Content may be king, but the future of media buying in a digital world will be based on audience, not content. In the historic world of analog media, driven by printing presses, broadcast licenses and cables on poles, media distribution was scarce and audience attention plentiful. In that world, content of just decent quality was virtually certain to deliver a lot of audience attention because the true leverage point in media was the control of scarce mass distribution. However, in the digital world of media emerging today, which is driven by digital bits and Internet Protocol delivery, distribution is plentiful. It is audience attention that is scarce.