One unique finding of the study is that "dot com" IP Media companies that may look like pure "dot coms" on the outside are actually a combination of old and new media on the inside, often run by seasoned veterans. Unlike many pureplay "dot coms," companies like Level 13 or POPcast share operations and risks with established media companies, and are run by experienced industry veterans.

While the old media companies like Disney and AOL/Time Warner continue to have an old guard with slow-moving, traditional ways, these firms also have their share of Sam Donaldsons and Steve Cases who understand IP Media, and are willing to move remarkably fast. Even companies like Enron, while a power company at its core, is letting new management come in from other industries to run the network sharing and IP media hosting components.

Explains the report:

"The demise of Digital Entertainment Network (DEN) is more typical of many "dot coms" that have a weak business plan, overpay its senior officers in cash, and have little or no shared risk on the operations side. Because the film, TV, and music industries already have systems that sift out 999 failures for every one success, many of the balanced IP Media development companies already know how to avoid risk. IP Media content developers, therefore, like any other low-res (low resolution) media developers in the past, have had to play by relatively conservative rules of finance. As a result, media development investing is still risky, but the risks are known and acknowledged by the investors.

"What's different in current B2C (business to consumer) applications is that IP Media distribution is threatening to steal eyeballs (especially those of 18-34-year olds) away from traditional media. Traditional media, therefore, has moved quickly and invested heavily in developing new programming with both IP and normal distribution in mind. This means that while independent music, animation and film offerings can find distribution on the Internet (much easier than, say, independent films could 20 years ago), many of the money-making operations will be part of larger media companies. This "integrated food chain" approach is based on a tested business model used in the past. It is one reason why IP Media development and distribution are coming under the same roof, as in the early days of movies and television.