When content was distributed via physical good, the manufacture served as the "value appraiser" to invest in the cost of manufacture. This surely functioned as the price discovery but not ideal as it acts on behalf of consumers.

When the distribution cost down to zero, the value appropriator has now changed to advertiser or marketing campaign organization, but in online world is mostly viral though mostly still driven by underground campaign, have replaced the physical media manufacture/distributor and become the new price appraiser.