In short, the BBC is flush with cash - nearly £5 billion each year - but doesn't quite know what it should be doing with it. It's not quite sure if it's a quasi-business or a public service, it's nervous of sounding patrician and it's terrified of taking big creative risks for fear of losing ratings.
30 years ago today, on 7 June 1982, Britain's first media and communication centre opened its doors to the public. At a time when VHS was winning over betamax as the domestic recording technology du jour and "the web" was something spiders made, Bristol's Watershed "multi-media hub" as it was then known, was born.