Google’s chief economist explains value in era of endless info

Hal R. Varian quoted in Wired:

Varian believes that a new era is dawning for what you might call the datarati—and it’s all about harnessing supply and demand. ‘What’s ubiquitous and cheap?’ Varian asks. ‘Data.’ And what is scarce? The analytic ability to utilize that data.”

Providing information analysis is a task that is related to but much different than providing information gathering and presentation. It requires a precise understanding of a customer’s problem in order to be useful. Sounds like another business on top of the news business. Aren’t high-end consultants already doing this? Should/do media companies compete in this space?