YouTube and the decline of traditional TV: Without being overly simplistic or melodramatic, the state of the Old Commercial Broadcasting Model can be summarized like this: a spiraling vortex of ruin. Fragmentation has decimated audiences, viewers who do watch are skipping commercials, advertisers are therefore fleeing, the revenue for underwriting new content is therefore flatlining, program quality is therefore suffering (Dancing With the Stars. QED), which will lead to ever more viewer defection, which will lead to ever more advertiser defection, and so on.
Also see:
How a 19-year-old actress and a few struggling Web filmmakers took on TV.
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