The document discusses strategies for earning an audience through owned, earned, and paid media. It explains that user interest in content leads to social sharing, which expands the projected audience reach. This projected audience then drives earned traffic back to the content through social interactions like clicks and shares. Content that performs well socially can be leveraged as ad creative, and earns champions that pay back through increased search relevance, social relevance, and reblogs. Earned media is not a replacement for paid advertising, and the content strategy should evolve with the conversation.