So, no matter what, Blu-ray saturation is on its way, and with it, the opportunity for media companies everywhere to monetize their libraries all over again. Until that happens, media concerns are experimenting with all manner of digital content distribution to the home. They want to see if they can establish as direct a relationship as is practical with the consumer, thus cutting out the retailing middleman.

Companies such as Time Warner (NYSE: TWX) and Sony (NYSE: SNE) are all pushing the benefits of Blu-ray, and I hope they succeed, not only in explaining the value-added, but in keeping the price point of the discs at a high level. While I obviously don't mind the hardware costs coming down, costs for content are always a challenge to keep from depreciating since we live in a digital world that has taught many in recent generations that content should be free. On an anecdotal level, I've detected a lot of resistance to paying higher price points for Blu-ray discs. This is why Disney et al. are so high on digital distribution, as it's a margin issue.

So, it may be a little while before media companies truly see a big growth benefit from Blu-ray. But when the format turns into a regular zeitgeist sweeping the home-theater population, media entities will be able to prove once again that content is king.

Disclosure: I own shares of Disney, Marvel, and GE; positions can change at any time.