If it weren't for content, even the best TV-capable service would not amount to much. Although it sounds like a pretty stark assessment, think about it. Without content, even the most wonderful, integrated, fastest, lowest-latency, sexy whiz-bang packaged bundled service offering would be greatly diminished, to say the least.

If you're not convinced, look at the TV service that's all TV: direct broadcast satellite. Without programming, it wouldn't even have a reason to exist. Imagine DirecTV without the TV; it's the vehicle, not the end. Its new owner News Corporation, on the other hand, has its share of alternatives: cable, over-the-air broadcasting and telecoms. To Rupert Murdoch and company, DirecTV and its Sky Broadcasting counterparts around the world are ways to monetize content, plain and simple.

On the other hand, the cable operator is somewhat less vulnerable because it offers broadband Internet access and telephony services. Still, without programming bringing the lion's share of its revenue, a cable MSO couldn't survive for long unless it shut down a lot of facilities--not to mention all the set-top boxes that would have to be written off as white elephants.

If it hasn't already been obvious, this perspective makes it crystal clear why a telco needs content. For the most part, TV programmers and movie studios look at telcos as a new channel of distribution. There are some minor exceptions: The last time I looked at a price list from the National Cable Television Cooperative, only a few programs were not sold to telcos. So that's not so much of a barrier. But without programming, all the telco has are the pipes--intelligent pipes, maybe, but pipes nevertheless. Not that much different than a cable company without programming, were it not for the other personal and business communications services a telco offers.

Now look at it from a content perspective. Yes, most of the programming seen on TV and in the movies is from major TV networks and from studios backed by large corporate parents. But ask any starving artist: much of the best, most worthy and artistic work never sees the bright lights of the mainstream. Even without the "B"-grade stuff, there are tons of great films and programs out there. Why don't they make it?

One reason might be that the corporate media looks for a certain formula. They know what sells to their audiences and what doesn't. And, like all other public companies, they're accountable to their stockholders and boards. Like most other such companies, they are risk-averse.

That's not to say that the biggest media companies aren't concerned about new talent. Just the opposite. For example, two years ago, actors Matt Damon and Ben Affleck, along with producer Chris Moore, ran a contest called "Project Greenlight." This year's installment, the third, is being co-sponsored by Bravo (owned by NBC & Universal owner General Electric), Miramax (owned by the owner of ABC and ESPN, the Walt Disney Company) and Hewlett-Packard. "Project Greenlight" draws from the creative efforts of thousands of artists and the grand prize winner receives $1 million, plus guaranteed theatrical distribution. What's more, HBO (owned by AOL's owner, Time Warner) offered a weekly broadcast series on the making of the project.

Another pipeline for new talent and programming is the American Film Market, held annually in Santa Monica, Calif. This year's weeklong Market is taking place at the end of February, through March 2. Literally thousands of film executives, investors and buyers, and more than 300 movie companies meet at the event to finance, license and give the go-ahead to hundreds of films. According to the event's organizer, the American Film Marketing Association, upwards of half a billion dollars in business is conducted, both for films that have been completed and for films that are still in production. Unlike "Project Greenlight," the AFM is sponsored mainly by a variety of government film offices and movie industry publications, studios and other small companies.

Different as they may be from one another, events like these are engines of creativity that help drive the entertainment business. I find it interesting that one of the world's leading technology companies, Hewlett-Packard, sponsors "Project Greenlight," along with the involvement of some of the world's largest media companies. Quite a contrast between it and the American Film Market!

The telecommunications industry has been beaten up pretty well over the past few years but now it's finally coming back, one step at a time. So here's a novel idea: Imagine if carriers were to look for programming at events like the American Film Market and other such outlets around the world. Would such a fantasy be too much to ask? By doing so, the telecoms could accomplish several goals at once. Think about it--the creative community would be grateful to have telecoms as a new, innovative (and unexpected!) outlet, while the telecoms would not only stand to get the content they need, but they could even begin to truly differentiate themselves from their cable (a.k.a. corporate media) competitors.

Steve Hawley is principal consulting analyst of Advanced Media Strategies. He may be reached via his Web site: www.tvstrategies.com.