He’s calling for everyone to produce content: blog posts, video, tweets, photos. Anything.
He briefly addresses the problem that if everyone produces content there is no way that you’re going to get much attention. He worms out of it by suggesting that good content will surface. Maybe true but it means that 90%+ of content producers have to deal with no audience engagement which is what Leo’s found so rewarding with his TWiT network.
He’s certainly right to an extent but I think “old media” still have a solid position for the moment as places to find entertainment.