In ordinary times, a content owner's increasing power would be reflected in the ability to demand ever-higher prices – but what signs of an owner's power are visible when many major economies are heading backwards?

As advertising revenues shrink, owners of valuable content may find it difficult to achieve significant price increases from traditional broadcasting channels.  However, a rich catalogue does provide a potent weapon for colonising new platforms – adding vital name recognition to online, on-demand and mobile offerings.

Consumers are often prepared to pay a premium to access content in a format they find more convenient, or ahead of its release on traditional channels.  As Peter Smith of NBC Universal explains: "The fastest emerging bit of revenue we've got is download and streaming through players like iTunes.  That's the most exciting thing we can see for the short-term.2

Online and mobile content can be an effective way to create interest around a product.  And useful revenue can be generated by providing a paid-for opportunity to see 'next week's episode'.  However, traditional income streams will continue to dominate for some years to come; it's important to ensure that these are not prematurely undermined in the rush to explore and monetise the new.

Although economic uncertainties may partially obscure the picture, Lord Alli sees company valuations providing fairly clear signs: "If you are a platform owner and you don't own content, your valuations are falling.  They may have been on a 15 times multiple and they're now heading towards an 8 or 9 times multiple.  Content-based companies are moving up and up and up.”

Perhaps the clearest sign of the value of content businesses would be a major merger with a platform business.  However, the combination of Time Warner and AOL didn't set a happy precedent.  In the view of 3i's Crevan O'Grady, content owners may be better off keeping their distance: "One of the characteristics that we like about good content is the ability to use lots of different ways of exploiting revenue.  If you see technology and content businesses merging, you're actually limiting the use of that content.”