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1. Reuse of Existing Media

Through use of the Media Browser, you'll now be able to reuse files that have been previously uploaded if the need arises.

When coupled with the use of View Modes you'll be able to utilize multiple variations of sizes and shapes.

No more wasteful storage of duplicated media.

2. Improved Media Management

Using the Media list, a permitted user will be able to see, at a glance, a thumbnail, a linked title, the owner, and status of a file.

The ability to filter by name, file source, and status, and then perform bulk operations on the result set is a great benefit.

3. Improved Accessibility

For images, an Alternative Text field is not only made available, but it's required.

4. Improved Metadata Capabilities

Mapping of metadata, such as EXIF data, is possible. This means that information such as width and height (for images) or duration (for video and audio) has the potential to be mapped in.

Additionally, now that Media is a full-fledged entity, we can use the awesome Metatag module with it

5. New and Interesting Definitions of Media

We're familiar with traditional definitions of media: document, image, video, audio.

But what about third party media? What about social media or things such as apps?