This from Jon Fine, quot­ing a 50-something news exec (my itals):

The eco­nom­ics of con­tent are totally com­prom­ised. For me, the best example of it is Madonna mov­ing from Warner Broth­ers to Liven­a­tion. Because she knows that she can get more income from an event com­pany than a music label.

That’s because there is some­thing per­ish­able and valu­able about the live event. That is con­tent that can­not be rep­lic­ated. Any con­tent today that is highly per­ish­able and not unique has no value.