There seems to be a lot of speculation that we are entering another "bubble" in digital media. When you define a bubble as the disconnect between the market price and the underlying value of an asset, I can understand why there is this concern. Twitter was recently valued at 100x revenues, Facebook doesn't reveal its revenue figures but its valuation is also astronomical currently. When these social media companies like Facebook, Linkedin, Twitter etc. hit the public markets, it will be interesting to see how the market reacts as select digital media businesses that on paper have a more attractive business model, entrenched customers bases and cash flow (e.g. Netflix) will be valued at a huge discount to players in the emerging social media category.