The Convergence Review report is in some respects a step in the right direction, but there are some missed opportunities, particularly with respect to kinds of online content and content platforms that would be subject to regulation. In this article I consider what the overall policy goals for the media and communications sector should be - and what role the online world is playing in reaching those goals - before setting out what I think is missing from the Convergence Review's analysis of what regulation is needed and why when it comes to online content.