Why the sudden round of internet musical chairs? In the past few days Time Warner has replaced Jonathan Miller as chief executive of AOL. Ross Levinsohn, the architect of News Corporation’s MySpace acquisition, has moved on in favour of another Levinsohn – this time Peter. And both Viacom’s MTV Networks and CBS have changed their head of digital media in recent weeks.

It is no coincidence. All of the big US media companies are acutely aware of the importance of getting their digital media strategies right. All still have work to do. But each is at a different stage of development.