It’s clear that we didn’t learn from history in boom times.   A lot of the excess and irrational behavior of the 1996-1999 era was repeated in the 2005-2007 period.

Let’s see if the media companies are going to repeat their mistakes in down times, too.  Remember most companies went into their bunkers from 2001-2004 and this is why many traditional media firms are really in trouble: they scaled back instead of using the downturn then to ramp up in digital media.

In all fairness, by the looks of it, media companies are not yet slashing online video plans: Viacom and NBC both announced layoffs today but seem to have resisted from cutting in digital media and online video, according to NewTeeVee.  Meanwhile, SAI is reporting that IAC is even contemplating acquisitions, which makes sense, given Barry Diller’s propensity to buy low… though the acquisitions he’s eyeing are in the search audience space, mind you, Diller is planning on selling/shutting down 236.com.  And while I never like to see websites fail to take off, seeing companies like Bud.tv or 236.com shutter does give me a sense of deja vu when high-flying media darlings launched to much fanfare but then fizzled unceremoniously.  Yes, TheMan.com, this Bud’s for you.

Conde Nast, however, seems to be cutting where it shouldn’t, according to PaidContent.

I won’t name extra names, but from my own wheelings and dealings, I’d say the jury is out, some companies are scaling back where they shouldn’t, but a few seem to have learned from their 2001-2004 era mistakes.