The opinions expressed in this editorial are those of the author and do not necessarily reflect those of Decima Reports. It would be tempting to adopt wholesale the Canadian Culture Online Program advisory board’s recommendation to put new media funding dollars under the control of a new agency. After all, there’s clearly momentum in the sector. It’s worthwhile remembering, though, that across the board of ICT businesses, times are again good. When the next crunch comes, however, it would serve the industry well to be as independent as possible of expensive infrastructure that chews up valuable dollars.  There’s little question that the new media industry is back, as even a cursory glance at this issue’s headlines will show.  With all the forward progress, however, it’s important to keep in mind that times are good across the board.  Despite emerging digital threats, Ma Bell is recording record profits. Broadcasters are again an attractive investment. Even stodgy newspapers are seeing ad revenues up. Bell alone added half a million new wireless subscribers in the last year, and consolidation in that industry has cheered investors.  Times are good and a strategic direction must now be taken by the new media industry. The choice must be made between supporting a new agency, with an expensive executive director, entertainment and travel accounts, headquarters, and the inevitable political enemies, or to take advantage of the efficiencies made possible by inclusion under the Telefilm umbrella.  Wayne Clarkson clearly understands new media, and Liza Frulla’s recent funding announcement for the Canada New Media Fund should be a clear indication of where priorities are heading. A fifth column of new media advocates in Ottawa clearly have the opportunity to shift Telefilm closer to its own agenda from the inside.  The industry, still small, would be well warned that when the next crunch comes, it could well again feel it more acutely than in other sectors. Riding the recovery’s coattails, remaining nimble, and avoiding cumbersome infrastructure should be the watchwords of the day.