It's easy to talk about media disruption, but it's a lot harder for new media players to gain actual traction against legacy players.
In the tech world, an exit at $200 million or $300 million is typically viewed with a shrug or sometimes as a failure. Unicorns are the successes. Decacorns are the goal.
This may be tough for a lot of venture capitalists and entrepreneurs to hear, but in the aggregate, not enough people value the original content digital media companies provide. If they did, more people would pay for it, or advertisers would pay more to reach those users, and the companies would be worth more.
The traditional media companies that have really struggled -- local newspapers, some cable networks -- are the ones whose content hasn't kept pace. Some of this, of course, is related to the distribution challenge -- if you can't keep pace with how people consume content, you start making less money and are forced to cut back on the content itself.
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