What is 'New Media' (redux)

At the root of most publishing and broadcasting companies problems understanding and adapting to the New Medium is they actually misunderstand what a medium is. I’ve long been reluctant to explain this misunderstanding because I’ll need a long post to do so. This is it, a new version of my 1998 essay What is New Media?. It’s long, but I consider it the most important thing I have ever written except for the original essay, and hope you’ll forebear its length. I need to have this new version online because I plan to refer to it in future postings, specifically those about what radical changes that media companies need to implement.