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It might just be from the history of TV Tropes. Remember that we used to just group all new media stuff from the Internet into "Web Original," but the outside-TV Tropes word would be "New Media." Probably not really worth it to change every folder that says WO to be NM etc.
Look at all that shiny stuff ain't they pretty
It was decided long ago that "New Media" is to be avoided, precisely because its distinction with Web Original isn't clear enough.
In a trope page, most New Media stuff is split between "Web Original" and "Fan Works", depending whether it's indeed original work or fan work. "Web Animation" and "Web Comics" have their own folders.
Then The Problem with Pen Island needs a folder fix. It has a whopper of a New Media folder.
Coming back to where you started is not the same as never leaving. -Terry Pratchett
The latter seems to be redundant.