Content is not king, and Andrew Odlyzko explains why: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=235282 At the time he wrote it, the whole of Hollywood yearly revenue made less than 2 weeks of telcos’, and SMS by itself was worth more (SMS has been commoditized since, to the benefit of Apple and Facebook).
I wish I could read that paper, but it's behind a wall. Got a public link?
Er, just click on the blue "Download PDF" button.
https://poseidon01.ssrn.com/delivery.php?ID=0051060861021170...