I agree. The article notes that " Social Media will essentially fade into the background, in that it will be a part of virtually everything in the next few years."
Essentially Web 2.0 is really all about Social Media. It's the new means of communication, and it is just as organic and pervasive as email has become in our everyday lives.
While I don't think traditional media will altogether disappear, I do believe that the vast amount of communication that occurs between markets and consumers will occur via social media platforms. Particularly, in the case of the millennial generation. For instance, in the Forrester Social Technographics study, Internet or online users are segmented into six major groups-consisting of Critics, Creators, Joiners, Consumers, Collectors, Spectators and Inactives, the majority of the population tend to be spectators. http://www.forrester.com/empowered/tool_consumer.html
This article suggests that we are moving away from being spectators, but actually Joiners and Creators.
In this new Social Media era, the preferred means of communication will be primarily by dialog and content that is created by consumers for consumers.