Purpose: The goal of this paper is to explore how an approach upfronting the notion of crisis and related restructuring processes may yield certain strategic stakes and anchor points by which to identify and measure the forms and extent of unfolding changes or innovations broadly understood. One key objective of this exploratory project is to undertake a comparative investigation of the major commonalities and differences between the specific forms, features and manifestations of "crisis" tendencies and counter-tendencies in two sub-sectors of mediated "content": the music industry and the news media industry. Design/methodology/approach: The paper engages with issues and concerns relating to these two particular sub-sectors of the media and cultural industries and considers relevant concepts and indicators of crisis and recent developmental trends in these domains. It introduces the background setting and implications of "crisis" and introduces some distinctive concepts and other aspects of the approach of this exploratory study. It identifies key concepts in research literature surrounding deep economic crises akin to the current crisis and applies and advances initial conceptual frames further in light of manifest developmental trends and relevant indicators of crisis in the two sectors. Findings: Drawing on recently completed research studies in the music and news media industries by the current authors, the paper highlights differences and specificities across the two media domains under study. This highlights the form, features and extent of some key changes and challenges unfolding in the media sector. Originality/value: Its upfront engagement with the idea of "crisis" and related concepts of creative destruction, restructuring, multiple innovation and paradigm shifts makes this exploratory project distinctive, as does its efforts to conduct a comparative analysis of the relevant dimensions of "crisis" and restructuring based on the authors' primary research in two distinct sub-sectors within the media "content" layers. © Emerald Group Publishing Limited.