The chief executive of Reuters today said that traditional media had to rise to the challenge of the internet or face being overcome by change.
Speaking at the Online Publishers Association conference in London this morning, Tom Glocer said that media organisations needed to understand their true value in order to make the most of the online world.
"I believe the world will always need editing," he said. "Just because everyone has the potential to publish their own blog, doesn't mean they're all worth reading. The role of companies like ours is to edit and filter, and provide open tools for the audience. The good stuff will float to the top.
"Old media - and ironically that includes online publishers - must adopt these new roles to prosper. We can't be a choke hold in a desperate effort to close the digital pipe. But we need not be so fearful either," he said.
But Mr Glocer added that the media should be wary of capitulating entirely to new media force of bloggers, small websites and other new content creators.
"Protectionism doesn't work, but neither does total surrender. As media companies, we now have access to a rich world of sources. Let's not turn away from the potential of all of this, but understand it and unlock it."
Speaking about the relationship between audiences who are able to create as well as consume, Mr Glocer said that there were many parallels with Reuters' traditional markets. The company, he noted, made 93% of its revenues in the financial sector, where it takes information from financial groups and then sells it back to them in a different form.
"I believe the role of old media companies in the new media age is that of content facilitator, tools provider and editor," he said.
"We are the go-between providing the structure and support between the information supplier and the consumer - even if they're often today the very same person."
