified by the popularity of blogs, wikis, and podcasts, may have profound implications for traditional business models that gather large passive audiences and hold them captive during advertising interruptions.

While many industry watchers foresee the overthrow of old business models, not everyone agrees that changes to the media landscape will be revolutionary. Barry Diller, the founder of FOX Broadcasting and current boss of IAC/InterActiveCorp, a conglomerate with nearly 60 online brands including Match.com, claims that mere audience participation is not a proper basis for a media transformation. It is perhaps no surprise that Diller, a TV network mogul, believes the world of wikis, blogs, and podcasts is beleaguered by rank amateurism and unmarketable self-publishing. In Diller's view, talent is the new limited resource.

Yet with broadband access becoming more widespread, it appears certain that consumers will become more active participants in the media they consume. But it is too early to tell if growing interactivity will usher in a new age of consumer empowerment or merely become a useful add-on to the present information age.