Here are some notes from his talk:
In 701 days, it marks the END of analog TV. The U.S. is going 100% digital.

Myth: With the consumers shift to online, media barons will become a thing of the past.
Reality: Everything about media has been democratized and the playing field has been leveled between media barons and user-generated content (quality, location, production value) EXCEPT Promotion. Big media companies still own the lions share of promotion and they always will so you need to respect it and leverage it (25% of all TV ads promote their networks own TV programs).

Consumers have always had control of their media consumption, but now consumers feel truly empowered and listened to. Media companies want to build that trust relationship w/ readers/viewers/consumers like a trusted friend or family member, so they are adapting their marketing and advertising to be more one-to-one. The new model for media is relationships + engagement with consumers.

CONTEXT (not Content) is King
Shelly gave a great example of the same content having a whole lot more value given the context it resided in, similar to good content being far more valuable on a nytimes.com versus noname.com site. Example:
1. Pawn shop sells a gold nugget for $25
2. Pawn shop w/ legitimate papers proving that this gold nugget is the last of the Machu Pichu treasures of its kind – $25,000
3. Same gold nugget w/ Incan treasure story being sold by Southeby’s starts at $25,000,000.