For the non-fiction author therein lie possibilities to create the proverbial last word on a subject, a one-stop shop for all the information surrounding a particular subject matter. Imagine a biography of Wiley Post, the one-eyed pilot from the 1930s who was the first to fly around the world. It would not only offer the entire text of a book but newsreel footage from his era, coverage of his most famous flights, radio interviews, schematics of his plane, interactive maps of his journeys, interviews with aviation historians and pilots of today, a virtual tour of his cockpit and description of every gauge and dial, short profiles of other flyers of his time, photos, hyperlinked endnotes and index, links to other resources on the subject. Social media could be woven into the fabric of the experience--discussion threads and wikis where readers share information, photos, video, and add their own content to Post's story, which would tie them more closely to the book. There's also the potential for additional revenue streams: You could buy MP3s of popular songs from the 1930s, clothes that were the hot thing back then, model airplanes, other printed books, DVDs, journals, and memorabilia. A visionary author could push the boundaries and re-imagine these books in wholly new ways. A novelist could create whole new realities, a pastiche of video and audio and words and images that could rain down on the user, offering metaphors for artistic expressions. Or they could warp into videogame-like worlds where readers become characters and through the expression of their own free will alter the story to fit. They could come with music soundtracks or be directed or produced by renowned documentarians. They could be collaborations or one-woman projects.

Serious literature, and even perhaps much fiction will however, will be published in old book form…or maybe in the current “text on screen” form. The point of reading fiction IS to imagine your own characters and use your imagination…that’s why you read rather then watch a video about it!

Traditional books (especially literature) will be relegated to smaller, specialty houses and self-publishing, in its infancy, will boom!

The question is, how will the media companies (not just book publishers) respond? We're already seeing the effect on newspapers, as their ad revenue (and business model) collapses. Perhaps history can offer another analogy: When home refrigeration became affordable, it posed an existential threat to the large ice-delivery companies. Some of these firms manufactured ice by the ton in order to warehouse and deliver it at retail. They saw the threat, but not the opportunity - didn't realize the value of their core technology, the ice-making equipment itself. They saw only the falloff in their retail delivery logistics model. Had they licensed their chillers, they could have made a fortune. Likewise, buggy-whip-makers could have retooled as purveyors of leather goods for automobiles.

Open will win. It will win on the Internet and will then cascade across many walks of life: The future of government is transparency. The future of commerce is information symmetry. The future of culture is freedom. The future of science and medicine is collaboration. The future of entertainment is participation. Each of these futures depends on an open Internet.

Advertisers had little choice other than to have their money used that way, since they didn't really have any other vehicle for display ads.

Print media does much of society's heavy journalistic lifting, from flooding the zone — covering every angle of a huge story — to the daily grind of attending the City Council meeting, just in case. This coverage creates benefits even for people who aren't newspaper readers, because the work of print journalists is used by everyone from politicians to district attorneys to talk radio hosts to bloggers. The newspaper people often note that newspapers benefit society as a whole.

In craigslist's gradual shift from 'interesting if minor' to 'essential and transformative', there is one possible answer to the question "If the old model is broken, what will work in its place?" The answer is: Nothing will work, but everything might. Now is the time for experiments, lots and lots of experiments, each of which will seem as minor at launch as craigslist did, as Wikipedia did, as octavo volumes did.

Second, they will stay focused on producing the best digital news products for their audience, products that take full advantage of the Internet's unique properties — its ability to combine immediacy and depth, its ability to offer highly personalized experiences, its ability to offer instant access to useful information from obscure public records to mundane event listings, and its ability to form networks so that users may form communities that mirror and extend the ones that exist in the physical world. They will learn how to engage their users to create and contribute content to enrich the experience of reading online, and not overwhelm their readers with a cacophony of undifferentiated noise.