Ron Bloom has a long piece about how social media is changing the advertising game. He predicts that within five years, 50 percent of all content consumed will be produced by the consumers. That’s going to have powerful impact on how advertisers reach audience.

As user-generated media networks continue to grow, we are seeing the emergence of a “Mash-up Economy,” where creation and consumption of content is a part of a new language of the commerce that is already evident in every element of our social and media landscape. Make no mistake about it, the impact of the Big Shift is already proving to be far greater socially and economically than the introduction of the web, and potentially even more fundamental than the impact of Gutenberg’s press. Are you ready for the change?

Over the past 10 years, audiences have been steadfastly and dramatically deserting traditional media channels, not because of the availability of new media, but rather because of the simple lack of quality and social value to be found over conventional media channels. There are virtually no traditional media channels that can report parallels of the unprecedented growth of new media over the last 10 years. They are simply churning customers from an ever-diluting pot, in the process of eliminating whatever brand goodwill they had created.

Bloom also introduces Fart’s Law:

With the pace of technology and social evolution increasing so dramatically, we are at a point where the technology innovation described in Moore’s Law will be consumed by a series of fundamental changes in our media ecosystem, leaving slow adopters in the dust. Fart’s Law states simply: The possibility that any new innovation will succeed increases exponentially over the number of old farts who refuse to endorse it.

In my experience, there a lot of twentysomething Old Farts out there, especially in the newspaper business — recent college grads desperately trying to hold onto the romanticized values propagandized into them by J-school professors who barely know how to turn on a computer. Trying to turn the web into a digital newspaper is, simply put, the path to destruction. I come across enough young Old Farts to make me think this tendency isn’t limited to just the grey hairs.

UPDATE: Speaking of twentysomethings thinking like old farts, meet Joe Rago.