Traditional media on the ropes?

Since refusing to pay the ridiculous prices for PayTV services, I have been reduced to watching free-to-air television. Watching 'Today' this morning, I notice that the traditional media is increasingly turning to youtube, Facebook and twitter for content.

The content on 'Today' consists of a significant portion of New Media snippets. Even the Hollywood session was dominated by twitter and youtube.

'Today' has become 'The Footy Show' of New Media. Commentary on youtube videos and so forth is a bit like watching former footy players talk about what is happening on the field. It seems the traditional journalists are increasingly taking on this role as 'former' and commenting on the breaking stories emerging from New Media.

Does this mean the traditional media is on the ropes?