The document discusses the impact of developing digital media technologies on media institutions and audiences. For institutions, technologies have led to a rise in blockbuster films through advanced formats like 3D and 4D. However, this has negatively impacted independent films with smaller budgets. New distribution technologies through social media and online platforms allow major studios to heavily promote films, but independents can also use these low-cost tools. For audiences, digital media provides more convenient access to a diverse array of films through streaming services and online distribution across various devices. Overall, digital technologies are changing how both institutions and audiences interact with media.