Traditionally, media companies have operated independently and controlled their own destinies. They owned the whole content supply chain, from research to writing to publication to distribution. In the digital era, they built their own websites, which drew loyal readers (direct traffic), and they sold most of the ads that ran on their sites, keeping 100% of the revenue.
Those days are gone.
Now the fate of publishers increasingly depends on social platforms such as Facebook, where billions of people discover news to read and videos to watch. And the social platforms are equally interested in the media business.