It's very interesting to see the law of long tail since it is still a case in the era of media-abundance and seems to be the case forever(?). Even though there are infinite media contents and channels out there, they are still be in long tail in media market and several media companies has high percentage of readership and gets popularity.
Regarding fragmentation of public opinion/audience, this phenomenon can be a explanation that fragmentation won't be the case or at least will be moderate.
But there's several cases some of media which were in long tail group get success in terms of readership and popularity--for instance, see how blogs get popularity and there are several factors leading top-bloggs such as posting original story and ideological stance etc. And this could be lesssons for the new economic models/ways of news media: make a story attracting audience. Yes, again, it's a matter of attention.
Another way of this is "news find audience." Given the ambient-news era, meaning news everywhere, news media companies seem to need to find a way of finding their audience (e.g., by using social media such as Twitter and SNSs).
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