Here’s a doozy from the FT, describing Allen & Co.’s mogul conference in Sun Valley:
If that isn’t a crazy media-centric view of the world, we don’t know what is.
The power balance between media and technology shifted forever in the 1990s, which was capped by AOL buying Time Warner, and since then the power gap between the two has only gotten wider. AOL died, but the rest of technology didn’t. Meanwhile, the relative fortunes of the media business have continued to dwindle.
Even in its diminished state, Google is still worth more than any media conglomerate on earth. So is Microsoft. So is Apple. So, eventually, may be Facebook.
It may be technically true that at Allen & Co.’s summer conference, there are now as many tech moguls as media moguls, but even this has changed significantly in recent years. (Allen & Co. has a more tech-focused conference in the spring). And, for years, no matter what the media moguls might like to think, the power balance has long been tilted in favour of technology.
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