Here's a story, partly truth, partly fiction. A journalist for the local paper attends a local show choir competition. There are 25 schools in the competition which means there are hundreds of spectators, lots of concession stand sales, and many proud parents. The journalist wants to get something in the local paper because the story is big enough to sell lots of newspaper. The journalist takes lots of pictures, interviews lots of kids, spends hours writing the article, and finally sends the article to the editor.
By the time the story reaches the newspaper, there have been hundreds of tweets, pictures posted on all of the social media, and several retweets. The newspaper sits on the news stand because who wants to read yesterday's news. It is my contention that social media has changed the demand for print media, because print media isn't swift enough to keep up with social media.
There will still be newspapers, magazines, and books to buy, but there will be less demand if the old business model is followed. A newspaper can keep its value if it owns or sweeps the story, but is that even possible? Also, social media breaks down monopoly barriers. As social forces change, society will be reshaped. My question is, "How will society change?"