The market and the internet don't care if your publication makes money

Are magazines and newspapers entitled to make money because they provide a particularly valuable public service? The question of "entitlement" is central to a posting by Publishing 2.0 blogger Scott Karp who echoes writer Seth Goodin's view that the market doesn't care if a particular media makes money or not.

Media companies can only think about their own properties, their own content. They can’t let go of the monopoly control business which the web has already destroyed.

The thesis is that as long as traditional media look at new business models in terms of monetizing what they have always done, they will fail. Everyone chases traffic, but the market doesn't care about traffic, it cares about networks, like Google.