When you look at raw data, the trends become clear. Social Media Sites are squeezing out traditional media in terms of time, advertising and audience, said Magid Abraham co-founder and CEO of ComScore said in this video from the DLD conference in Munich.

In terms of advertising impressions in the US, sites like Facebook and Myspace account for more than 20 percent. The Long Tail of the Internet is largely being aggregated by social media sites that offer a platform for the huge number of small content generators, he said. This is putting pressure on portals and the traditional media in terms of advertising because their shares of both time and page views are declining.

So what is the way forward? Instead of trying to challenge these sites, traditional media should find a way to benefit from the attractive platforms offered by social media, Abraham said.