Since it is only your opinion, you were fine until this:
"Its a sad end to a promising start of what could have become a new era in media."
Show me the end and I will show you ten areas where social media flourishes. Mass-media will always play a role in new ways the public communicates and will always broadcast... or in your theory, distribute through those who will share/disseminate it. Mass-media will find ways to navigate to the end user and because news and entertainment is so far reaching, it will always play a great role in a HUB broadcasting format. If you only look at mass-media, you are missing the more important elements and how people are building relationships and sharing content... whether UGC or not... the web format where inter-connections are created shows the true "social" in social media.
@adscientist
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