The business models for the telecommunications, media and technology (TMT) industries are being transformed. Power is shifting from the owners of scarce, proprietary resources to a ubiquitous Internet platform. Building on this shift are cloud computing, social networking, wireless mobility and the proliferation of devices. Information technology services providers are helping TMT companies navigate these changes. In this article, Ayan Mukerji, head of the media and telecom business group at Wipro Technologies, and Wharton professor Kevin Werbach, assess what it takes to adress the coming changes successfully.