The difficulty here is that people refer to "content" as though it's a commodity, and it's not. There's a huge difference between the market value of content provided by the New York Times and the content in a tabloid (even if it is a popular publication like Bild).

With blogs and citizen journalism and everything else there are now millions of sources of "content", and content by itself has become almost value-less. I think good content is getting more and more valuable by contrast, although its market is probably shrinking.