The business of new media uses various forms of technology (mainly through the internet) to promote its services and/or products such as: television, radio, advertising and marketing, software, etc...
How important is the Internet to the new media?
The internet used to be most valuable to online sales but, I believe social networking, distance learning, marketing/advertising and entertainment now plays a key role. Over the past five years companies such as MySpace, Facebook and YouTube have become million and billion dollar (in YouTube's case) companies. Therefore, the internet allows enormous room for opportunity where many types of companies can now be created and benefited from.
Why and how are the new media replacing and / or enhancing the old media?
In 2008, the most widely-used form of media was network TV news (CBS, ABC, NBC) for adult entertainment and is "still used by the highest percentage of adult Internet users, with local newspapers and local TV news occupying the 2nd and 3rd positions, respectively." -eMarketer
As you can see by the above chart, though old media has been dominant it is also shrinking faster in the current year. "Facing increased competition from cable and new forms of entertainment on the Internet, the broadcast networks have seen their hold on the American psyche slipping." -Joyce Hanson
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