From Rough Type:

Bear Stearns analyst Spencer Wang . . . argues that both ends of the value chain - content creation and content distribution - are increasingly characterized by oversupply and hence weak profitability. Value, as a result, is migrating to the center of the value chain, where content aggregation and branding take place. The profit, in other words, is in packaging. Which means that, economically anyway, the middleman is still sitting pretty.

See The Long Tail: Why Aggregation & Context and Not (Necessarily) Content are King in Entertainment.