There's no question the industry has been subjected to a great deal of competitive pressure over the past decade or so, with promises of more to come as the Internet and wireless technology transform the way Americans receive news and information. And newspaper companies have struggled with how to handle these changes to their readers' habits and their revenue models. Those of us who preach the benefits of creative destruction for everyone else are now getting to live the experience, and it isn't always fun.

A report just out from Columbia University's Project for Excellence in Journalism and the Pew Charitable Trust finds that there are more media outlets than ever, but they are increasingly echoing each other. In this environment, the echoers will likely find it ever harder to pay their way when others are willing to offer the echo free.

Good and factual reporting and independent commentary of the kind you can't get elsewhere is where the successful journalistic outlets will create value in the future, as they have in the past. The trick will be adapting old journalism standards to the new opportunities that technology offers.