Hot Asian guy says media industry not looking good for 2008

-ZOE S. If media CEOs were looking forward to the new year to mark a fresh start, they had better think twice because according to Bear Sterns senior Analyst Spence Chang, everything is in a slow nose dive, and media giants will surfer more at the hands of Internet broadband networks. Man this is a real gloomy outlook. What the hell is going on in the media business? "In our opinion, 2008 will represent a tipping point for incumbent entertainment firms," analyst Spencer Wang said in a note. "More specifically, we expect that the digitization of media, ''long tail'' economics and growing competition for consumers'' time from broadband Internet, largely a theoretical risk to date, will start to more directly slow growth for entertainment firms." Bear Stearns downgrades entertainment sector on 'deteriorating' fundamentals [AFX News]