A once-great empire left in his wake, Disney CEO Michael Eisner gave a speech to the Hollywood Radio and Television Society days before his departure from Mickey's throne saying, "content isn't actually king, as the saying goes, but that it's more of a steadfast queen, the true power behind the throne, who loyally serves whatever king currently holds the distribution scepter."
Setting aside his dubious legacy at Walt Disney's magical world, Eisner has a good point: what good is content if no one sees it. Distribution really is king. Long live the king.
Think of it this way: what you're selling is content, how you're found is distribution. And, oh how that is changing...
Maslow's Hierarchy remains unchanged by technology; we still seek to be recognized, have esteem and so on. And since most customers are human, you can be sure technology isn't driving any change in their motivations. Ah, but how they're able to act on those motivation is exciting for you and terrifying for legacy marketing channels.
What Eisner omits from his comments is erosion of corporate dominance in distribution. Technology has created a world of democratic distribution where your customers are shaping their experiences, casting votes with their attention and dollars.
How you get that attention and the dollars that follow comes down to making your message matter and making sure it can be found. After all, great content without solid distribution is the stuff liquidation sales are made of.