Day of the Longtail – This video gives a bit of an overview of the struggles the media and entertainment giants are having with the community of bloggers. The “Longtail” itself as a term has been around awhile and the statistical phenom probably since the beginning of time.
Wikipedia Has this:
The phrase The Long Tail, as a proper noun, was first coined by Chris Anderson. The concept drew in part from an influential essay by Clay Shirky, “Power Laws, Weblogs and Inequality” that noted that a relative handful of weblogs have many links going into them but “the long tail” of millions of weblogs may have only a handful of links going into them. Beginning in a series of speeches in early 2004 and culminating with the publication of a Wired magazine article in October 2004, Anderson described the effects of the long tail on current and future business models. Anderson later extended it into the book The Long Tail: Why the Future of Business is Selling Less of More (2006).
Anderson argued that products that are in low demand or have low sales volume can collectively make up a market share that rivals or exceeds the relatively few current bestsellers and blockbusters, if the store or distribution channel is large enough. Examples of such mega-stores include the online retailer Amazon.com and the online video rental service Netflix. The Long Tail is a potential market and, as the examples illustrate, successfully tapping in to that long tail market is often enabled by the distribution and sales channel opportunities the Internet creates.