Investors: Big Media, Advertisers, Still Trying To Figure Out Web

A lot of talk about what's wrong with Hollywood, and Big Media, at the AlwaysOn conference this morning. A panel of high profile tech/media investors offer up their take:

VC Tim Draper says studio culture hadn't in the past been compatible with venture capital: "A quick flash in the pan blockbuster doesn't appeal to us. We are interested in brands; businesses that will be around in 100 or at least 20 years. Traditionally, Hollywood producers come together, work on a project and then disperse. But you can create a long-term brand, like Star Wars or Rocky."

Former AOL chief Jonathan Miller on when brand advertisers will finally follow viewers onto the Web: "Wait until there is a bona fide hit online; as big as a hit TV show or movie. Once that happens the floodgates will completely open for the industry."

Eric Hippeau, managing director, Softbank Capital, explains how those ad dollars will migrate: "The money that hasn't gone online is in the hands of a few big companies. The good news is as that as money makes its way online it gets split into many different ways. Now advertisers want to test mobile and user-generated content."