The media industry is well positioned. They could have "better" data (in the meaning of better for placing advertisements) than many social networks. However they need to embrace data and become a data driven organization.
Lutz Finger analyzes in his talk (video: http://youtu.be/mzWBXUc1QWo) the two main worries the media industry has today: Reach / Expertise - in both areas they are faced with competition from new social media channels.
He shows that BigData and Analytics is the only way out of the issue. Media companies could become the leader in Media Data and in Media Analytics.