For more than a hundred years, the tools of journalistic production – the ability to report, photograph and record events and distribute that material to a mass audience – have resided in the hands of a small group of people who, by convention and by law, have been called journalists.

But in this 21st century the tools of production now belong to just about everyone. Thanks to "Web 2.0" technology – blogs, wikis, social networking sites like Facebook and Twitter and video sharing sites like YouTube – billions of people can transmit text, photos, and video instantly to a worldwide audience at virtually no cost. The tools of journalism are no longer the exclusive preserve of journalists.

Web 2.0 has made the creation of highly interactive online communities both easy and inexpensive. And these online communities have become important reference points in many people's lives, often replacing more traditional sources of influence, including journalists.

What is now called the "mainstream media" has lost its control over the tools of its trade, and its importance as a centre of social and political influence. The business and philosophical model both appear to be broken, perhaps irrevocably.

There is much to celebrate about this democratization of the media, but there are also reasons to be concerned about the loss of an independent, professional journalistic filter at a time when everyone can be their own media. Can online communities of "citizen journalists" be counted on to help us make informed choices as citizens and consumers? What's lost, and what's gained when "News 1.0" gives way to "News 2.0?"

For more than a hundred years, the tools of journalistic production – the ability to report, photograph and record events and distribute that material to a mass audience – have resided in the hands of a small group of people who, by convention and by law, have been called journalists.

But in this 21st century the tools of production now belong to just about everyone. Thanks to "Web 2.0" technology – blogs, wikis, social networking sites like Facebook and Twitter and video sharing sites like YouTube – billions of people can transmit text, photos, and video instantly to a worldwide audience at virtually no cost. The tools of journalism are no longer the exclusive preserve of journalists.

Web 2.0 has made the creation of highly interactive online communities both easy and inexpensive. And these online communities have become important reference points in many people's lives, often replacing more traditional sources of influence, including journalists.

What is now called the "mainstream media" has lost its control over the tools of its trade, and its importance as a centre of social and political influence. The business and philosophical model both appear to be broken, perhaps irrevocably.

There is much to celebrate about this democratization of the media, but there are also reasons to be concerned about the loss of an independent, professional journalistic filter at a time when everyone can be their own media. Can online communities of "citizen journalists" be counted on to help us make informed choices as citizens and consumers? What's lost, and what's gained when "News 1.0" gives way to "News 2.0?"