Years ago the number of ad dollars spent on online advertising overtook the amount spent on offline advertising (TV, print, radio). This demographic shift was presented as form, not essence. It was presented as the evolution of media, firms were adapting and changing. But something much deeper was happening, it’s the end of an industry cycle called ‘media’ which is being replaced by ‘independent online media’ like Zero Hedge for finance, and thousands of other sites for their respective topics.