Read Clay Shirky's entire piece, but this mid-article summation says it all:
With the old economics destroyed, organizational forms perfected for industrial production have to be replaced with structures optimized for digital data. It makes increasingly less sense even to talk about a publishing industry, because the core problem publishing solves -- the incredible difficulty, complexity, and expense of making something available to the public -- has stopped being a problem.
That's the problem that various bits of media have been trying to avoid thinking about for years now. It goes beyond media though; the entertainment industry (with music going first) is also being hit by this. The only reason paid software is hanging on longer is that unlike music and movies, software usually needs a support presence behind it to answer questions, and you can build a charging model around that need.
You want to know what's going to happen with music, you should look at what Jonathan Coulton has been up to. With reporting, look at Michael Totten and Michael Yon. That's the future, and it doesn't involve huge organizations standing between you and the end product.
Update: Kind of an exclamation point on the problem:
While the entertainment industries push for harsher copyright laws, public opinion steers in the opposite direction. Two recent studies from Canada and Spain found that half of the Internet users use p2p networks to download music, software and films. Less than 5% of the respondents believe that people who download copyrighted content are engaging in criminal behavior.