Rupert Murdoch has warned the media's old guard to 'change or die' in the new age of media, where demanding readers want to consume a media pick 'n' mix - and are just as keen on getting news through paper and ink as on their iPod.
In a speech to the Stationers' Livery company, the media magnate said: "Power is moving away from the old elite - a new generation of media consumer has risen demanding content delivered when they want it, how they want it and very much as they want it."
According to Murdoch, the new generation of consumers are "better educated and willing to be led" and are no longer content with paper content.
He said: "Newspapers will have to adapt as their readers demand news and sport on a variety of platforms - websites, iPods, mobile phone or laptops."
While the owner of The Times stopped short of predicting the demise of the traditional newspaper, he did warn of major upheaval in print media.
Murdoch said: "Media becomes like fast food - people will consume it on the go... as they travel to and from work, on mobiles or wireless handhelds devices."
He added: "Content is being repurposed to suit the needs of a contemporary audience.
"This divergence from the traditional platform of newsprint will continue, indeed accelerate, for a while."
Murdoch himself has already thrown his lot in with web and other new media channels. The company headed by the billionaire, News Corp, has its eye on internet acquisitions and bought social networking site MySpace.com, while Sky has been one of the first UK broadcasters to embrace on-demand film downloads over the web.
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