Let's examine an extreme underestimate to demonstrate this.
Say the TV is monochrome with an 8x8 resolution, and it can change it's image every millisecond (1000 fps). It would then take 2^(8*8)/1000/3600/24/365 = 584,942,417 years for that TV to generate all possible 8x8 monochromatic images.
Then when you consider that the TV is likely running at something more like 640x480 resolution with 24-bit color at 60 fps, you can see that it will take an astronomically larger amount of time for the actual TV to display all possible images. The time would be larger still if the TV were running at 1920x1080 resolution (or 4k!).
Further more, a large majority of the sample space is just unintelligible noise, and the vast minority of the space is actual recognizable images. So likely, the art project will just be displaying noise until the end of the human race.
I don't think this takes anything away from the artistic merit of the work, it just changes the message a little. We humans are capable of creating a machine that can display every image, but we will never be able to see them all. It is an interesting contrast between the creation of a generator and the execution of it. I don't think this is what the artist initially intended with their work, but it is interesting to ponder nonetheless.
http://www.radicalart.info/AlgorithmicArt/grid/every/EveryIc...