In this paper, Professor Rohit Prasad contrasts the regulatory approaches in traditional media and the Internet and argues that, a new approach is required in the increasingly converging media world. This regulatory approach must synthesise diversity of media content, ie, media plurality and the free play of consumer choice and service innovation on the internet, ie, net neutrality and promote community-generated content.
Traditional media and the Internet are both content businesses, although the Internet is additionally an applications business. In this paper we deal with the regulation of news generated on television and on the Internet. We assume the aim of media regulation is plurality, i.e., media should reflect a diversity of opinion, generated by a broad spectrum of citizens and shared widely with relevant sectors of the population. We start by delineating the value chain of a generic content business, present the variations in the case of traditional media and the Internet, identify the different regulator y approaches used in each and suggest a way for ward based on a convergence of traditional and new media.