To me there are two questions, when can media companies grow fast (when there is a change in the distribution landscape) and when can they build lasting value (when they generate high value content to users). To build a valuable company you need to do both and they are somewhat orthogonal. With demand media I would argue that they took advantage of the change in distribution but did not build high value content, and that is why their valuation did not hold up in the long term. but you shouldn’t overheard from their experience as companies like bleacher have done both and their value has held up well. But both are necessary, not just one or the other