So called “old media” companies are massive too. Disney is worth $80 Billion; Time Warner about $35 Billion.
And why not? The US is the world’s biggest media market by far, accounting for about 35% of the world’s ad market. Make it here and you are a massive player globally.
Not surprisingly, we don’t pay much attention to the rest of the world, but we should. That’s where 95% of people live. 7 billion people with ideas and energy, who are unlocking value where we never thought to look. Probably the best example is Naspers, a $22 billion South African company that already owns chunks of Facebook and Zynga.