This article discusses two opposite meanings of the concept of “demediation”: on the one hand, the very specific and strongly materializing reading given by Garrett Stewart, who coined the notion in an essay on book art qua visual art; on the other hand, the general and more intuitive reading of the term, as sometimes used in the broader debate on digital culture as immaterialization. Putting a strong emphasis on the (broad) notions of materiality and medium-specificity, the article offers a critique of certain immaterializing tendencies in transmedia storytelling theory, while ending with the brief presentation of an example (the collaborative network Général Instin ) that tackles, within the framework of ghost theory and dust theory, the dialectic relationship of materiality and immateriality.