The digital media bubble has burst. Where does the industry go from here?

Buzzfeed, Vice, Gawker and Drudge Report are all traffic-war casualties, but they succeeded in shaking up the media landscape

Toward the end of Traffic, a new account of the early rock n roll years of internet publishing, Ben Smith writes that the failings of Buzzfeed News had come about as a result of a utopian ideology, from a kind of magical thinking".

No truer words, perhaps, for a digital-based business that for a decade paddled in a warm bath of venture capital funding but never fully controlled its pricing and distribution, a basic business requirement that applies to information as much as it does to selling lemonade in the school yard or fossil fuels.