It has taken about five years, but the New Media revolution, which I think started in 2002 with the availability of easy to use blogging software, has started to put real pressure on Old Media. This article talks about huge job cuts among the Old Media newspaper and TV giants. It is not so much that Old Media is irrelevant--it is more about the fact that Old Media has stubbornly refused to rethink what it does and how it does it. The stubbornness has led to loss of revenue and job cuts.
The same is true of communities and economic development strategies. What may have worked very well twenty or thirty years ago may or may not be relevant today, and communities that stubbornly believe doing the same thing over and over again with poorer and poorer results put the community and their local businesses at risk.