Saffo writes:
The web is at the centre of an emergent personal media revolution in the same way as TV in the 1950s was at the centre of mass media revolution that shaped the latter half of the 20th century.
From mass to personal media (key differences)
Mass Media Personal Media
Dominant Medium TV The web
Location Living room Everywhere
Experience Watch & consume Participate & create
Players Few & large Many & small
Business Models Product/service Subscription (and more)
How businesses need to transform themselves is captured beautifully in the example below in the same article:
White goods major Electrolux teamed up with Swedish power company Vattenfalls in a test on the island of Gottland to offer web-enabled washer/dryer combos to apartment dwellers. Title of the appliances remained with the company and the customer was charged everytime they ran a load of laundry and the charge appeared on their electric bill.