The digital revolution has lowered the bar to entry for entrepreneurs and even nascent companies can become household names in a relatively short period of time, by making available daring and innovative content. Think of BuzzFeed, Vice and Vox, to name three upstarts that are challenging "old media" companies and of forcing the old guard to come up with new ideas to remain relevant.

"It all comes down to who will be the winner in the evolution of streaming and cord-cutter trends over the coming 12 to 18 months," notes Daniel Ives, an analyst at FBR Capital Markets. "There is a battle royale going after the consumer wallet and traditional and newer media companies are all going after the same eyeballs and dollars."

These days, survival in the cutthroat media industry requires a constant flow of new ideas and a company's ability to remain ahead of the curve when it comes to offering cutting-edge technology features and game changing content.

"The biggest factor will be if there will be a game changing M&A deal such as Apple for Netflix, that could significantly change the landscape of the industry," RBC's Ives noted. "Apple remains the main wild card in looking at the crystal ball for the industry. From a technology perspective, virtual reality is set to take the center stage in 2016 as tech companies are in an arms race to integrate and monetize this next generation area of the tech food chain."

The new year promises to be a stiff test for such media powerhouses as 21st Century Fox. In an industry where new ideas have always been the difference between winning and losing, this has never been the case more than now.

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