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.