Media Studies(1.0), dead and alive?

Without question, new media have clearly different characteristic from conventional medial. I think, however, the tools for new media studies should not be designed “to address an entirely different landscape” from conventional media. There seems to be a tendency to cut new media off from traditional media in many ways. As lots of new media studies argue that new media is replacing the previously powerful media industries, focusing on the creativity and power of previously marginalized people and groups, I am wondering they seem to overvalue the influence of new media on contemporary society.

Some authors view technological change regarding new media as "an incremental process, in which the latest innovations tend to be variations or elaborations of existing systems and infrastructures, rather than radical departures." There are also several new media research that refers to principles of mediamorphosis and diffusion of innovations to explain the emergence of the new media concentration within the communication discipline. Moreover, some scholars take note of “the increased control of new media content, ownership, and policy debates by conventional mass media industries.” If so, is media studies(1.0) really dead and alive?