This document discusses the disruption that is occurring in the media world as the internet becomes the single largest medium. It identifies three trends that are impacting companies: 1) the digital economy, 2) disruptive software, and 3) the democratization of media. Newspapers and magazines are experiencing declines in circulation from -1.8% to -20%. New software is enabling more niche content and democratizing who can participate in media. The digital economy is creating new business models based around volume and the "long tail" of niche interests.