The first time (I thought) that New Media was a upon us was in the '90s. (There was even a magazine called New Media.) It was the heyday of CD-ROM, video laserdisc and postage stamp QuickTime movies.
The second time (I thought) that New Media came upon us again was in the '00s with digital video, podcasting and user generated content.
Boy was I wrong! All of this New media wouldn't be possible without the experimenters from Radical Software magazine. Read the History section of the site and you'll read many references to the concepts of democratization of media based on portable and cheap equipment.
So, what do you think will be the next "new" media?