The Web disrupted print. Mobile disrupted the Web. Dominant social media and tech platforms are threatening the very idea of media brands as a consumer destination. Easy access to free content eroded subscription revenue. And now the last big source of money supporting journalism is threatened, as the concept of advertising itself is disrupted.

There’s a common thread through almost every major upheaval publishers have faced over the past 10 years. The digital transformation was not primarily a change from paper to screen, but a fundamental shift of power from brands to individuals.

Read the rest of this analysis from Matt DeRienzo at E&P