The document discusses how telecommunications companies must engage with media and content to succeed in the future. It outlines how social media, mobile technology, and video are major drivers of change in telecom and media. Specifically, social networks are becoming broadcasters and the place where new forms of advertising will emerge. For content owners, the options are open content licenses that enable new revenue streams or maintaining control but risking declining revenues. The document argues that telecom companies can no longer ignore solving the online content problem and that "lubricating" the system by making content more liquid and open is the quickest path towards success.