The main objective of this chapter is to contribute to a more dynamic understanding of the notion of paratext (Genette, 1997a). The author argues that in order to fully grasp the discourse of contemporary media objects, one has to focus on the networked, hyperconnective and fluid nature of today's media environments (Jenkins, 2008; Varnelis, 2008), where content itself often seems secondary to the modes of its circulation. In this regard, the concept of paratext still provides a valuable framework of analysis, especially when related to the widespread programming and coding procedures of contemporary Web services. In order to enable such a dynamic understanding of the notion in the contemporary digital media environment, Genette's proposition should be read not only (or primarily) as relating to the set of subtexts, "parasitic" texts, annotations and markers accompanying the "main" text, but first and foremost as a semiotic-technological apparatus enabling the circulation of digital content across different media platforms. Such a re-reading also calls for an updated understanding of digital media, with more prominence given to the relational characteristics of the objects, as well as to the fluidity and dynamics of the processes of circulation, rather than to digital "objects" as such.